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Compensation, Wealth Heterogeneity, and Shareholder Value

In this study we experimentally test the impact compensation and wealth (whether given or earned) have on a player's decision to choose a risky investment on the behalf on another player. Using 580 observations from players at Harvard Business School's Computer Laboratory for Experimental Research our results indicate that when taken alone compensation type did not significantly impact a player's decision to choose a risky investment. We found some evidence that outside wealth led to less risky behavior, but controlling for rounds seems to mitigate that result. Earned wealth, on the other hand, when interacted with equity compensation did matter. Our results indicate as player one's earned wealth increased, those compensated with equity compensation were less likely to choose the risky investment.