Getting Paid for Spreading Culture? The Cultural Diversity of Cross-border M&A Activity and CEO Pay

This paper links two streams of literature, specifically, one concerning executive compensation that is primarily rooted in finance and the other that is related to cross-border M&A activity and the role of national culture. We demonstrate that, while the usual ‘suspects’ such as firm size and firm growth are important determinants of CEO pay, cross-border M&A activity and the cultural diversity of an M&A portfolio of multinational firms are...