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Factor analysis of executive compensation determinants: survey evidence from executives and non-executive investors

机译：高管薪酬决定因素的因素分析：高管和非执行投资者的调查证据

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摘要

Purpose - This paper seeks to examine the differences between executives and investors in the perception of determinant factors in executive compensation. Design/methodology/approach - From a survey instrument comprised of archival executive compensation determinant items, a factor analysis is performed to examine the construct determinant perceptions unique to executives and non-executive investors. Findings - The authors find differences in factors between executives and non-executive investors in a manner expected by agency theory. Non-executive investors place greater weight on factors related to performance and less weight on human capital factors, while executive investors place greater weight on human capital factors in determining executive compensation. Research limitations/implications - This study is limited in that the sample may not be representative of the population of chief executive officers or shareholders in the USA. Practical implications - Differing factors suggest that there is a misalignment of measures desired to be the foundation of executive compensation. The differing measures used to potentially motivate agents (executives) by principals (investors) results in an agency cost. Originality/value - The authors have documented a difference between executives and investors in factors desired to determine executive compensation.
机译：目的-本文旨在研究高管人员与投资者之间在高管薪酬决定因素感知方面的差异。设计/方法/方法-从包含档案中的高管薪酬决定因素项目的调查工具中，进行因素分析，以检查高管人员和非执行投资者所独有的构造决定因素感知。调查结果-作者以代理理论预期的方式发现高管人员与非执行投资者之间的因素差异。在确定高管薪酬时，非执行投资者将重点放在与绩效相关的因素上，而对人力资本因素的重视则较小，而高管投资者则将重点放在人力资本因素上。研究的局限性/意义-这项研究的局限性在于样本可能无法代表美国首席执行官或股东的总数。实际含义-不同的因素表明，期望作为高管薪酬基础的措施存在失调。委托人（投资者）用来潜在地激励代理人（执行人员）的不同措施导致代理成本。原创性/价值-作者已经证明了高管和投资者之间在确定高管薪酬所需的因素上的差异。

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