Prior studies on chief executive officer (CEO) compensation focus mainly on large firms. This paper aims to suggest new factors associated with CEO compensation for small, homogeneous firms, specifically, Australian early-stage mining exploration entities (MEEs). We document a set of predictors of CEO compensation proxying for economic performance, including geological prospectivity components of the exploration and evaluation (E&E) asset account and proceeds from equity raisings that enhances survival probabilities. We find positive associations between these predictors and CEO remuneration. In terms of CEO pay mix, we find that E&E asset acquisitions and equity proceeds are both positively associated with the proportion of option value in CEO total compensation. This suggests MEEs allocate their cash resources to investment opportunities, rather than CEO compensation. Overall, these findings, coupled with a significant and positive pay-performance relation, provide evidence supporting efficient compensation practices in the MEE context.

中文翻译：

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早期公司的 CEO 薪酬：对前景和生存的奖励

先前对首席执行官 (CEO) 薪酬的研究主要集中在大公司。本文旨在提出与小型、同质化公司，特别是澳大利亚早期采矿勘探实体 (MEE) 的 CEO 薪酬相关的新因素。我们记录了一组代表经济表现的 CEO 薪酬预测指标，包括勘探和评估 (E&E) 资产账户的地质前景成分以及提高生存概率的股权融资收益。我们发现这些预测因素与 CEO 薪酬之间存在正相关关系。在 CEO 薪酬结构方面，我们发现 E&E 资产收购和股权收益均与期权价值在 CEO 总薪酬中的比例呈正相关。这表明 MEE 将其现金资源分配给投资机会，而不是CEO的薪酬。总体而言，这些发现，加上显着且积极的薪酬绩效关系，提供了支持 MEE 背景下有效薪酬实践的证据。