Signal Incongruence and Its Consequences: A Study of Media Disapproval and CEO Overcompensation

The authors are grateful for the insightful guidance provided by Senior Editor Ruth V. Aguilera throughout the revision process and for the feedback given by three anonymous reviewers. The authors thank Carlo Parlato for his assistance with data collection and Alexander Hahn, Martin Artz, and Torsten Biemann for feedback on earlier versions. This paper has benefited from input received at HEC Paris; IE Business School; Erasmus University; INSEAD; Tilburg University; Warwick; WHU–Beisheim School of Management; Frankfurt School of Finance and Management; Free University Berlin; and the Universities of Passau, Lugano, Cologne, and Mannheim. Feedback received at AoM Vancouver, SMS Denver, EURAM Warsaw, ICGS Copenhagen, ISC Jerusalem, and ARCS Chicago was also helpful. Although the authors did not feel overcompensated for working on this study, without a 2SLS regression it is impossible to know for sure.