| CEO社会资本对其薪酬水平和薪酬波动性的影响——公司市场价值波动性和股权集中度的调节作用 |
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| 引用本文： | 黄洁,陈国权.CEO社会资本对其薪酬水平和薪酬波动性的影响——公司市场价值波动性和股权集中度的调节作用[J].技术经济,2017,36(10):65-76. |
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| 作者姓名： | 黄洁 陈国权 |
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| 作者单位： | 1. 德国EBS商学院经济管理系,厄斯特里希-温克尔65375,德国;2. 清华大学经济管理学院,北京100084,中国 |
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| 基金项目： | 国家自然科学基金创新研究群体项目"复杂变化环境下企业组织管理整体系统及其学习变革研究"，清华大学自主科研计划领军人才计划支持项目"个体心理资本对从成功和失败经验中学习成效影响的研究" |
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| 摘 要： | 探讨了CEO的社会资本对自身薪酬水平和薪酬波动性的影响,以及公司市场价值波动性和股权集中度对这种影响关系的调节作用。利用2009—2015年德国DAX30指数企业的数据验证研究假设。结果显示:CEO的社会资本对其薪酬具有显著影响,即丰富的社会资本能够提高其薪酬水平,而且增大了薪酬波动性;上述两个正向影响受到公司市场价值波动性和公司股权集中度的调节作用,即公司市场价值波动性增强了CEO的社会资本对其薪酬波动性的影响,股权集中度则减弱了这种影响。
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| 关 键 词： | 社会资本 薪酬水平 薪酬波动性 市场价值 股权集中度 |
Influence of CEO's Social Capital on Their Level and Volatility of Compensation:Moderating Effects of Market Value Volatility and Ownership Concentration of Firm |
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| Huang Jie,Chen Guoquan.Influence of CEO's Social Capital on Their Level and Volatility of Compensation:Moderating Effects of Market Value Volatility and Ownership Concentration of Firm[J].Technology Economics,2017,36(10):65-76. |
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| Authors: | Huang Jie Chen Guoquan |
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| Abstract: | This paper illustrates the effect of CEO's social capital on his/her level and variability of compensation,especially investigates the moderation effects of firm's market value volatility and ownership concentration.It uses German DAX30 data from 2009 to 2015 to test the hy-potheses.The tests show that CEO's social capital positively influences both the level and the volatility of their compensation.The result also shows that the influence of social capital on compensation depends on the moderators,namely market value volatility and ownership concentra-tion of firms.While high market value volatility may result in a positive relation between social capital and compensation uncertainty,concen-trated ownership may lead to a smaller compensation package with less variable payment. |
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| Keywords: | social capital compensation level compensation volatility market value ownership concentration |
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