This study examines the relationship between air pollution and perk consumption and finds strong evidence that firms headquartered in areas with severe air pollution have higher levels of perk consumption. Two plausible mechanisms are executives' higher physiological needs for clean air and stronger bargaining power. We also find that the positive relationship between air pollution and perk consumption strengthens when it is difficult to compensate executives for their long-term air pollution exposure through monetary salaries. Additional analysis indicates that increased perk consumption may mitigate the harm of air pollution on firms' performance, supporting the incentive view of perk consumption from a new perspective of air pollution.

中文翻译：

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空气污染和辅助技能消耗


本研究考察了空气污染与福利消费之间的关系，并发现了强有力的证据表明，总部位于空气污染严重地区的公司福利消费水平更高。两个可能的机制是高管对清洁空气的更高生理需求和更强的议价能力。我们还发现，当难以通过货币工资补偿高管的长期空气污染暴露时，空气污染与津贴消费之间的正相关关系会加强。其他分析表明，增加津贴消费可能会减轻空气污染对公司绩效的危害，从而从空气污染的新角度支持津贴消费的激励观点。