Variable

Total Compensation

Fixed v. At-risk

Individual Components

Coef.

t-stat

Coef.

t-stat

Coef.

t-stat

Intercept

0.2646

(9.8818)***

0.2481

(9.0049)***

0.2467

(9.1625)***

TCOMP

−0.0004

(−0.0707)

FIX

−0.0467

(−4.5719)***

ATRISK

0.0246

(3.4720)**

SALARY

−0.0477

(−3.7910)***

BONUS

0.0307

(3.3612)**

OPTION

0.0165

(2.1249)*

SHARE

0.0534

(1.7515)

LTIP

0.0044

(0.6541)

Control Variables:

SIZE

−0.0123

(−5.2758)***

−0.0099

(−3.9231)***

−0.0098

(−4.1686)***

GROWTH

0.0005

(5.9328)***

0.0005

(6.2206)***

0.0005

(6.2749)***

ROE

−0.0342

(−3.2096)**

−0.0358

(−3.4598)**

−0.0355

(−3.4906)**

LEV

0.0031

(0.2927)

0.0046

(0.4149)

0.0048

(0.4459)

BM

−0.0071

(−2.1710)*

−0.0076

(−2.5920)**

−0.0076

(−2.5707)**

CIR

0.0173

(1.0823)

0.0159

(1.0111)

0.0167

(1.0735)

LAGTA

−0.0001

(−0.8082)

−0.0002

(−1.4490)

−0.0001

(−1.2885)

Adj. R-square

0.1034

0.1092

0.1111

N

3326

3326

3326