摘要
空气质量已然成为影响经济发展和企业行为的重要外部因素。基于2006—2016年我国上市公司所在地空气质量数据,本文考察了雾霾污染对于高管薪酬契约的影响。研究发现,由于雾霾污染提高了企业人力的重置成本,同时也为绩效下降的高管提供了更多的机会主义解释空间,因此空气质量较差地区的上市公司高管薪酬黏性较为严重。并且高管薪酬契约中非现金性薪酬的设置对空气质量与薪酬黏性之间的关系起到了显著的调节作用,通过股权激励、行政晋升、在职消费等货币化及非货币化激励,可以有效缓和空气质量对高管薪酬黏性的影响。在考虑了衡量偏误、污染的时效因素、物价影响以及潜在的内生性问题后,前述结论依然成立。进一步研究发现,企业所处的金融环境波动、企业行业地位等影响薪酬契约的外部环境,以及高管薪酬契约的形成历史过程等因素也能影响空气质量与薪酬黏性之间的关系。本文的研究结论不仅拓展了我们对空气污染如何影响微观经济行为的认识,同时也对高管薪酬黏性前置因素的相关研究形成了有益补充,并为地方政府制定政策,平衡环境保护与经济发展提供了理论参考。
Air quality has become an important external factor affecting the social economy,however,little attention has been paid to whether and how air quality can affect corporate behavior.By making a linkage between air quality and corporate executive compensation stickiness,we shed new light on the current literature.First,most of the current studies focus on the impact of the economy on the natural environment,while our research provides empirical evidence that there is a reversed mechanism,which natural environment also could affect the development of society.Second,although various factors have been studied,which could have an impact on executive compensation stickiness,most of them focus on the traits of corporates,we expand the extant studies to the natural environment.Finally,our research also could inspire the policymaker by indicating that bad air quality could crowd out senior managers and experts,which finally damage the development of the economy.Based on the air quality data of China′s listed companies in 2006-2016,this paper examines the impact of air pollution on executive compensation contracts.It shows that smog pollution increases the cost of enterprise′s manpower replacement,which also provides more opportunistic interpretation space for the executives with declining performance.Therefore,in the listed companies with poor air quality,the top managers would possess advantages in the process of making the payment contracts.Specifically drawing on the mechanism of compensation stickiness,we argue that there would be a positive relationship between air pollution and top managers’compensation stickiness for several reasons.First,air pollution causes harm to employees’health,therefore,managers would like to ask more about compensation.Second,in the regions with air pollution,people are likely to move out rather than move in,which limits the supply of the human resource.Hence,the firms in those cities become more difficult to replace the existing managers.Finally,current researches indicated that air
作者
沈弋
吕明晗
朱佳立
徐光华
SHEN Yi;LV Minghan;ZHU Jiali;XU Guanghua(School of Economics and Management,Nanjing University of Science and Technology,Nanjing 210094,China)
出处
《管理工程学报》
CSSCI
CSCD
北大核心
2021年第5期41-51,共11页
Journal of Industrial Engineering and Engineering Management
基金
国家自然科学基金资助项目(71472088)
中央高校基本科研业务费专项资金项目(30918013102)
江苏省社会科学基金项目(17GLB010)。
