There are other studies that show the opposite though and it's important to not draw strong conclusions from a single study. To quote one study: "compensation

There are other studies that show the opposite though and it's important to not draw strong conclusions from a single study. To quote one study: "compensation arrangements are endogenous and correlated with many unobservables, measuring their causal effects on behavior and firm value is extremely difficult" Frydman, C. and Jenter, D., 2010. CEO compensation. Annu. Rev. Financ. Econ., 2(1), pp.75-102.