In this study, the authors analyzed the impact of stock ownership-based power on executive compensation levels. Based on an empirical analysis of 158 firms listed on the Korea Stock Exchange, the results showed that firm performance, firm size, and the CEO's ownership stake positively influence executive compensation levels. Furthermore, the ownership stakes of the CEO and institutional investors were found to negatively moderate the effect of firm performance on executive compensation. The paper concludes with a discussion of the implications of these findings and directions for future research.