Variable

Total Compensation

Fixed v. At-risk

Individual Components

Coef.

t-stat

Coef.

t-stat

Coef.

t-stat

TCOMP

−0.0002

(−0.5800)

FIX

−0.0375

(−0.4257)

ATRISK

0.0481

(0.4720)

SALARY

−0.0300

(−0.4410)

BONUS

0.0461

(0.3312)

OPTION

−0.0189

(−0.2212)

SHARE

−0.3899

(−1.5171)

LTIP

−0.7415

(−0.7441)

Control Variables:

SIZE

−0.0123

(−1.2758)

−0.0139

(−1.4031)

−0.0144

(−1.4686)

GROWTH

0.0000

(0.0728)

0.0000

(0.0506)

0.0000

(0.1279)

ROE

0.0156

(1.7796)*

0.0157

(1.7898)*

0.0144

(1.6106)

LEV

0.0165

(0.3927)

0.0164

(0.3907)

0.0170

(0.4059)

BM

−0.0531

(−2.4210)**

−0.0525

(−2.3920)**

−0.0470

(−2.0907)**

CIR

0.0595

(1.9108)*

0.0576

(1.8411)

0.0548

(1.7502)***

LAGTA

0.0027

(0.8882)

0.0027

(0.8990)

0.0023

(0.7528)

Firm Fixed Effects

YES

YES

YES

Adj. R-square

0.4110

0.4203

0.4212

N

3326

3326

3326