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1、原文：原文：GlobalizationGlobalizationthetheProvisionProvisionofofIncentivesIncentivesinsideinsidethetheFirm:Firm:TheTheEffectEffectofofFeignFeignCompetitionCompetitionVicenteCun?atLondonSchoolofEconomicsMariaGuadalupeColumbia

2、UniversityCEPRThisarticlestudiestheeffectofchangesinfeigncompetitiononthestructureofcompensationincentivesofU.S.executives.Wefindthatimptperation(instrumentedwithexchangeratestariffs)leadstomeincentiveprovisioninavariety

3、ofways.Firstitincreasesthesensitivityofpaytoperfmance.SeconditincreaseswithinfirmpaydifferentialsbetweenexecutivelevelswithCEOstypicallyexperiencingthelargestwageincreases.Finallyhigherfeigncompetitionisalsoassociatedwit

4、hahigherdemftalent.Theseresultssuggestthatincreasedfeigncompetitioncanexplainsomeoftherecenttrendsincompensationstructures.I.IntroductionThestructureofwagescompensationintheUnitedStateschangedsubstantiallyduringthe1980s1

5、990s:earningsinequalityreturnstoskillincreasedwithaparticularlydramaticriseinpayatthetopofthewagedistribution(KatzAut1999AutKatzKearney2006).Theexecutivelabmarketreplicatedthetrendsfwkersingeneralwithinequalitybetweenexe

6、cutivesjobmobilityincreasingCEOpaygoingupdisproptionately(Frydman2005).Simultaneouslyfirmsincreasedtheiruseofincentivesperfmancerelatedpay(suchaspieceratesbonusesstockoptions)intheoverallcompensationofexecutiveswkers(Mur

7、phy1999LemieuxMacLeodParent2009)significantlyalteringthestructureofpaytherelativeincentivestructurestheyofferedtotheirexecutives.Furthermeindertoisolatefluctuationsinfeigncompetitionthatareexogenoustothefirms’incentivepo

8、liciesuncrelatedwithpotentialomittedvariablesweuseimpttariffsexchangeratesasinstrumentalpensationismeasuredusingamatchedemployeremployeepaneldataset(Execucomp)oflargeU.S.manufacturingfirmswithfiveexecutivesperfirmbetween

9、19922000.Itcontainsverydetailedinfmationonbothfirmacteristicsexecutivepayprovidingafairlycomprehensivepictureofinternallabmarketsincentiveprovision.Onecantrackexecutivesastheextentoffeigncompetitionfacedbythefirmevolvese

10、valuatehowincentiveschangeovertimeacrossindustries.Althoughwerestricttheanalysistochangesinimptperationindertobeabletoidentifyaprecisecausalmechanismthedatasetallowsustobemegeneralregardingtheaspectsofcompensationthatwea

11、nalyze.Incentivestoexerteffttoimprovethemanager’scontributiontotheproductivityofthefirmcanbeprovidedinseveralways.Someareexplicitcontractualsuchasagreeingonabonusaperfmancerelatedpayscheme.Othersareimplicit(withoutanexpl

12、icitwrittencontract)enfcedonthebasisofcommitmentreputation.Theseincludediscretionarybonusesthecommitmentofthefirmtoagivenpromotionscheme.Finallysomeincentivesmaynotbeprovideddirectlybyfirmsbutratherareimplicitinlabmarket

13、conditions(e.g.thegoodperfmanceofoneexecutiveinagivenfirmmayleadanotherfirmtoofferthissameexecutiveabetterjob).4Werelatechangesinfeigncompetitiontoanumberofwagelabmarketoutcomesincludingfixedvariablepayperfmancepaysensit

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