Study on the Manipulation Effect of CEO Power on Executive Compensation Level: A Literature Review
Abstract: Recently the inverse change between the persistent decrease of list companies’ performance and quick growth of executive compensation level has received more and more attention both from the public and the scholars. Therefore, the theoretical circle introduces CEO power (or managerial discretion) theory as the main theory perspective on the studying of executive compensation level outside the traditional framework of principal-agent theory. Under this condition, the paper focuses on the historical process and the latest progress of the literature on the manipulation effect of CEO power on executive compensation level all over the world, but taking the studies in American and China as the key parts. Results show that the studies on this issue have received a consensus that the positive manipulation effect of CEO power on executive compensation level does exist, while the specialized manipulation degree will be different according to different countries, ownership characteristics, and industries. What is more, there are already many competing views on the mechanism of how such manipulation effect happens, which need to be confirmed further. On the whole, the validity of the research conclusions is getting higher, but there are still many shortcomings. The future studies should explore and enrich the literature in this field by especially emphasizing on the measure of CEO power, the choice of control variables, the enhancement of data correctness and the design of empirical models.
文章引用: 张长征 , 王 硕 , 高灼琴 , 赵 欣 (2015) 经理自主权对高管薪酬水平的操纵效应研究评述与展望。 管理科学与工程， 4， 1-8. doi: 10.12677/MSE.2015.41001
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