Abstract
Multinational Activity and CEO Compensation: Preliminary Evidence from Large UK Firms. — Since the early 1980s the rate of growth in executive remuneration has consistently outpaced that of average earnings. This phenomenon has been widely assumed to be part of an internationalization of the executive labor market. This paper starts from the premise that the multinational enterprise will be a major agent in such a market and presents some preliminary tests for the impact of multinational activity in general, and specific regional effects in particular, on CEO remuneration using a sample of large UK firms. Surprisingly, we find no evidence to support our conjecture that CEO pay will be positively related to firm involvement in the United States. However, multinational activity does generate a significant premium over purely domestic activity.
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