高管的贫困经历对在职消费的影响——来自上市企业的经验证据

Effects of Executives'Poverty Experience on Perks:Empirical Evidence from Listed Companies

除了薪酬激励等外部机制外,公司治理的研究需要将高管的内在心理特质纳入在职消费的研究中,而高管的过往经历塑造了其独特的心理特质.基于此,本文从不同的理论视角,考察高管贫困经历对其心理特质的塑造作用,探索其对高管所在企业在职消费的影响.研究结论与灾后成长理论预期一致,有贫困经历的高管会降低其对物质的消费和声誉的追求,更加重视人际关系和组织的紧密联系,所在企业的在职消费水平更低.CEO在贫困经历中形成了价值观和重视人际关系的态度的内在特质,这会替代企业设立的独立董事这一外在机制对CEO自利行为的监督和控制作用.这些结论在经过一系列稳健性分析和内生性检验后依然成立,研究为企业高管的选聘和公司治理的完善提供借鉴和参考.

In addition to external mechanisms such as compensation incentives,corporate governance research needs to incorporate the internal psychological characteristics of executives into the study of perks,and executives'experiences have shaped their unique psychological characteristics.Based on above idea,this paper examines the role of executives'poverty experience in shaping their psychological traits from different theoretical perspectives,and explores its effects on the perks of companies.The research conclusion is consistent with the expectation of post-disaster growth theory.Executives with poverty experience will reduce their pursuit of material consumption and reputation,pay more attention to the close relationship between interpersonal relationships and organizations,and the level of perks of their companies is lower.The intrinsic characteristics of values and attitudes to interpersonal relationships formed from poverty experience will replace the external mechanism of independent directors and supervise and control the CEO's self-interest behavior.These conclusions are still established after a series of robustness analysis and endogeneity tests,and the research provides reference for the selection andappointmentof executives and the improvementofcorporategovernance.