If You’re So Ethical, Why Are You So Highly Paid?
In the past 30 years, senior executive pay has increased dramatically in the UK, US and other developed countries, causing much debate and, at times, public outrage. In this book, Alexander (‘Sandy’) Pepper argues that this soaring inflation in high pay is the result of a market failure, leading to...
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| Format: | Online |
| Jezik: | angleščina |
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LSE Press
2022
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| Online dostop: | OCN: 1367233826 |
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| _version_ | 1869516794156285952 |
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| author | Pepper, Alexander |
| author_browse | Pepper, Alexander |
| author_facet | Pepper, Alexander |
| author_sort | Pepper, Alexander |
| collection | Directory of Open Access Books |
| description | In the past 30 years, senior executive pay has increased dramatically in the UK, US and other developed countries, causing much debate and, at times, public outrage. In this book, Alexander (‘Sandy’) Pepper argues that this soaring inflation in high pay is the result of a market failure, leading to inefficient pay practices that are replicated across industries. Individual company’s renumeration committees face a prisoner’s dilemma, and so recommend over-the-odds payments in the vain hope of obtaining superior talent. For institutional investors, these developments have created a collective action problem, with many historically unwilling or unable to intervene to curtail excessive corporate pay.
But are executives themselves really the greedy, self-interested, fat cats of popular culture? Based on a thought experiment and survey of beliefs of over a thousand senior executives from around the world, Pepper and his colleagues found that business executives in fact tend not to justify their pay levels as if they were ethical egoists entitled to act entirely in their own self-interest. Instead, they expressed support for a range of ethical beliefs on inequality and distributive justice. They can be categorised as either welfare liberals, relational egalitarians, meritocrats or free marketeers. Many believe that in a civilised society everyone has the right to an income that is sufficient for a dignified life, and that companies, not just governments, have responsibilities in this respect. So, Pepper argues, it is the market failure in executive pay that has created such wage inflation at the top, and this ultimately requires an ethical response from investors, companies and executives.
This is a book for anyone who wishes to understand and tackle business’s role in the growing social inequality of advanced economies in an informed, fair and feasible way. |
| format | Online |
| id | doab-20.500.12854ir-93477 |
| institution | Directory of Open Access Books |
| language | eng |
| publishDate | 2022 |
| publishDateRange | 2022 |
| publishDateSort | 2022 |
| publisher | LSE Press |
| publisherStr | LSE Press |
| record_format | ojs |
| spelling | doab-20.500.12854ir-934772026-05-04T18:59:37Z If You’re So Ethical, Why Are You So Highly Paid? Pepper, Alexander Distributive justices; Pay inequality; Market failure; Renumeration; Business ethics; Unequal pay thema EDItEUR::K Economics, Finance, Business and Management::KJ Business and Management::KJG Business ethics and social responsibility thema EDItEUR::Q Philosophy and Religion::QD Philosophy thema EDItEUR::K Economics, Finance, Business and Management::KJ Business and Management::KJM Management and management techniques::KJMB Management: leadership and motivation thema EDItEUR::K Economics, Finance, Business and Management::KJ Business and Management::KJG Business ethics and social responsibility thema EDItEUR::Q Philosophy and Religion::QD Philosophy thema EDItEUR::K Economics, Finance, Business and Management::KJ Business and Management::KJM Management and management techniques::KJMB Management: leadership and motivation In the past 30 years, senior executive pay has increased dramatically in the UK, US and other developed countries, causing much debate and, at times, public outrage. In this book, Alexander (‘Sandy’) Pepper argues that this soaring inflation in high pay is the result of a market failure, leading to inefficient pay practices that are replicated across industries. Individual company’s renumeration committees face a prisoner’s dilemma, and so recommend over-the-odds payments in the vain hope of obtaining superior talent. For institutional investors, these developments have created a collective action problem, with many historically unwilling or unable to intervene to curtail excessive corporate pay. But are executives themselves really the greedy, self-interested, fat cats of popular culture? Based on a thought experiment and survey of beliefs of over a thousand senior executives from around the world, Pepper and his colleagues found that business executives in fact tend not to justify their pay levels as if they were ethical egoists entitled to act entirely in their own self-interest. Instead, they expressed support for a range of ethical beliefs on inequality and distributive justice. They can be categorised as either welfare liberals, relational egalitarians, meritocrats or free marketeers. Many believe that in a civilised society everyone has the right to an income that is sufficient for a dignified life, and that companies, not just governments, have responsibilities in this respect. So, Pepper argues, it is the market failure in executive pay that has created such wage inflation at the top, and this ultimately requires an ethical response from investors, companies and executives. This is a book for anyone who wishes to understand and tackle business’s role in the growing social inequality of advanced economies in an informed, fair and feasible way. 2022-11-08T04:02:21Z 2022-11-08T04:02:21Z 2022-11-07T14:03:08Z 2022 book OCN: 1367233826 https://library.oapen.org/handle/20.500.12657/59167 9781909890947 9781909890961 9781909890978 https://directory.doabooks.org/handle/20.500.12854/93477 eng open access image/jpeg image/jpeg image/jpeg image/jpeg Attribution-NonCommercial 4.0 International Attribution-NonCommercial 4.0 International Attribution-NonCommercial 4.0 International Attribution-NonCommercial 4.0 International https://library.oapen.org/bitstream/20.500.12657/59167/1/if-youre-so-ethical-why-are-you-so-highly-paid.pdf https://library.oapen.org/bitstream/20.500.12657/59167/1/if-youre-so-ethical-why-are-you-so-highly-paid.pdf https://library.oapen.org/bitstream/20.500.12657/59167/1/if-youre-so-ethical-why-are-you-so-highly-paid.pdf https://library.oapen.org/bitstream/20.500.12657/59167/1/if-youre-so-ethical-why-are-you-so-highly-paid.pdf LSE Press 10.31389/lsepress/eth 10.31389/lsepress/eth 74dc3a2f-c8d1-428d-b77c-3bec749428da 9781909890947 9781909890961 9781909890978 198 London open access |
| spellingShingle | Distributive justices; Pay inequality; Market failure; Renumeration; Business ethics; Unequal pay thema EDItEUR::K Economics, Finance, Business and Management::KJ Business and Management::KJG Business ethics and social responsibility thema EDItEUR::Q Philosophy and Religion::QD Philosophy thema EDItEUR::K Economics, Finance, Business and Management::KJ Business and Management::KJM Management and management techniques::KJMB Management: leadership and motivation thema EDItEUR::K Economics, Finance, Business and Management::KJ Business and Management::KJG Business ethics and social responsibility thema EDItEUR::Q Philosophy and Religion::QD Philosophy thema EDItEUR::K Economics, Finance, Business and Management::KJ Business and Management::KJM Management and management techniques::KJMB Management: leadership and motivation Pepper, Alexander If You’re So Ethical, Why Are You So Highly Paid? |
| title | If You’re So Ethical, Why Are You So Highly Paid? |
| title_full | If You’re So Ethical, Why Are You So Highly Paid? |
| title_fullStr | If You’re So Ethical, Why Are You So Highly Paid? |
| title_full_unstemmed | If You’re So Ethical, Why Are You So Highly Paid? |
| title_short | If You’re So Ethical, Why Are You So Highly Paid? |
| title_sort | if you re so ethical why are you so highly paid |
| topic | Distributive justices; Pay inequality; Market failure; Renumeration; Business ethics; Unequal pay thema EDItEUR::K Economics, Finance, Business and Management::KJ Business and Management::KJG Business ethics and social responsibility thema EDItEUR::Q Philosophy and Religion::QD Philosophy thema EDItEUR::K Economics, Finance, Business and Management::KJ Business and Management::KJM Management and management techniques::KJMB Management: leadership and motivation thema EDItEUR::K Economics, Finance, Business and Management::KJ Business and Management::KJG Business ethics and social responsibility thema EDItEUR::Q Philosophy and Religion::QD Philosophy thema EDItEUR::K Economics, Finance, Business and Management::KJ Business and Management::KJM Management and management techniques::KJMB Management: leadership and motivation |
| topic_facet | Distributive justices; Pay inequality; Market failure; Renumeration; Business ethics; Unequal pay thema EDItEUR::K Economics, Finance, Business and Management::KJ Business and Management::KJG Business ethics and social responsibility thema EDItEUR::Q Philosophy and Religion::QD Philosophy thema EDItEUR::K Economics, Finance, Business and Management::KJ Business and Management::KJM Management and management techniques::KJMB Management: leadership and motivation thema EDItEUR::K Economics, Finance, Business and Management::KJ Business and Management::KJG Business ethics and social responsibility thema EDItEUR::Q Philosophy and Religion::QD Philosophy thema EDItEUR::K Economics, Finance, Business and Management::KJ Business and Management::KJM Management and management techniques::KJMB Management: leadership and motivation |
| url | OCN: 1367233826 |
| work_keys_str_mv | AT pepperalexander ifyouresoethicalwhyareyousohighlypaid |