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| Author: | Lustig, H. Syverson, C. Nieuwerburgh, S. Van |
| Title: | Technological change and the growing inequality in managerial compensation |
| Journal: | Journal of Financial Economics
2011 : MAR, VOL. 99:3 p. 601-627 |
| Index terms: | companies labour performance appraisal USA productivity behavioural science finance |
| Language: | eng |
| Abstract: | Three of the most fundamental changes in US corporations since the early 1970s have been (1) the increased importance of organizational capital in production, (2) the increase in managerial income inequality and pay-performance sensitivity, and (3) the secular decrease in labor market reallocation. This research paper develops a simple explanation for these changes: a shift in the composition of productivity growth away from vintage-specific to general growth. This shift has stimulated the accumulation of organizational capital in existing companies and reduced the need for reallocating workers to new companies. |
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