Why Has Top Executive Compensation Increased so Much in China: A Explanation of Peer-Effects
Why Has Top Executive Compensation Increased so Much in China: A Explanation of Peer-Effects
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DOI：
10.1111/j.1468-0106.2009.00479.x
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发表时间：
2009-12
期刊：
影响因子：
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通讯作者：
Ruilong Yang;Jidong Yang
中科院分区：
文献类型：
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作者：
Ruilong Yang;Jidong Yang
高管薪酬会受到同龄人群体薪酬的显著影响。本文基于中国的经验，考察了同行效应对高管薪酬变动的影响。实证结果表明，如果前三名高管的薪酬在t−1年低于同龄人的中位数水平，那么t年前三名高管薪酬的百分比变化将高出0.225个百分点，薪酬的绝对水平将增加51000元。此外，更好的业绩、更快的增长和国有会增加同行效应的可能性，而公司治理变量不会。
Top executive compensation can be affected significantly by peer group pay. This paper investigates the impact of peer effects on the change in top executive compensation based on evidence from China. Empirical results show that if the top three executives' compensation was lower than the peer group median level in year t − 1, the percentage change in the top three executives compensation in year t would be higher by 0.225%, and that the absolute level of pay would increase by 51 000 yuan. Furthermore, better performance, faster growth and state ownership increase the likelihood of peer effects, while corporate governance variables do not.