Tip of the Iceberg? Organisational Foundations of Top Pay in New Zealand Listed Companies, 1995-2014
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Keywords
CEO pay, income distribution, managerial hierarchies
Abstract
A unique database on numbers and pay of all employees earning more than $150,000/year in all New Zealand listed companies between 1995 and 2014 reveals substantial increases in the pay of the CEO and in the size of the hierarchy of managers reporting to the CEO. None of the growth in Top Pay can be accounted for by growth in the size of these companies. Factors that do explain cross sectional variation in CEO pay are identified.