公司高管薪酬与公司价值关系外文翻译.docVIP

外文翻译 原文Executive compensation and corporate value the relationship Material Source: Journal of Business and Psychology1992(4) Author: Mark A. Wilson and Chacko Charles B and Shrader.Ellen Mullen A study examining longitudinal data obtained from the Disclosure database for 390 large American firms yielded complex and unclear patterns of correlations between firm performance and executive pay. An examination of the data indicates that the relationship between firm performance and executive compensation may be nonlinear. Among performance measures, total assets was found to have the strongest association with executive pay. It was concluded that the scale of discretionary resources available to the firm better predicts executive pay than profitability or efficiency ratios. Debate over executive compensation has escalated in recent years (Ehrenberg, 1990). At the heart of this issue are chief executive officers (CEOs) of large corporations and the perception of their rapidly increas-ing wealth. Public criticism of CEO remuneration abounds as many find their pay too high, especially in comparison to their employees. Others argue that CEOs are worth every cent they get (Murphy, 1986) and that in a competitive economy top executives are entitled to be paid what they are worth (Sethi Namiki, 1986). In 1987, the CEOs of 24 American companies earned in excess of $5 million, including bonuses and stock option profits. At least 300 CEOs earned $1 million or more. Yet only 30 chief executives of European companies, and even less in Asian companies, had seven-figure earnings that year (Tully, 1988).Perhaps American CEO salaries are a culture-specific phenomenon driven by the nations history, social norms, and government policies. While American CEOs are enjoying large financial gains, the companies they lead may be struggling or even losing ground. Sethi and Namiki (1986) contend that the prevailing compensation sys- tem in U.S. industry, particularly in large corporatio