Flooding, CEO pay and CEO pay-performance relationship.

This table reports the regression results of the effects of flooding on total CEO pay and CEO pay-performance sensitivity. Dependent variable is the natural logarithm of the CEO total compensation. An interaction term between Floodratio and relative firm performance is included to measure the CEO pay-performance sensitivity. Relative firm performance proxies are measured by removing the industry median value in each year. Variable definitions are in Table A1 in the S1 Appendix. Robust standard errors are clustered at the city-year level and reported in parentheses. *, ** and *** indicate the significance levels at 10%, 5% and 1%, respectively.