It all boils down to this: What you can measure, you can pay. A company's increase in revenue can be measured, and that's what top managers get paid for. Measuring the performance of a programmer is very hard and blurry even for great hackers, and impossible for a manager without hacker background (but he's the guy you will have to negotiate with).

In the end, at least you can measure the office hours of a programmer - and that's exactly what the average programmer is paid for.