دانلود رایگان مقاله بررسی پراکندگی غرامت اجرایی عملکرد شرکت نقش تعدیل کننده قدرت فناوری

abstract

This paper examines the moderating effect of technology intensity on the relationship between executive compensation dispersion (ECD) and firm performance in Chinese manufacturing industry. And the multiple linear regression results do confirm that the relationship between the two is sensitive to technology intensity. Specifically, for the publicly listed manufacturing companies with lower technology intensity in China, ECD plays a tournament role and motivates top managers to achieve higher performance. However, for the publicly listed manufacturing companies with higher technology intensity, ECD does not show any significant effect on firm performance. Our finding suggests that technology intensity negatively moderates the relationship between ECD and firm performance which can reconcile the extant disagreements on performance consequences of ECD among scholars to a large degree. We also draw a conclusion that firms with better performance and higher technology intensity tend to have smaller ECD. Meanwhile, the relationship between technology intensity and firm performance is, on average, negative.

4. Results and discussion

4.1. Moderating effect test by interaction analysis By adopting the whole sample, we use Model 1 which contains the interaction item “ZECD∗ZTI” to test the moderating effect of technology intensity on the relationship between ECD and firm performance. The results are shown in Table 3. According to Table 3, ECD is positively related to firm performance (Beta = 0.234, T = 11.804), which means, on the whole, the positive effect of ECD still exceeds the negative effect of ECD at present in Chinese manufacturing firms. The standardized coefficient of TI is −0.035 (P = 0.020), which means firms with higher technology intensity have a relatively lower performance than firms with lower technology intensity in China. It is noteworthy that the standardized coefficient of the interaction item (ZECD∗ZTI) is −0.129 (P = 0.000), which means each percent positive change of technology intensity will lower 0.129% of the positive effect of ECD on firm performance. In another word, technology intensity can negatively moderate the relationship between ECD and firm performance. H1 holds.