Here’s a tip for all you CEOs who want to add a third tennis court to your Hamptons pad: Get a guest spot on CNBC. That’s according to a new study, which found that bosses who appear on the business-obsessed TV network tend to see a boost in their salaries.
Researchers looked at 4,452 CEOs from 2,666 U.S. firms, as well as 104,129 news articles and 6,567 CNBC interviews, and found that CEOs who were interviewed on CNBC got a salary boost by $210,239 on average in the following year, notwithstanding firm performance and other mitigating factors. The pay boost was most likely when the CEO was from a smaller firm or when media appearances led to a stock surge. Strutting their stuff and their chyron on TV gave CEOs increased bargaining power when it came to asking for a raise.
The study was conducted by Jingoo Kang of the Nanyang Business School and Andy Han Kim of the SKKU Business School. If you’re a CEO desperate to keep the kids in Gucci loafers, read the full study (“The Relationship Between CEO Media Appearances and Compensation“) over at Organization Science, while you polish your sound bites and practice your best Blue Steel in the mirror.