JOURNAL OF CORPORATE FINANCE, VOL 48，FEBRUARY 2018

不同所有制结构企业的管理激励政策与战略选择

作者：Shantanu Banerjee（Lancaster University Management School）

Swarnodeep Homroy（University of Groningen）

摘要：本文研究所有权结构如何影响管理层激励机制和战略目标。本文将分散股权的大型印度公司与在相同制度框架下运作的商业集团子公司进行比较。我们发现首席执行官薪酬和营业额的业绩敏感性在集团子公司和独立公司之间差异很大。不同的管理激励机制也对应不同的企业战略选择。然而，我们发现，无论这些差异如何，两类公司的企业绩效都是相似的。总体而言，本文认为所有权结构和管理激励政策可以调整以优化战略选择和企业绩效。

关键词：公司治理，控股股东，企业绩效，战略选择，印度

Managerial Incentives and Strategic Choices of Firms with Different Ownership Structures

Shantanu Banerjee（Lancaster University Management School）,Swarnodeep Homroy（University of Groningen）

ABSTRACT

We examine how ownership structure affects managerial incentive alignment mechanisms and strategic objectives. We compare large Indian firms with dispersed equity ownership with business-group affiliates operating within the same institutional frameworks. We find that the performance sensitivity of CEO pay and turnover differ significantly across group affiliates and stand-alone firms. The strategic choices of firms also differ in response to managerial incentives. However, we find that, regardless of those differences, firm performance is similar for both types of firms. Overall, this paper suggests that ownership structure and managerial incentives can adjust to optimize strategic choices and firm performance.

Keywords: Corporate Governance, Controlling Shareholders, Firm Performance, Strategic Choices, India

原文链接：

http://www.sciencedirect.com/science/article/pii/S0929119917305850#!

翻译：王秭越