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<p>This study advances our knowledge of executive compensation by focusing on CEO pay, Top Management Team (TMT) pay, and firm performance. Unfortunately, the existing research base has mainly focused on CEO pay while ignoring other TMT members. The study draws on tournament theory, CEO hubris, equity theories, and stewardship theory while replicating an influential piece by Carpenter and Sanders (Strateg Manag J 23(4):367–375), who first investigated this important topic. The study argues and then finds that the relationship between CEO pay structure and firm performance is mediated by TMT member pay. Our sample consisted of 11,241 publicly traded US firms over 21 years.</p>

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Replicating the link between CEO pay and firm performance: examining the role of top management team compensation

  • 期刊论文

  • 发表日期：

    2025年12月8日

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  • Fariss-Terry Mousa,
  • Aditya Simha,
  • Jaideep Chowdhury,
  • Arvin Sahaym

摘要

This study advances our knowledge of executive compensation by focusing on CEO pay, Top Management Team (TMT) pay, and firm performance. Unfortunately, the existing research base has mainly focused on CEO pay while ignoring other TMT members. The study draws on tournament theory, CEO hubris, equity theories, and stewardship theory while replicating an influential piece by Carpenter and Sanders (Strateg Manag J 23(4):367–375), who first investigated this important topic. The study argues and then finds that the relationship between CEO pay structure and firm performance is mediated by TMT member pay. Our sample consisted of 11,241 publicly traded US firms over 21 years.