A growing number of U.S. business executives feel CEOs are overpaid and underperforming, a recent study found.

More than half of 800 executives surveyed nationwide said compensation packages for CEOs were only somewhat or not at all aligned with actual results, up from 21 percent last year, according to Korn/Ferry International (NYSE: KFY), a Los Angeles-based human resource management firm. Another 34 percent said their bosses were simply paid too much.

To guard against rising compensation packages amid declining share values, most executives said shareholders should have a say in CEO pay, the survey found.

"The business community continues to focus on aligning pay and performance, and companies are having mixed success against this objective," Russell Miller, the firm's managing director of executive compensation, said in a statement.