高管薪酬分散，公司治理，与企业绩效【外文翻译】

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1、本科毕业论文（设计）外文翻译原文：Executivepaydispersion,corporategovernance,andfirmperformanceExecutivecompensationhasbeenacentralresearchtopicineconomicsandbusinessduringthepasttwodecades,recentlygainingimpetusinthewakeofcorporatescandalsthathaveexposedsignificantvulnerabilitiesincorp

2、orategovernanceandthesubsequentfarreachingregulatorychanges(Sarbanes–Oxley).Priorresearchintoexecutivecompensationhasprimarilyfocusedonissuesrelatedtothelevelandstructuralmixofcompensationpackages,andtheirsensitivitytofirmperformance(LambertandLarcker1987;JensenandMurph

3、y1990;Yermack1995;Baberetal.1996;HallandLiebman1998;Coreetal.1999;Murphy1999;Bryanetal.2000).EarlycompensationstudiesfocusedontheCEO,subsequentlyexpandingthescopetothecompensationoftheentiremanagerialteam.Thus,forexample,AggarwalandSamwick(2003)reportthatmanagerswithdiv

4、isionalresponsibilitieshavelowerpay–performancesensitivitiesthandomanagerswithbroadoversightauthority,whointurnhavelowerpay–performancesensitivitiesthandoestheCEO,concludingthatpay–performancesensitivityincreaseswiththespanofauthority.Similarly,BarronandWaddell(2003)exa

5、minethecharacteristicsofcompensationpackagesofthefivehighestpaidexecutivesandfindthathigherrankmanagershaveagreaterproportionofincentive-basedcompensationinpaypackagesthandolowerrankedexecutives.Theissueofpaydispersionacrossmanagerialteammembershasreceivedconceptualatte

6、ntionbylaboreconomistsandorganizationtheorists,yetscantempiricalresearchhasbeenperformedtodate.Inthisstudy,weinvestigateempiricallytheeffectofmanagerialcompensationdispersiononfirmperformance.Wedrawontwocompetingmodels—thetournamenttheoryandequityfairnessarguments—tofor

7、mulateourhypotheses:Tournamenttheory(LazearandRosen,1981)viewstheadvancementofexecutivesinthecorporatehierarchyasatournamentinwhichindividualscompeteforpromotionandrewards.High-performingexecutiveswithconsiderablemanagerialpotentialwinpromotionandcommensuratecompensatio

8、n.Alargespreadofcompensationacrosscorporatehierarchicallevelsattractstalentedandventuresomeparticipantstocompe