Table 15 Logit regression of RPE usage in executive compensation contracts

Intercept

15.31

14.93

15.47

14.93

14.72

15.12

(0.25)

(0.26)

(0.24)

(0.26)

(0.27)

(0.25)

Compensation

0.47

0.47

0.47

0.47

0.47

0.48

(0.38)

(0.38)

(0.38)

(0.38)

(0.37)

(0.37)

Firm perf

− 0.28

− 0.29

− 0.21

− 0.24

− 0.25

− 0.22

(0.74)

(0.73)

(0.80)

(0.78)

(0.76)

(0.79)

Peer return (Kernel)

1.16

0.95

0.91

0.82

0.77

0.72

(0.46)

(0.45)

(0.55)

(0.51)

(0.50)

(0.53)

Firm size (sales)

2.69^***

2.71^***

2.69^***

2.70^***

2.71^***

2.71^***

(0.00)

(0.00)

(0.00)

(0.00)

(0.00)

(0.00)

Growth options

− 19.90^*

− 19.52

− 19.99^*

− 19.50

− 19.31

− 19.65^*

(0.10)

(0.10)

(0.09)

(0.10)

(0.11)

(0.10)

Year dummies

Yes

Yes

Yes

Yes

Yes

Industry dummies

Yes

Yes

Yes

Yes

Yes

Yes

Country dummies

Yes

Yes

Yes

Yes

Yes

Yes

R ²

52.64%

52.64%

52.62%

52.64%

52.64%

52.63%

Number of observation

335

335

335

335

335

335