Journal of Accounting and Economics ·Volume 64, Issues 2–3· NOV 2017

共同的遗传性观念和价值观是否影响CEO薪酬？

作者：Atif Ellahie(David Eccles School of Business, University of Utah)Ahmed Tahoun(London Business School)?rem Tuna(London Business School)

摘要：我们利用31个国家的首席执行官的种族作为他们共同的遗传性观念和价值观的代理变量，并发现首席执行官可变薪酬中存在种族效应。我们发现，可变薪酬中的种族效应不是由企业决策中的种族效应所驱动的，当首席执行官被不同种族的人所取代时，首席执行官薪酬的变化显著变大。我们估计的种族效应捕捉到了CEO们祖先的未来时间参考（即未来和现在语言在语法上有所区别的种族）和宗教信仰。最后，我们发现在业绩-解雇敏感性方面也具有种族效应（即由于业绩不佳而被解雇的敏感度）。

关键词：高管薪酬，CEO特点，种族，文化持久性

Do common inherited beliefs and values influence CEO pay?

Atif Ellahie(David Eccles School of Business, University of Utah)Ahmed Tahoun(London Business School)?rem Tuna(London Business School)

ABSTRACT

We use the ethnicity of CEOs across 31 countries as a proxy for their common inherited beliefs and values and find an ethnicity effect in CEO variable pay. We find that the ethnicity effect in variable pay is not driven by the ethnicity effects in corporate policy decisions, and that changes in CEO compensation are significantly larger when CEOs are replaced with a person from a different ethnicity. Our estimated ethnicity effect captures the future time reference and religion of CEOs’ ancestors. Finally, we find an ethnicity effect in performance-firing sensitivities (i.e., the sensitivity to being fired due to poor performance).

Keywords: Executive compensation; CEO characteristics; Ethnicity; Cultural persistence

原文链接：

http://www.sciencedirect.com/science/article/pii/S0165410117300575

翻译：张展