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1、外文翻譯Cpategovernancechiefexecutiveofficercompensationfirmperfmance1MaterialSource:EBSCOAuth:JohnRobert.HolthausenDavid.Larcker6.1.MixofpayasaneconomicdeterminantofcompensationThemixofpayisincludedasaneconomicdeterminantto
2、provideinsightintowhethercontrollingfcompensationriskinregressionsofthelevelofpaysignificantlyaffectsourresults.IffirmsprovidemeincentivestotheCEOthroughpayriskwhenmonitingismedifficultifourboardofdirectownershipvariable
3、sproxyflowmonitingqualityitisconceivablethattheincreaseinpaylevelassociatedwiththesevariablesresultsfromanincreaseincompensationrisk.Howeverthiswouldnotexplainwhythepredictedexcesscompensationarisingfromboardownershipstr
4、ucturevariablesisnegativelycrelatedwithsubsequentperfmance.Neverthelessindertoseehowsensitiveourresultsaretothisissueweincludethemixofpay(definedasthedifferencebetweentotalcompensationsalarydividedbytotalcompensation)asa
5、neconomicdeterminantofpay.ThesecondcolumnofTable5containstheregressioncoefficientestimatesontheboardownershipstructurevariableswhenmixofpayisincludedinthecompensationregression.Theresultsindicatethatmostoftheboardownersh
6、ipstructurevariablescontinuetoremainsignificanthoweverthechairCEOvariablebusydirectsCEOownershipnonCEOinsiderownershiparenolongerstatisticallysignificant.TheresultsinthesecondcolumnofTable6indicatethatthepredictedexcessc
7、ompensationarisingfromtheboardownershipstructurevariableshasasignificantnegativeassociationwithsubsequentaccountingperfmancestockreturnsevenaftercontrollingfcompensationrisk(mixofpay)asaneconomicdeterminantofcompensation
8、.Byincludingmixofpayasaneconomicdeterminantweareimplicitlyassumingthatitissetbytheboardindertomaximizefirmvalue.Howeverifthereareunresolvedagencyproblemsembeddedintheboardownershipstructurewewouldexpectthatmixofpaywouldr
9、eflectthesamegovernancestructureweaknessesasthelevelofcompensationsinceexcesscompensationcouldindicatesthatthepredictedexcesscompensationstillexhibitsastatisticallysignificantnegativeassociationwithsubsequentoperatingper
10、fmancetherelationwithsubsequentstockmarketperfmancethoughsomewhatdiminishedisstillsignificantoneyearthreeyearsahead.6.3.UsinglogtransfmedCEOcompensationsalesTheresultsinTable2estimateCEOcompensationusinguntransfmeddata.H
11、oweveritisalsocommontoestimateregressionsinvolvinglevelsofcompensationaftertransfmingcompensationsalesviathenaturallogarithm.Onejustificationfthispracticeisthatthetypical‘guidets’whichareusedbyhumanresourceconsultantstos
12、etcompensationlevelsareconstructedbyregressingthelogarithmofcompensationonthelogarithmoffirmsize(e.g.AMACOM1975).Indertotesttherobustnessofourresultsweuseln(compensation)asadependentvariableln(sales)asaneconomicdetermina
13、ntbutcontinuetodefinetheothereconomicdeterminantsboardownershipstructurevariablesaspreviously.Theadvantageofthisspecificationisthattheregressioncoefficientsontheboardownershipstructurevariablesmeasuretheproptionateeffect
14、sofavariableoncompensationratherthanthedollarvalueeffect.Sinceourfirmsaregenerallylargefirmsthedollarvaluespecificationmaybeappropriateneverthelessthelogarithmictransfmationdirectlyaddressedthisissue.Theresultsofthislogt
15、ransfmedspecificationarecontainedincolumn4ofTable5.TheinterpretationofthecoefficientonCEOisBoardChairof0.1412isthataCEOwhoisalsoboardchairispaid14.12%methanaCEOwhoisnotboardchair.Inthisalternativespecificationthecoeffici
16、entsonboardsizegraydirectsbusydirectsnonCEOinsiderholding5%outsideblockholdersowning5%retainthesamesignbutfallinsignificance.Theremainingboardownershipstructurevariablesretaintheirsignssignificancelevelsoveralltheboardow
17、nershipstructurevariablesexplainasignificantamountofthevarianceinlnofcompensation(incrementalR2of8.55%Fstatisticof7.51).Meovercolumn4ofTable6indicatesthatthepredictedboardownershipstructurearisingfromthisalternativespeci
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