The authors thank Glassdoor Inc. (www.glassdoor.com) for kind assistance in providing nonpublicly available anonymized salary data for this paper. The authors thank seminar participants at Monash University, Tulane University, Arizona State University, the Management Accounting Workshop Series, the Hawaii Accounting Research Conference, the Corporate Governance and Executive Compensation Research Series, and the Labor and Accounting Group Meeting for providing comments and suggestions on this work. The authors thank Alyssa Greenfield for her hard work as their research assistant.