摘要
基于高层梯队理论与临界质量理论探讨女性董事如何改变CEO任期与其薪酬水平的关系。以2015—2019年间沪、深两市A股非金融上市公司10459条数据为样本,应用基于OLS的多元回归与基于固定效应的面板数据回归模型,实证发现:CEO任期与其薪酬之间呈现U型曲线关系,该结论迥异于主流文献所报告的二者之间的线性正相关关系;达到临界质量的女性董事能够推动U型曲线右移,从而实现对基于任期的CEO薪酬操纵效应的有效纠偏。丰富的稳健性与内生性检验证实了结论的可靠性。薪酬纠偏效应的机理分析表明,女性董事优化了董事会监督行为,促使董事会对CEO保持长期警惕,推迟了长任期CEO利用权力获得超额薪酬的时点,并强化了CEO薪酬与绩效的关联性。
Based on upper echelon theory and critical mass theory,this paper discusses how female directors change the relationship between CEO tenure and compensation level.Taking the data consisting of 10,459 firm-year observations of A-share non-financial listed companies in Shanghai and Shenzhen Stock Exchanges from 2015 to 2019 as research samples,this paper applies OLS-based Multiple Regression and Fixed-effects-based Panel Data regression to make empirical analysis.Empirical data show that the relationship between CEO tenure and CEO compensation presents a U-shaped curve,which is different from the linear positive correlation reported in the mainstream literature.Female directors who reach critical mass can push the U-shaped curve towards the right side,thus effectively correcting the tenure-based CEO compensation manipulation effect.Abundant robustness and endogeneity tests confirm the reliability of the conclusions.The mechanism analysis of such a compensation correction effect shows that the female directors improve the boards’supervision behavior,make the board keep alert to the CEO for a longer time,delay the time point when the long-serving CEO begin to use his/her power to extract excessive compensation,and strengthen the correlation between CEO compensation and performance.
作者
张长征
杨帆
杨改梅
ZHANG Changzheng;YANG Fan;YANG Gaimei(School of Economics&Management,Xi’an University of Technology,Xi’an 710054,China)
出处
《中国软科学》
CSSCI
CSCD
北大核心
2021年第S01期348-356,共9页
China Soft Science
基金
国家社科基金项目“女性高管参与度的薪酬纠偏效应及其企业绩效促进机制研究”(20BGL147)。
关键词
女性董事
CEO任期
CEO薪酬水平
临界质量理论
薪酬纠偏
female directors
CEO tenure
CEO compensation level
critical mass theory
compensation correction effect
作者简介
张长征(1978-),男,江苏徐州人,博士,西安理工大学教授,研究方向为人力资源管理与公司治理创新。
