THE REMUNERATION OF NON‐OWNER MANAGERS IN SMALL AND MEDIUM‐SIZED UK ENTERPRISES
基于97名英国中小企业中层管理者的访谈和财务数据，研究发现企业平均盈利能力并非薪酬的决定因素，但奖金构成、管理者年龄与资质、企业资产规模、行业和地理位置显著影响薪酬水平。
ABSTRACT Virtually all prior research on small and medium sized enterprise (SME) management has focused on owner managers. This article, however, empirically examines the determinants of managerial remuneration for a sample of 97 UK SME non‐owning managerial employees. the empirical analysis, based upon data obtained from interviews with middle (i.e. non‐director level) managers and the published financial records of their employing firms lodged at Companies House, first examines the influence of firm size and performance and then augments the empirical model to include pay composition, industrial sector, external labour market and human capital variables. The empirical results indicate that the average profitability of the employing firms is not a significant determinant of managerial remuneration. However, composition of pay appears to have a significant effect upon total remuneration since, even after controlling for other influences, managers in receipt of annual bonuses and/or profit‐sharing bonuses are estimated to earn an additional £6,600. the managers’age and qualifications, and the asset size, industry and location of their employing firms are also significant factors and collectively are able to explain a large proportion of the cross‐sectional variance in remuneration. Though there is a lack of previous empirical research on SME managerial pay.