Influences of relative rewards of top managers on firm performance
研究发现，高层管理者薪酬层级差距对聚焦型企业（如单一产品企业）绩效有负面影响，但对非聚焦型企业（如无关多元化企业）有正面影响；而股票期权层级差距则普遍提升绩效；同层级内的薪酬或期权差距则对两类企业绩效均有负面影响。
In this work the impacts of top managers’ relative rewards on firm performance are examined. What is suggested and empirically found is that greater disparities in interrank values of salary streams may lower the performance of more focused firms (such as single-product firms or related diversifiers). It is also suggested and found that higher gaps in interrank values of salary streams may boost the performance of less focused firms (unrelated diversifiers). In contrast, it is proposed and found that expanded differentials in interrank values of stock options may improve performance, regardless of the strategic profile of the enterprise. Moreover, it is contended and found that intrarank disparities in salary streams or options may adversely influence the performance of the more focused as well as the less focused firms.