Industry co-agglomeration, executive mobility and compensation

Markus Broman, Debarshi K. Nandy, Yisong S. Tian

Research output: Contribution to journalArticlepeer-review


We find evidence of geographic segmentation in the market for top executives and identify industry co-agglomeration as the primary driver. When top executives move from one firm to another, nearly 40% of the moves are between local firms, which is more than five times greater than predicted by available employment opportunities. Furthermore, these local moves are dominated by moves among firms in co-agglomerated industries. While the strong local move bias is also accompanied by local co-movement in the compensation of top executives, the co-movement is driven by local peers in co-agglomerated industries only but not by other local peers.

Original languageEnglish (US)
Pages (from-to)817-854
Number of pages38
JournalReview of Quantitative Finance and Accounting
Issue number3
StatePublished - Oct 2023
Externally publishedYes


  • Executive compensation
  • Executive mobility
  • Geographic segmentation
  • Industry co-agglomeration
  • Local peers
  • Management style

ASJC Scopus subject areas

  • Accounting
  • General Business, Management and Accounting
  • Finance


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