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1、外文翻译原文THEDETERMINANTSOFEXECUTIVECOMPENSATIONINFAMILY-OWNEDFIRMSMaterialSource:http://www.google.com.hk/search?q=THE+DETERMINANTS+OF+EXECUTIVE+COMPENSATION+IN&search-radio=on&newwindow=1&ie=gb2312&hl=zh-CN&client=aff-360daohangAuthor:LUISR.GOMEZ-MEJIADespiteawealth
2、ofresearchonCEOpay,largelygroundedinagencyormanagerial-listperspectives,littleisknownaboutitsdeterminantsinfamily-ownedfirms(Tosi,Werner,Katz&Gomez-Mejia,2000).Weaddressthisgapbyexaminingavariantofthetraditionalexecutivecompensationcontract,onethatinvolvesfamilyti
3、esbetweenprincipalandagent,andcontrastittosituationswheresuchtiesareabsent.Tothisend,wecollecteddataduringafour-yearperiodon253family-ownedfirms;148(59%)ofthesewereledbyafamilyCEOand105(41%)hadanonfamilyCEOatthehelm.WefindthatthepresenceofCEOfamilytiesinfluencesth
4、emagnitudeandcompositionoftheexecutivepaypackage.WealsoobservestronginteractioneffectsonCEOpaydesignbetweenCEOfamilytiesandthreecontextualfactors,namelythepresenceofinstitutionalblock-holders,R&Dinvestments,andthefirm’ssystematicriskexposure.Ourresultsconfirmthatp
5、rincipal-agentfamilytiesexertamajorinfluenceonhowmuchandhowexecutivesarepaid,buttheseeffectsarecomplex.Thisstudyoffersseveralcontributionstotheliteratureonexecutivepay.First,weextendagencytheoryinanewandmeaningfulwaytobetterunderstandincentivealignmentissuesthatar
6、euniquetoCEOpayinfamily-ownedfirms.Second,weuseapopulationthatisinherentlyinterestinggiventhepervasivenessoffamilycontrolledfirms,andthelackofinformationontheirexecutivepaypractices.Whileestimatesmayvary,intheUnitedStates(wherethecorporateformdescribedbyBerle&Mean
7、s[1932]andsubsequent“managerial-lists”ismostprevalent),familiesownapproximately80%offirms,withsomeestimatesbeingashighas95%(Beehr,Drexler&Faulkner,1997;Daily&Dollinger,1992).Whilethevastmajoritiesaresmallbusinesseswithlessthan500workers,family-ownedfirmsareoftenfo
8、undamongthelargestcorporationsacrossabroadrangeofindustries,bothintermsofsalesvolumeandnumberofemployees(James,1999;LaPorta,Lopez-de-Silanes,&Shleifer,1
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