Technological Fit and the Market for Managerial Talent
研究发现，企业技术专长与其他企业的相似性会影响CEO薪酬基准和职位变动，技术相似企业的CEO薪酬水平与本企业CEO薪酬正相关，表明技术相似性在决定外部选择和经理人才市场边界中起关键作用。
Abstract We show that the similarity of a firm’s technological expertise with that of other firms affects managerial labor market outcomes. Using each firm’s patent portfolio to estimate its technological expertise, we find that its similarity in technological expertise with other firms is strongly related to the benchmark group used for CEO compensation and job transitions. Furthermore, we show that a firm’s CEO pay is positively associated with the CEO compensation levels of technologically similar firms. Our results thus demonstrate the crucial role of technological similarity in determining the value of outside options and the boundaries of the managerial labor market.