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Globalization and Executive Compensation

Author

Abstract
Employing comprehensive data on top executives at major U.S. companies, we show that their compensation is increasing with exports, as well as firm size and technology. Exogenous export shocks unrelated to managerial decisions also increase executive compensation, and there is little evidence that this is due to increasing returns to talent. We do find that export shocks primarily affect discretionary forms of compensation of more powerful executives at firms with poor corporate governance, as one would expect if globalization has enhanced rent-capture opportunities. Overall, globalization has been more important for the rapid growth of executive compensation and U.S. inequality than previously thought, with rent-capture playing a role.

Suggested Citation

  • Wolfgang Keller & William W. Olney, 2017. "Globalization and Executive Compensation," Department of Economics Working Papers 2017-04, Department of Economics, Williams College, revised Feb 2018.
    • Handle: RePEc:wil:wileco:2017-04
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    Cited by:

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    2. Olney, William W., 2020. "Cabotage sabotage? The curious case of the Jones Act," Journal of International Economics, Elsevier, vol. 127(C).
    3. Keller, Wolfgang & Molina, Teresa & Olney, William W., 2023. "The gender gap among top business executives," Journal of Economic Behavior & Organization, Elsevier, vol. 211(C), pages 270-286.
    4. Merchán Álvarez, Federico Alberto, 2024. "International managerial skill and big Colombian exporting firms' performance, 2006-2014," Open Access Publications from Kiel Institute for the World Economy 302044, Kiel Institute for the World Economy (IfW Kiel).
    5. Tommaso Ciarli & André Lorentz & Marco Valente & Maria Savona, 2019. "Structural changes and growth regimes," Journal of Evolutionary Economics, Springer, vol. 29(1), pages 119-176, March.
    6. Ma, Lin & Ruzic, Dimitrije, 2020. "Globalization and top income shares," Journal of International Economics, Elsevier, vol. 125(C).
    7. Juan A. Correa & Francisco Parro & Rafael Sánchez, 2023. "The Distributional Effect of Trade on the CEO Market," Economica, London School of Economics and Political Science, vol. 90(357), pages 111-139, January.
    8. Bhattacharya, Sourav & Chakraborty, Pavel & Chatterjee, Chirantan, 2022. "Intellectual property regimes and wage inequality," Journal of Development Economics, Elsevier, vol. 154(C).
    9. Ahmed, Shaker & Ranta, Mikko & Vähämaa, Emilia & Vähämaa, Sami, 2023. "Facial attractiveness and CEO compensation: Evidence from the banking industry," Journal of Economics and Business, Elsevier, vol. 123(C).
    10. Chakraborty, Pavel & Raveh, Ohad, 2018. "Input-trade liberalization and the demand for managers: Evidence from India," Journal of International Economics, Elsevier, vol. 111(C), pages 159-176.
    11. Andrew N. Greenland & Mihai Ion & John W. Lopresti & Peter K. Schott, 2020. "Using Equity Market Reactions to Infer Exposure to Trade Liberalization," NBER Working Papers 27510, National Bureau of Economic Research, Inc.
    12. Anna A. Fedchenko & Inna V. Filimonova & Valeriya N. Yaryshina, 2022. "Remuneration management under conditions of uncertainty," Upravlenets, Ural State University of Economics, vol. 13(6), pages 56-69, January.
    13. Chakraborty, Pavel & Chakrabarti, Anindya S. & Chatterjee, Chirantan, 2023. "Cross-border environmental regulation and firm labor demand," Journal of Environmental Economics and Management, Elsevier, vol. 117(C).
    14. Sarath Balachandran & Exequiel Hernandez, 2019. "Do Institutional Reforms Perpetuate or Mitigate the Matthew Effect? Intellectual Property Rights and Access to International Alliances," Strategy Science, INFORMS, vol. 4(2), pages 151-174, June.
    15. Mehtap A. Eklund, 2024. "CEO compensation and market risk: moderating effect of board size and CEO duality in the Swiss context," International Journal of Disclosure and Governance, Palgrave Macmillan, vol. 21(2), pages 227-240, June.
    16. Kohl, Miriam, 2020. "Redistribution, selection, and trade," Journal of International Economics, Elsevier, vol. 122(C).
    17. Joern Kleinert, 2018. "Globalization Effects on the Distribution of Income," Graz Economics Papers 2018-07, University of Graz, Department of Economics.
    18. Karpuz, Ahmet & Luo, Di & Xiao, Rongbing & Zhao, Huainan, 2023. "The effect of labour protection laws on the relationship between leverage and wages," Journal of Banking & Finance, Elsevier, vol. 148(C).
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    20. Joyce, Joseph, 2022. "The Impact of FDI Income on Income Inequality in Home Countries," MPRA Paper 114564, University Library of Munich, Germany.
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    More about this item

    Keywords

    Inequality; Executive Compensation; Globalization; Exports;
    All these keywords.

    JEL classification:

    • F16 - International Economics - - Trade - - - Trade and Labor Market Interactions
    • F14 - International Economics - - Trade - - - Empirical Studies of Trade
    • F66 - International Economics - - Economic Impacts of Globalization - - - Labor
    • M12 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Personnel Management; Executives; Executive Compensation
    • J31 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Wage Level and Structure; Wage Differentials

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