Racial gap in corporate leadership has prompted continuous and intense discussions, motivating research into the conditions minorities face after they reach top management positions. We contribute to the ongoing debate in this area by examining the association between CEO race and compensation. We do not find evidence for a significant racial wage gap at the CEO level across various econometric specifications, including total-sample OLS, firm-fixed effects to capture CEO transitions within firm, propensity score matched sample, and instrumental variable analysis. The insignificant results hold for total compensation, cash compensation, and non-cash compensation. Further, there is no consistent evidence of differences in CEO compensation for any of the major racial groups (Blacks, Hispanics, and Asians). Based on our results, we conclude that racial minorities who make it to the CEO position in Corporate America are compensated at similar levels to their Caucasian counterparts.

企业领导层的种族差异引发了持续而激烈的讨论，激发了对少数群体在担任高层管理职位后面临的条件的研究。我们通过研究 CEO 种族与薪酬之间的关联，为这一领域正在进行的辩论做出贡献。我们没有发现在各种计量经济学规范中 CEO 层面存在显着种族工资差距的证据，包括总样本 OLS、捕捉公司内部 CEO 转变的公司固定效应、倾向得分匹配样本和工具变量分析。对总薪酬、现金薪酬和非现金薪酬的影响不显着。此外，没有一致的证据表明任何主要种族群体（黑人、西班牙裔和亚洲人）的 CEO 薪酬存在差异。根据我们的结果，