@article{3b11db7c14684e3ea92a8291097b0945,
title = "Industry co-agglomeration, executive mobility and compensation",
abstract = "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.",
keywords = "Executive compensation, Executive mobility, Geographic segmentation, Industry co-agglomeration, Local peers, Management style",
author = "Markus Broman and Nandy, {Debarshi K.} and Tian, {Yisong S.}",
note = "Funding Information: We thank conference participants at the 2015 annual meetings of the Northern Finance Association in Lake Louise, the Financial Management Association in Orlando, the 2016 Society for Financial Studies Finance Cavalcade in Toronto, the 2019 International Symposium of Quantitative Economics , Changchun, China, and seminar participants at Brandeis University , University of Massachusetts at Boston , and Wilfrid Laurier University for helpful comments and suggestions. Financial support provided by the Social Sciences and Humanities Research Council of Canada is gratefully acknowledged. Funding Information: We thank conference participants at the 2015 annual meetings of the Northern Finance Association in Lake Louise, the Financial Management Association in Orlando, the 2016 Society for Financial Studies Finance Cavalcade in Toronto, the 2019 International Symposium of Quantitative Economics, Changchun, China, and seminar participants at Brandeis University, University of Massachusetts at Boston, and Wilfrid Laurier University for helpful comments and suggestions. Financial support provided by the Social Sciences and Humanities Research Council of Canada is gratefully acknowledged. Publisher Copyright: {\textcopyright} 2023, The Author(s), under exclusive licence to Springer Science+Business Media, LLC, part of Springer Nature.",
year = "2023",
month = oct,
doi = "10.1007/s11156-023-01163-2",
language = "English (US)",
volume = "61",
pages = "817--854",
journal = "Review of Quantitative Finance and Accounting",
issn = "0924-865X",
publisher = "Springer New York",
number = "3",
}