CEO Pay-for-Complexity and the Risk of Managerial Diversion from Multinational Diversification


  • Accepted by Wim Van der Stede. For their helpful comments, we thank two anonymous referees, Erv Black, Jan Bouwens, Brian Cadman, Ted Christensen, Asher Curtis, Yonca Ertimur, Jennifer Francis, Kurt Gee, Frank Hartmann, Rachel Hayes, Philip Joos, Christo Karuna, Mike Lemmon, Josh Madsen, Michal Matejka, Per Olsson, Emma Peng, Kyle Peterson, Steven Salterio, Katherine Schipper, Wim Van der Stede, Laurence Van Lent, Mohan Venkatachalam, Laura Wellman, Anastasia Zakolyukina, and workshop participants at Arizona State University, Brigham Young University, Curtin University, Duke University, London Business School, University of Oregon, Tilburg University, University of Utah, the annual meetings of the American and European Accounting Associations and the mid-year meeting of the AAA Management Accounting Section. Dirk Black thanks the Deloitte Foundation for financial support.