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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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