Abstract
Executive compensation research has primarily focused on CEO pay and paid very little attention to other executives. This study investigated compensation of upper level managers and their human capital excluding the CEO within firms. We also investigated if this relationship varies across firms with different levels of performance. Specifically, we examined firm-level performance moderated individual-level relationships between an upper-level manager’s human capital and his/her compensation. With multi-level analyses using 728 upper-level managers representing 87 firms we found that ROI growth rate exhibits positive cross-level positive moderating influence on the main effect of education and a negative moderating influence on the main effect of experience on compensation.
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