Market Competition and the Effectiveness of Performance Pay

The authors thank senior editor Rajshree Agarwal for guidance during the review process and three anonymous reviewers for their insightful comments. The authors also thank Florian Englmaier, Alfonso Gambardella, Maria Guadalupe, David McKenzie, Mohammad Reza Mohammadi, Laura Rosendahl Huber, Chad Syverson, Justin Tumlinson, and Ingo Weller; seminar audiences at RWTH Aachen, the University of Barcelona, Cambridge Judge Business School, Duke’s Fuqua School of Business, the University of Erlangen–Nürnberg, the University of California at Irvine, KU Leuven, Nova School of Business & Economics (Lisbon), Loughborough University London, OFCOM, Université Paris-Sud, University of California at Riverside, and the University of Salzburg; and audiences at the Academy of Management (2018), Strategy Science (2018), Strategic Management Society Milan (2018), World Bank Empirical Management (2017), and Verein für Socialpolitik Organizational Economics Committee (2017) conferences for their constructive feedback. Research assistance by Sarah Beckhoff, Stephan Böhmer-Horländer, Isidora Eror, Larissa Fuchs, Theresa Hitzemann, and Kathi Schiefer is sincerely acknowledged.