The Effects of Abnormal Executive Pay Dispersion: Evidence from Firm Performance and Executive Turnover

被引：2
|
作者：
Byun, Sanghyuk [1 ]
机构：
[1] Sogang Univ, Sogang Business Sch, Seoul 121742, South Korea
来源：
ASIA-PACIFIC JOURNAL OF FINANCIAL STUDIES | 2014年 / 43卷 / 05期
关键词：
Executive pay dispersion; Tournament theory; Pay equity theory; Firm performance; Executive turnover; CORPORATE GOVERNANCE; CEO REPUTATION; TOP MANAGEMENT; COMPENSATION; PRODUCTIVITY; INCENTIVES; COLLEGE; EQUITY;
D O I：
10.1111/ajfs.12062
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This study examines the relation between pay dispersion among top executives and firm performance and executive turnover. I find that deviations from normal dispersion are associated with deterioration in firm performance and higher executive turnover. I also document that a positive relation between abnormal pay dispersion and executive turnover is driven by low-ranked executives. This study contributes to the existing literature by suggesting that abnormal pay dispersion is an important factor that influences managerial behavior in addition to raw pay dispersion.
引用
收藏
页码：621 / 648
页数：28
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