https://phys.org/news/2018-08-ceos-paid-peers-engage-layoffs.html

"In terms of strategic decisions that a CEO can make that could lead to higher pay, layoffs are one of the easiest to do," Bentley said. "Relative to other decisions such as mergers or acquisitions, layoffs typically don't need the approval of shareholders, the board or regulators, and they don't take years to do. Layoffs can be determined overnight."

Researchers analyzed data that included CEO pay and layoff announcements made by S&P 500 firms from 1992-2014 in the financial services, consumer staples and IT industries.