The Effects of Top Management Team Pay and Firm Internationalization on MNC Performance
研究发现非CEO高管总薪酬和长期激励薪酬与后续绩效正相关，而CEO与高管团队薪酬差距则负向影响绩效，且这些效应在高国际化程度的跨国公司中更强。
We examine relationships among top management team (TMT) compensation, a firm’s degree of internationalization (DOI), and its subsequent levels of market and accounting performance. Consistent with our contingency view of information-processing theory, we find that non-CEO total pay and the use of long-term incentive pay are positively associated with subsequent performance, whereas the CEO–TMT total pay gap has negative effects on firm performance. CEO pay has no relationship with performance and TMT pay effects are much stronger in MNCs with high DOI.