As Gill Matthewson comments, this quote she found about sums it up:

“The literature shows that pay is an important predictor of the extent to which a person is valued in his or her employment context and, more specifically, of the extent to which this person is perceived to have influence and ability. Therefore, low salaries are associated with a lack of credibility and an inability to influence either people or events.”

From “Who Gets the Carrot and Who Gets the Stick?: Evidence of Gender Disparities in Executive Remuneration,” by Clara Kulich, Grzegorz Trojanowski, Michelle K. Ryan, S. Alexander Haslam, and Luc D. R. Renneboog. Strategic Management Journal 32, no. 3 (2011): 301–21.