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Executive Salary, Executive Power and Enterprise Innovation Intensity—Multiple regression analysis from equipment manufacturing industry

机译:行政工资,行政权力和企业创新强度 - 设备制造业的多元回归分析

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Earlier studies did not reach a unified conclusion on the influence of monetary compensation and the proportion of executive shareholding on innovation behavior, and did not consider the moderating effect of executive power. This paper uses 559 listed Chinese equipment manufacturing companies as the research object, and multiple regression analysis studies the relationship between executive compensation incentives and corporate innovation intensity and the impact of executive power on the relationship between the two. Empirical research has found that there is a positive correlation between executive monetary compensation and innovation intensity; there is an inverted U-shaped relationship between executive shareholding ratio and innovation intensity. Further analysis shows that executive power positively regulates the relationship between executive compensation and innovation intensity, that is, the greater the executive power, the stronger the positive relationship between monetary compensation and innovation intensity. The weaker the inverted U-shaped relationship between the strengths, the inverted U-shaped inflection point appears in a state where the shareholding ratio of executives is higher.
机译:早期的研究没有关于货币赔偿的影响和执行股权对创新行为的比例的统一结论,并没有考虑行政权力的调节效果。本文采用559个上市的中国设备制造公司作为研究对象,多元回归分析研究了执行赔偿奖励激励措施与企业创新强度的关系以及行政权力对两者之间关系的影响。实证研究发现,执行货币补偿与创新强度之间存在正相关;行政股权与创新强度之间存在倒U形关系。进一步的分析表明,行政权力规范了执行赔偿和创新强度之间的关系,即行政权力越大,货币补偿与创新强度之间的积极关系越强。在强度之间倒置的U形关系越越弱,倒U形拐点出现在高管股权比较较高的状态下。

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