文化以及CEO报酬.pptVIP

Culture and CEO Compensation文化与CEO报酬 The authors: Stephen Bryan Robert Nash Ajay Patel 小组成员： 张卿 李良 曾繁荣* Abstract This paper examines CEO compensation in 43 countries over the 1996 to 2009 period and specifically focuses on the additional explanatory power provided by considering how national culture affects contracting decisions. The empirical analysis confirms that cultural factors (measuring such societal traits as individualism and uncertainty avoidance) are significant determinants of the relative use of equity-based compensation. * 本文研究文化对薪酬结构的持续性差异是否有影响。通过研究43个国家的公司CEO薪酬结构，作者发现薪酬合同的设计存在持久性的显著差异。作者结合跨文化心理学和合同文献的研究成果，识别了理论所预言的可能影响薪酬结构的文化因素。实证分析也证实文化因素（以个人主义和不确定性规避的社会特征来衡量）对股权激励相关运用的影响是显著的。尤其在控制先前确认的决定CEO薪酬结构的法律环境和特定公司特征变量后，文化因素对薪酬结构的影响是显著的。本文研究结果显示文化在解释薪酬合同设计的差异上扮演重要角色。 * This paper is divided into six parts : Section I describes the intersection of culture and contracting decisions and introduces our cultural variables 描述文化与合同决定之间的相互作用，以及引入衡量文化的变量 Section II review the previously-established factors affecting the structure of compensation contracts 回顾先前建立的因素对薪酬合同结构的影响 Section III documents data sources and sample and provides descriptive statistics 说明数据来源并进行描述性统计 Section IV present the primary empirical results 主要的实证结果 Section V conduct robustness testing 进行稳健性检验 Section VI provides a summary and conclusion 概要和结论 * I. The Role of Culture in Contracting Decisions文化在合同决定中的角色 A. Measures of Culture 文化的度量 The authors use Hofstede’s cultural value dimensions (CVD:文化价值维度) in their empirical analysis. B. Cultural Dimensions and Agency Costs 文化维度和代理成本 1.Individualism 个人主义 The agency costs of equity should be positively related to this measure. 2.Uncertainty Avoidance 不确定性规避 A society’s level of Uncertainty Avoidance is another cultural characteristic that may affect compensation structure. * 3. Robustness Testing 稳健性检验 To help confirm the robustn