公司高管薪酬与公司价值关系外文翻译

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 MullenA study examining longitudinal data obtained from the Disclosure database fo 390 largeAmerican firms yieldedcomplex and unclearpatternof 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, totalassetswas found to have the strongestassociatiowith executivepay. It was concluded that the scaleof discretionanyesourcesavailableto the firm betterpredictexecutivepay than profitability or efficiency ratios.Debate over executive compensation has escalated in recent years (Ehrenberg, 1990). At the heartof thisissue are chief executiveofficer(CEOs) of large corporations and the perception of their rapidly increas-ing wealth. Public crit of CEO remunerationabounds as many find theirpay too high, especiallyin comparison to their employees. Others argue that CEOs are worth every cent they get (Murphy, 1986) andhat in competitive economy teopecutives 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)onuses and stockoptionprofitsAt least3 CEOs earned$1 million or more. Yet only 30 chiefexecutiveof European companies, and even lessin Asian companies, had seven-figur 如 arningsthat year (Tully, 1988).Perhaps American CEO salariesrea culture-speciphenomenon drivenby thenation's history, social normsgovBdnment policies. While American CEOs are enjoying largefinancialains,the companies they lead may be strugg...