Corporate Tax Breaks and Executive Compensation
研究了美国上市公司中两种税收减免（奖金折旧和国内生产活动扣除）对高管薪酬的影响，发现每1美元税收优惠使前五名高管薪酬增加0.17至0.25美元，且该效应在治理较弱的企业中更显著，表明高管存在租金提取行为。
I analyze the effect of two corporate tax breaks, bonus depreciation and the Domestic Production Activities Deduction (DPAD), on executive compensation in publicly traded US firms. I find both tax breaks significantly increase executive compensation. For every dollar a firm benefits from the tax breaks, compensation of the firm’s top five highest-paid executives increases by $0.17 to $0.25. The tax breaks increase compensation primarily in firms with weaker governance structures, suggesting the compensation response is driven by executive rent extraction.