"[Results of] two experiments simulating say-on-pay votes ... suggest that investors value shareholder return over CEO pay. As long as company performance was above average, shareholders supported CEO pay regardless of whether it was high or low. However, when the company underperformed relative to the market, then shareholders considered CEO pay, voting 'no' under circumstances when CEO pay was high and company performance was low. The findings suggest that when the probability of a 'no' vote is high (when the recommended CEO pay is high and the firm is underperforming), the board should either reconsider the recommended pay or take steps to mitigate a no vote by educating shareholders on the rationale behind the CEO's pay."