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Group & Organization Management
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Are Board Members Pawns or Watchdogs?

The Link between CEO Pay and Firm Performance

Ann K. Buchholtz

University of Georgia

Michael N. Young

University of Connecticut

Gary N. Powell

University of Connecticut

This study examines the CEO pay and firm performance link from two competing perspectives managerial power and board vigilance. From the managerial power perspective, a powerful CEO dominates the board and decouples the pay-performance link. In contrast, board vigilance maintains that boards represent shareholder interests by effectively tying the CEO's pay to firm performance. Consistent with the board vigilance perspective, the link was stronger when CEOs were older or longer tenured and when more committee members had CEO experience. The authors found no support for the managerial power perspective.

Group & Organization Management, Vol. 23, No. 1, 6-26 (1998)
DOI: 10.1177/1059601198231002
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