This paper finds that globalization is contributing to the rapid increase in executive compensation. Employing comprehensive data on top executives at major U.S. companies, we show that their compensation is increasing with exports and foreign direct investment, as well as firm size and technology. Exogenous export shocks unrelated to managerial decisions also increase executive compensation, and there is little evidence that this is due to increasing market returns to talent. We do find that export shocks primarily affect discretionary forms of compensation of more powerful executives at firms with poor corporate governance, as one would expect if globalization has enhanced rent-capture opportunities. Overall, these results indicate that globalization has played a more central role in the rapid growth of executive compensation and inequality than previously thought.

中文翻译：

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全球化与高管薪酬


本文发现，全球化正在推动高管薪酬的快速增长。通过使用美国主要公司高管的综合数据，我们发现他们的薪酬随着出口和外国直接投资以及公司规模和技术的增加而增加。与管理决策无关的外源出口冲击也会增加高管薪酬，但几乎没有证据表明这是由于人才市场回报增加所致。我们确实发现，出口冲击主要影响公司治理较差的公司中更有权势的高管的任意薪酬形式，正如人们所期望的那样，如果全球化增加了租金捕获机会。总体而言，这些结果表明，全球化在高管薪酬和不平等的快速增长中发挥的核心作用比之前想象的更为重要。