This paper contributes to the ongoing discourse on the taxation of top-income earners by empirically investigating the impact of tax policy changes on pay without performance. Using data on executive compensation in the United States, I compare the sensitivity of executive compensation to...

With growing public and policy-makers' attention to en vironmental, social, and governance (ESG) disclosures, a natural question is how management compensation systems should include ESG metrics. This paper selectively reviews and discusses insights from agency theory on the design of optimal...