Also, the % of all company shares which is owned by the executives and board members is also a major factor. The less 'skin in the game' the executives have, the more money you will get as an employee for the least amount of work.
Also whether or not the company has an industry monopoly has a huge impact as well.
A multi-billion dollar corporation which is considered 'evil' (e.g. gambling, corporate finance, advertising, big tech, ...) and whose executives and board members don't own many shares and which has a monopoly over its industry is going to pay much more for a lot less work because nobody cares about the company's mission. The company is just one giant piggy bank for everyone to tap into. Everyone's goal is just to extract more money out of the company, often executives will pay low level employees more because then it allows them to also pay themselves more without raising alarms (helps to keep employees happy so that nobody questions it).
When you have few executives and board members who own company shares, it means that you can factor out the shareholders from the equation. At the end of the day, the shareholders are the only ones who exert any real pressure on the employees to deliver and if they are not well represented on the company board, then the employees will not feel any pressure - Everyone will just do as little as they think they can get away with.
I've worked for companies like this in the past. One of them was a big multi-billion dollar gambling corporation with a monopoly and paid really well and I barely did any work. I literally took 1 week to implement something which could have been done in half a day and managers only gave me positive feedback. I was one of the most efficient employees there.
I spent most of the day thinking about what I would be having for lunch, checking my emails, social media, watching YouTube videos, listening to music, sharing videos with colleagues, talking with colleagues and I could always go to the restaurant for lunch because it was very well paid. I often had 2 hour lunch with colleagues. Also, it was a contract position, so if I didn't feel like coming to work one day, I would just not go (just send an email in the morning) and nobody ever complained. A colleague once came to work in his pajamas, obviously he had been taking drugs the night before and nobody said anything at the meeting.