Why Do High-Tech Firms Offer Perks at Work?
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Why do high-tech firms offer perks at work?
Using novel data collected from a career intelligence website, we study whether and why high-tech firms rely more heavily on non-wage benefits, such as free meals, transportation subsidies, and athletic facilities (“work-related perks”). We find that employers engaged in IT innovation are more likely to offer work-related perks, but not more traditional non-wage benefits such as health insuranc...
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A widespread view is that executive perks exemplify agency problems—they are a route through which managers misappropriate a firm’s surplus. Accordingly, firms with high free cash flow, operating in industries with limited investment prospects, should offer more perks, and firms subject to more external monitoring should offer fewer perks. The evidence for agency as an explanation of perks is, ...
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Using a new data source on the reservation wages of IT workers, we argue that IT workers often accept lower pay in exchange for acquiring new technical skills on-the-job. This drives a wedge between workers’ pay and their perceived market value that is a) larger for IT workers than for other professionals, b) larger for midcareer IT workers, c) increasing in job tenure and d) larger for IT work...
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In December 2006, the Securities and Exchange Commission issued rules requiring enhanced disclosure of perquisites to managers in public U.S. firms. We use this ruling to shed light on the role of perquisites in executive compensation. In a sample of 361 public firms that were subject to the rule, we find that firms responded to the rule by disclosing significantly larger amounts of perks. The ...
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