公司高管薪酬与公司价值关系【外文翻译】

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1、外文翻译原文ExecutivecompensationandcorporatevaluetherelationshipMaterialSource:JournalofBusinessandPsychology1992(4)Author:MarkA.WilsonandChacko&CharlesBandShrader.EllenMullenAstudyexamininglongitudinaldataobtainedfromtheDisclosuredatabasefor390largeAmericanfirmsyieldedcomplexandunclearpatt

2、ernsofcorrelationsbetweenfirmperformanceandexecutivepay.Anexaminationofthedataindicatesthattherelationshipbetweenfirmperformanceandexecutivecompensationmaybenonlinear.Amongperformancemeasures,totalassetswasfoundtohavethestrongestassociationwithexecutivepay.Itwasconcludedthatthescaleofd

3、iscretionaryresourcesavailabletothefirmbetterpredictsexecutivepaythanprofitabilityorefficiencyratios.Debateoverexecutivecompensationhasescalatedinrecentyears(Ehrenberg,1990).Attheheartofthisissuearechiefexecutiveofficers(CEOs)oflargecorporationsandtheperceptionoftheirrapidlyincreas-ing

4、wealth.PubliccriticismofCEOremunerationaboundsasmanyfindtheirpaytoohigh,especiallyincomparisontotheiremployees.OthersarguethatCEOsarewortheverycenttheyget(Murphy,1986)andthatinacompetitiveeconomytopexecutivesareentitledtobepaidwhattheyareworth(Sethi&Namiki,1986).In1987,theCEOsof24Ameri

5、cancompaniesearnedinexcessof$5million,includingbonusesandstockoptionprofits.Atleast300CEOsearned$1millionormore.Yetonly30chiefexecutivesofEuropeancompanies,andevenlessinAsiancompanies,hadseven-figureearningsthatyear(Tully,1988).PerhapsAmericanCEOsalariesareaculture-specificphenomenondr

6、ivenbythenation'shistory,socialnorms,andgovernmentpolicies.WhileAmericanCEOsareenjoyinglargefinancialgains,thecompaniestheyleadmaybestrugglingorevenlosingground.SethiandNamiki(1986)contendthattheprevailingcompensationsys-teminU.S.industry,particularlyinlargecorporations,hasproducedexec

7、utiveswhoarefailingeithertobettereconomicvaluesforstock-holdersortomakeAmericanindustryinternationallycompetitive.Clearly,itisnolongerasignofthiscountry's7economicdominanceintheworldmarketplace.Regrettably,executivecompensationhastraditionallybeenbasedonrelativestatusratherthancontri