Organizational governance and employee pay: how ownership structure affects the firm's compensation strategy
研究了所有权结构如何影响公司对所有员工的整体薪酬策略，发现所有者控制和管理者控制的企业在薪酬与绩效、规模的关系上存在显著差异。
Abstract This research investigated how the ownership structure is related to the firm's overall compensation strategy. The findings extend previous research that focused primarily on CEO compensation strategy. We show that there are significant differences in the compensation practices that apply to all employees as a function of the ownership structure. The results show that for owner‐controlled firms and owner‐managed firms there is significant pay/performance sensitivity for all employees. In management‐controlled firms, changes in pay are related to changes in size of the firm. These findings lead us to conclude that ownership structure not only affects upper management's pay, but also the pay of all employees through substantial differences in the firm's compensation practices. Copyright © 2005 John Wiley & Sons, Ltd.