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1、TopExecutivePayandPerformanceAuthor(s):BrianG.M.MainSource:ManagerialandDecisionEconomics,Vol.12,No.3(Jun.,1991),pp.219-229Publishedby:JohnWiley&SonsStableURL:http://www.jstor.org/stable/2487528.Accessed:28/06/201114:41YouruseoftheJSTORarchiveindicatesyouracceptanceofJSTOR's
2、TermsandConditionsofUse,availableat.http://www.jstor.org/page/info/about/policies/terms.jsp.JSTOR'sTermsandConditionsofUseprovides,inpart,thatunlessyouhaveobtainedpriorpermission,youmaynotdownloadanentireissueofajournalormultiplecopiesofarticles,andyoumayusecontentintheJSTOR
3、archiveonlyforyourpersonal,non-commercialuse.Pleasecontactthepublisherregardinganyfurtheruseofthiswork.Publishercontactinformationmaybeobtainedat.http://www.jstor.org/action/showPublisher?publisherCode=jwiley..EachcopyofanypartofaJSTORtransmissionmustcontainthesamecopyrightn
4、oticethatappearsonthescreenorprintedpageofsuchtransmission.JSTORisanot-for-profitservicethathelpsscholars,researchers,andstudentsdiscover,use,andbuilduponawiderangeofcontentinatrusteddigitalarchive.Weuseinformationtechnologyandtoolstoincreaseproductivityandfacilitatenewforms
5、ofscholarship.FormoreinformationaboutJSTOR,pleasecontactsupport@jstor.org.JohnWiley&SonsiscollaboratingwithJSTORtodigitize,preserveandextendaccesstoManagerialandDecisionEconomics.http://www.jstor.orgMANAGERIALANDDECISIONECONOMICS,VOL.12,219-229(1991)TopExecutivePayandPerform
6、anceBrianG.M.MainUniversityofStAndrews,UKUsingdataon241ofBritain'slargestindustrialcompanies,thepayreceivedbytopexecutivesin1985isstudiedasafunctionofcorporateperformance.Anattemptismadetoestimatetheextenttowhichexecutivepayandshareholderwealtharelinked.Rivalexplanations,rel
7、atingpaytotheassets,employmentlevelandturnoverofthecompany,arealsoexamined.Nosupportisfoundforthemanagerialistviewthatremunerationtendstobecorrelatedwithsizeattributes.Theresultsdo,however,suggestthat,whilemuchofthevariationinexecutivepayremainsunexplained,thereisevidenceofe
8、xecutiveremunerationpolicyservingtoeffectincentivealignmentbetweentheexecut
