There is new and interesting academic work on how executives spend their time and the personal choices they make to maximize utility. From a compensation point of view, one issue that has been at the forefront with respect to executives is perks. One CEO compensation perk that has also received increased scrutiny but is surviving better than club memberships is the use of private aircraft. In a related April 2012 paper, "Executives' 'Off-The-Job' Behavior, Corporate Culture and Financial Reporting Risk" (National Bureau of Economic Research working paper), Robert Davidson, Abbie Smith and Aiyesha Dey consider other off-the-clock behaviors of CEOs and their effects on company outcomes. Davidson, Smith and Dey document that CEOs and CFOs who have a legal record (including driving under the influence, other drug charges, domestic violence, disturbing the peace and speeding tickets) are more likely to perpetuate fraud as defined by being named for fraudulent reporting by the US Securities and Exchange Commission.
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Hallock, Kevin F. 2012. "CEOs Off the Clock." Workspan 55 (9) (09): 12.