Changes in executive compensation following an environmental shift: the role of top management team turnover
研究了航空业放松管制这一环境变化后，高层管理团队薪酬的变化，发现环境变化增加管理层自由裁量权，导致薪酬水平和绩效敏感性提高，且团队更替越大，薪酬变化越大。
Abstract In this study we examine the changes in executive compensation at the top management team (TMT) level following an environmental shift. Using the context of deregulation in the airline industry, we find that: (1) a dramatic environmental change that heightens managerial discretion leads to greater pay level and performance sensitivity of TMT compensation; and (2) the greater the magnitude of turnover among TMT members following the environmental shift, the greater the compensation change. Copyright © 2007 John Wiley & Sons, Ltd.