This study investigates whether executive remuneration responds to regulatory guidance. Using an exogenous shock in the form of a regulatory guideline issued by the Australian Prudential Regulation Authority to the Australian banking industry, we analyse whether remuneration is more aligned to prudent risk‐taking since the guideline was published. We find that remuneration to both chief executive officers and the top five highest paid executives was adjusted to be more consistent with the guideline from its first year of operation. These findings are robust to the introduction of the Two Strikes Rule as an alternative explanation.

中文翻译：

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高管薪酬如何响应指导：澳大利亚银行业的证据

这项研究调查了高管薪酬是否对法规指导做出了回应。使用澳大利亚审慎监管局向澳大利亚银行业发布的监管指南形式的外来冲击，我们分析了自指南发布以来，薪酬是否更符合审慎的冒险行为。我们发现，对首席执行官和薪酬最高的前五名高管的薪酬都进行了调整，以使其与第一年的运营准则更加一致。这些发现对于引入“两次打击”规则作为替代解释是有力的。