Is there an inverse U-shaped relationship between pay and performance?

被引：13

作者：

Kuo, Hsien-Chang ^{[1
,2
]}

Lin, Dan ^{[3
]}

Lien, Donald ^{[4
]}

Wang, Lie-Huey ^{[5
]}

Yeh, Li-Jen ^{[6
]}

机构：

[1] Shih Chien Univ, Dept Accounting, Taipei 10462, Taiwan

[2] Shih Chien Univ, Dept Finance & Banking, Taipei 10462, Taiwan

[3] Takming Univ Sci & Technol, Dept Banking & Finance, Taipei 11451, Taiwan

[4] Univ Texas San Antonio, Dept Finance, San Antonio, TX 78249 USA

[5] Ming Chuan Univ, Dept Finance, Taipei 111, Taiwan

[6] Shih Chien Univ, Dept Finance & Banking, Taipei 10462, Taiwan

来源：

NORTH AMERICAN JOURNAL OF ECONOMICS AND FINANCE | 2014年 / 28卷

关键词：

Executive compensation; Firm performance; Pay-for-performance; CEO COMPENSATION; EXECUTIVE-COMPENSATION; CORPORATE GOVERNANCE; FIRM PERFORMANCE;

D O I：

10.1016/j.najef.2014.03.007

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Given the increasing concerns about the escalation in executive compensation, this study aims to provide new insights into the link between executive pay and firm performance by empirically testing for an inverse U-shaped relationship. For this purpose, we re-examine the relation using a nonlinear model. Our results show a significant inverse U-shaped relationship between executive pay and firm performance. The finding provides support for both optimal contracting and managerial power theories with the former dominating at low level of firm performance and the latter dominating at high level affirm performance. (C) 2014 Elsevier Inc. All rights reserved.

引用

页码：347 / 357

页数：11

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