摘要
高管薪酬差距成为近年来的焦点话题之一。本文使用ExecuComp数据库样本数据,就首席执行官(CEO)是否高管中薪酬最高者两个角度,研究了薪酬差距对于公司绩效的影响效应。研究发现,仅在CEO是高管中薪酬最高者的情况下,CEO与其他高管(VP)之间的薪酬差距才正向作用于公司绩效;当CEO薪酬不是最高时,薪酬差距和CEO向心性都对公司绩效产生负向影响。
This paper examines the effect of hierarchical pay structures on firm value in firms where CEOs are not the highest paid members of the top management teams. We find that the difference in pay between CEO and VPs benefits firm value only when CEO is the highest paid member of the top management team. When the CEO does not receive the highest pay, pay spreads and CEO centrality both have a negative im- pact on firm performance.
出处
《西安财经学院学报》
CSSCI
2016年第3期75-80,共6页
Journal of Xi’an University of Finance & Economics
基金
国家自然科学基金青年项目(71403078)
教育部人文社科青年项目(13YJC630086)
河北省科技计划项目(14394403D)
关键词
CEO
高管薪酬
薪酬差距
公司绩效
CEO
top management teams pay
pay spread
firm performance
