دانلود رایگان مقاله لاتین پراکندگی غرامت اجرایی از سایت الزویر
عنوان فارسی مقاله:
بررسی تجربی رابطه بین پراکندگی غرامت اجرایی و عملکرد شرکت: نقش تعدیل کننده قدرت فناوری
عنوان انگلیسی مقاله:
Empirical study on the relationship between executive compensation dispersion and firm performance: the moderating role of technology intensity
سال انتشار : 2015
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بخشی از مقاله انگلیسی:
2. Literature review and hypothesis
2.1. Performance consequences of ECD in economic view Traditional economic theory argues that agent's compensation should be determined according to his marginal output by the principal in order to make agent reach his optimal effort level. If it can be realized in practice, the principal can make the compensation decisions according to the agent's marginal contribution, and thus such decision-making behavior is rather easy. However, the effectiveness of such behavior needs a prerequisite described as that the supervision of executive is accurate with a lower cost, which cannot be satisfied at all. Therefore, shareholders and the boards, as the principal, begin turning to the incentive of tournament. Tournament theory demonstrates that when the monitoring cost on the agents is rather high, the principal would try to motivate the agents adopting their relative performance instead of the absolute performance. Since the winner in the tournament will get most of the prizes, while the losers will even get nothing, the high ECD will provide the competitors great motivation to try to win. In TMT, top executives should try to do better than others to get promotion. Eventually, the competition results will improve firm performance. Therefore, in order to induce higher effort level from the executives, a relative higher ECD is necessary. All in all, the tournament theory regards that with the increase of the monitoring cost under the conditions of more popular teamwork, higher ECD can lower the monitoring cost and thus provide strong incentives for the alignment of shareholders' and executives' interests. That is to say, higher ECD can lead to higher firm performance. Since the appearance of tournament theory by Lazear and Rosen (1981), many scholars have empirically tested the positive performance consequences of ECD (Chen, Ezzamel, & Cai, 2011). For example, Tor (1999) takes Denmark firms as the sample, adopting coefficient of variation and CEO–employees pay gap as the measurement of ECD, and confirms that ECD is positively with firm performance. Main, O'Reilly, and Wade (1993) take 200 American firms as the sample, adopting the sum of cash compensation and prizes as the base of calculating ECD, and finally proves that ECD is positively both with the financial performance and market performance. By adopting the method of ordinary least squares (OLS) regression analysis, Lin and Lu (2009) have shown that, for the publicly traded companies in China, compensation gap between senior executives, another term of ECD, plays a tournament role and motivates managers to achieve higher level of performance. 2.2. Performance consequences of ECD in behavioral view Behavioral view focuses on the influence of ECD on team cooperation. Different with the tournament theory which supports large ECD, from the perspective of psychology, behavioral theory regards that ECD is one of the important components of social psychological and social political environment, which have effects on individual's intention choice between pursuing his own benefits and cooperating with others for shared goals.
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کلمات کلیدی:
The Relationship between Executive Compensation and Financial ... https://www.researchgate.net/.../264537323_The_Relationship_between_Executive_Co... Official Full-Text Paper (PDF): The Relationship between Executive Compensation and Financial Performance of Insurance Companies in Kenya. [PDF]ceo compensation: relationship with performance and ... - DiVA portal www.diva-portal.org/smash/get/diva2:351913/fulltext01.pdf by U Tariq - 2010 - Cited by 7 - Related articles This paper tries to find the relationship between the compensation given to the chief executive officer and the performance of the company. Further, it tries to ... THE RELATIONSHIP BETWEEN EXECUTIVE COMPENSATION AND ... www.virtusinterpress.org › ... › Volume 4 › 2007 Issue 3 (continued 1) Abstract This paper examines how profitability, dividend policy and the corporate governance of closely-held companies are related to executive compensation. The Relationship Between Executive Compensation and ... - jstor www.jstor.org/stable/40603720 by RM Brown - 1990 - Cited by 1 - Related articles The Relationship Between Executive Compensation and Expenditures for Research and Development *. Robert M. Brown. Associate Professor of Accounting. Searches related to relationship between executive compensation ceo compensation and firm performance is there any relationship relationship between executive compensation and firm performance ceo compensation and company performance correlation between ceo pay and performance ceo compensation structure and firm performance theories of executive compensation ceo compensation and firm performance an empirical investigation of uk panel data executive remuneration and corporate performance
