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Theoretical Analysis and Empirical Study on Executive Compensation Gap between the Financial Industry and Other Industries

Author: HuQiuSheng
Tutor: XuHua
School: Southwestern University of Finance and Economics
Course: Insurance
Keywords: financial industries monopoly industries competitive industries executive compensation income gap
CLC: F272.92
Type: Master's thesis
Year: 2013
Downloads: 75
Quote: 0
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Abstract


Executive compensation has been an important element of corporate governance, and executive compensation of the listing of the company has been a high degree of concern in the capital markets. The fairness and efficiency of the income distribution has been a topic of concern in the community during recent years. Such a huge executive compensation gap between the financial industry and other industries become a target of public criticism. Based on the perspective of monopolies and corporate governance, this article will study the gap of executive compensation between the financial industry and other industries.This article will study the gap of executive compensation between the financial industry and other industries from the theoretical analysis and empirical research, the basis theories include income gap theory, monopoly theory, the corporate governance theory and human capital theory, explain executive compensation gap among all industries. As two angles theoretical analysis (differences from industry and industry monopoly corporate governance differences) to study executive compensation industry differences in the formation mechanism. Which the corporate governance differences include differences of internal governance and external governance differences. The differences in the internal governance performance include internal control, board size, independent directors, the scale of supervisors board, executives concurrently, ownership structure, equity incentive and executive human capital. External governance includes the huge external financial industry, serious information asymmetry, financial industry talent shortage, the high debt of the financial sector.When the establishment of the indicators, the indicators of the industry monopoly by the nationalization of the industry, industry concentration and barriers to entry by principal component analysis synthesis. Selecting the size of the board, independent directors, board of supervisors scale, two jobs concurrently to synthetic composite indicator of the corporate governance structure, ownership structure, equity incentive and executive human capital seven indicators. The study indicates that,(1) The degree of monopoly, the financial industry and the spread of cultural industries, mining and quarrying, manufacturing, electricity, gas and water production and supply industry differences rendered as negative, indicating that executive compensation in the financial industry in the monopoly sexual dependence than four industries of appeal, while higher than other industries.(2) Corporate governance institutions, the financial sector and other industries difference are positive.(3)As terms of industry’performance, the gap of executive compensation in the financial industry and other industries will be different.(4) As the area of enterprise scale, executive compensation and other industry gap in the financial industry, differences in the scale of this impact factors will be presented as positive.The main contribution of this paper are industry executives compensation gap from the theoretical and empirical aspects:The first theoretical contribution, at home and abroad on the theory of executive compensation research focuses on executive compensation impact factors in remuneration the gap between research industry generally income gap, or the gap between an industry executives and general staff, little influencing factors for the gap between executive compensation industry, this article merely on the executive compensation industry. The gap between theory and pointed out that industry executives compensation gap is mainly caused due to differences in the degree of trade monopolies and corporate governance level. Second, the decade of listed companies as samples, from an empirical analysis of the gap between executive compensation in the financial industry and other industries, the use of principal component analysis synthesis monopoly indicators and corporate governance structure indicators, plus the size of the industry and performance from this four indicators in the answer of the previously proposed three questions based on practical advice.

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CLC: > Economic > Economic planning and management > Enterprise economy > Enterprise planning and management decision - making > Corporate Administration > Personnel Management
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