Ex Post Bargaining, Corporate Cash Holdings, and Executive Compensation
研究发现企业现金持有量越高，CEO薪酬越高，尤其是非工资部分；在治理较弱的企业中这一关系更明显，且现金增加会立即推高CEO薪酬，表明高管能从超额现金中获取个人利益。
Abstract We show that high cash holdings can be used by executives in the ex post bargaining over their compensation. Cash holdings are positively associated with CEO compensation and is driven by non-salary components. In companies with weaker governance, this relation is more pronounced. Using exogenous shocks to the firm’s cash, we show that CEO compensation readily responds to increases in cash holdings, confirming that managers are able to derive personal benefits from excess cash holdings.