女性继任CEO对薪酬政策的影响研究

The Impact of Female CEO Succession on Compensation Policy

选取2012~2021年发生CEO变更的A股家族上市公司为样本,实证考察女性CEO继任后对薪酬政策的调整。以高管薪酬差距、薪酬水平作为薪酬政策的代理变量,研究发现,女性CEO上任后既拉大高管薪酬差距,又提高薪酬水平。机制分析结果表明,企业对女性越认同以及CEO家族认同度越高,越会弱化女性CEO与高管薪酬水平和薪酬差距之间的关系。在丰富女性CEO上任后行为研究的同时,也为研究女性CEO上任后的公司政策变化提供了启示和指导。

This paper selects a sample of A-share listed companies with CEO changes from 2012~2021 to study the adjustments to compensation policies after CEO succession and analyze the corporate mandate pressure and executive relationship pressure on them. Using executive pay gap and pay level as proxy variables for compensation policy, the empirical results of this paper show that CEO succession, which focuses on both tasks and relationships, widens the executive pay gap and increases pay level. The results of the mechanism analysis indicate that corporate performance weakens the positive correlation between CEO succession and executive pay gap, and the stability of senior management team weakens the positive correlation between CEO succession and compensation level. Further research found that successor CEOs with relationships to the company in both family and public company contexts face executive relationship pressures and take steps to regulate inter-executive relationships. This study enriches the study of CEO behavior after taking office while providing insights and guidance for studying the changes in corporate policies after the CEO takes office.