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Empirical study on the relationship between executive compensation dispersion and firm performance: the moderating role of technology intensity

机译:高管薪酬分散与企业绩效关系的实证研究:技术强度的调节作用

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This paper examines the moderating effect of technology intensity on the relationship between executive compensation dispersion (ECD) and firm performance in Chinese manufacturing industry. And the multiple linear regression results do confirm that the relationship between the two is sensitive to technology intensity. Specifically, for the publicly listed manufacturing companies with lower technology intensity in China, ECD plays a tournament role and motivates top managers to achieve higher performance. However, for the publicly listed manufacturing companies with higher technology intensity, ECD does not show any significant effect on firm performance. Our finding suggests that technology intensity negatively moderates the relationship between ECD and firm performance which can reconcile the extant disagreements on performance consequences of ECD among scholars to a large degree. We also draw a conclusion that firms with better performance and higher technology intensity tend to have smaller ECD. Meanwhile, the relationship between technology intensity and firm performance is, on average, negative.
机译:本文研究了技术强度对高管薪酬离差(ECD)与中国制造业企业绩效之间关系的调节作用。多元线性回归结果确实证实了两者之间的关系对技术强度敏感。具体而言,对于在中国技术强度较低的上市制造企业,ECD扮演着比赛的角色,并激励高层管理人员取得更高的绩效。但是,对于技术强度更高的上市制造公司,ECD不会对公司绩效产生任何重大影响。我们的发现表明,技术强度消极地削弱了ECD和企业绩效之间的关系,这可以在很大程度上解决学者之间关于ECD绩效后果的现存分歧。我们还得出一个结论,即具有较高绩效和较高技术强度的公司往往具有较小的ECD。同时,技术强度与公司绩效之间的关系平均为负。

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