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The Research of Top Management Team’s Pay Gap Effect on Corporate Performance on the Perspective of Endogenous

Author: ZhaoNa
Tutor: WeiWenBin
School: Suzhou University
Course: Business management
Keywords: Listed companies Management team The pay gap Corporate performance Endogenous
CLC: F224
Type: Master's thesis
Year: 2011
Downloads: 70
Quote: 1
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Abstract


With the disclosure of many top managers’high pay in the annual reports of some listed companies, The ballooning top managers’pay, especially those high pay which is significantly unbalanced with corporate performance, has become the focus of public attention. Therefore, how to design reasonable top managers’pay is becoming the problem for many listed companies to be resolved .Under the Chinese unique background, based on the tournament theory and behavioral theory, taking the listed companies of Shanghai and Shenzhen in 2008 as the sample, this paper using empirical method studies the impaction of top management team’s pay gap on corporate performance in the Chinese listed companies. Similarly, considering that the pay gap may be endogenous, this article analyzes the impact factors of top management team’s pay gap, and then compares the pay gap’s impaction on corporate performance after controlling the endogenous with no controlling the endogenous. The results show that, without the endogenous controlling, the pay gap has a positive effect on corporate performance. After controlling the endogenous, top management team’s pay gap still has a positive incentive effect on corporate performance, and this positive incentive effect has greatly improved compared with no controlling the endogenous. This provides strong evidence for the applicability of tournament theory in China in the future.

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CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods
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