Abstract :
[en] This paper examines whether foreign CEOs coming from Anglo-Saxon countries receive higher
compensation than other foreign CEOs. The findings reveal a strongly positive association between
Anglo-Saxon nationality and CEO compensation, including cash and non-cash components;
and this finding is limited to a subset of firms that are headquartered in non-culturally and nonethnically diverse counties. We interpret these findings as firms rewarding CEOs more for their
perceived fit within the company given their shared cultural and social values, rather than Anglo-
Saxon CEOs having higher rent-extracting capacities. Finally, the CEO’s country of origin does not
explain current and future firm financial performance.
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