董事长宗族观念与高管—员工薪酬差距

Chairperson Clan Concept and the Executive-Employee Pay Gap

本文以2007—2019年中国沪深两市A股上市公司为样本,检验了董事长宗族观念与高管—员工薪酬差距之间的关系,以探索影响高管—员工薪酬差距的董事长的主观因素,并证实宗族文化会通过影响个体价值观念进而对个体决策产生影响。研究发现,董事长宗族观念越强,高管—员工薪酬差距越大,且这一结果在经过一系列稳健性检验后依然不变。机制检验表明,董事长的权力距离在董事长宗族观念对高管—员工薪酬差距的影响中具有部分中介效应,而董事长的特殊信任水平则不具有中介效应。本文从文化通过影响个体价值观念进而影响个体决策的视角,扩展了宗族文化与公司治理交叉领域的研究内容,丰富了高阶理论领域的相关研究。

Using samples of A-share listed companies in Shanghai and Shenzhen stock exchange from 2007 to 2019,this paper examines the relationship between chairperson clan concept and the executive-employee pay gap,in order to explore the subjective factors of chairperson which influence executive-employee pay gap,and prove that the clan culture can exert impact on individual decisions through affecting individual values.The result shows that the stronger the chairperson clan concept is,the larger the executive-employee pay gap will be,and this result remains unchanged after a series of robustness tests.The mechanism test shows that the chairperson’s power distance has a partial mediating effect on the influence of chairperson clan concept on the executive-employee pay gap,while the chairperson’s special trust level has no mediating effect.This paper is from the perspective that culture influences individual decisions by affecting individual values,expands the research scope of the cross field of clan culture and corporate governance,enriches the relevant research in the field of upper echelons theory.