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1、AdministrativeScienceQuarterly2017,Vol.62(1)1–30TheElephant(orÓTheAuthor(s)2016Reprintsandpermissions:Donkey)inthesagepub.com/journalsPermissions.navBoardroom:HowDOI:10.1177/0001839216668173journals.sagepub.com/home/asqBoardPoliticalIdeologyAffectsCEO*Pay12AbhinavGuptaandAdamJ.WowakAbstrac
2、tWeexaminehowdirectors’politicalideologies,specificallytheboard-levelaver-ageofhowconservativeorliberaldirectorsare,influenceboards’decisionsaboutCEOcompensation.Integratingresearchoncorporategovernanceandpoliticalpsychology,wetheorizethatconservativeandliberalboardswilldifferintheirprevai
3、lingbeliefsabouttheappropriateamountsCEOsshouldbepaidand,relatedly,theextenttowhichCEOsshouldberewardedorpenalizedforrecentfirmperformance.Usingadonation-basedindextomeasurethepoliticalideologiesofdirectorsservingonS&P1500companyboards,wetestourideasonasampleofover4,000CEOsfrom1998to2013.C
4、onsistentwithourpre-dictions,weshowthatconservativeboardspayCEOsmorethanliberalboardsandthattherelationshipbetweenrecentfirmperformanceandCEOpayisstrongerforconservativeboardsthanforliberalboards.Wefurtherdemon-stratethattheserelationshipsaremorepronouncedwhenfocusingspecificallyonthedirec
5、torsmostheavilyinvolvedindesigningCEOpayplans—membersofcompensationcommittees.ByshowingthatboardideologymanifestsinCEOpay,weofferaninitialdemonstrationofthepotentiallywide-rangingimpli-cationsofpoliticalideologyforhowcorporationsaregoverned.Keywords:executivecompensation,corporategovernanc
6、e,upperechelonstheory,politicalideology,boardsofdirectorsAlthoughscholarshavedevotedconsiderableefforttoexaminingwhysomechiefexecutiveofficers(CEOs)arepaidmorethanothers,muchoftheimmensehet-erogeneityinCEOcompensationremainsapuzzle(Finkelstein,Hambrick,andCannella,2009).Evenafteraccounting
7、foreconomicallyrationaldriversofpay,*Bothauthorscontributedequally.1UniversityofWashington2UniversityofNotreDame2AdministrativeScienceQuarterly62(2017)suchascompanysize,industryaffiliation,andmacroeconomicconditions,CEOsstillvarywidelyintheamountstheyarepaid(W
