The Empirical Analysis of the Relationship between Executive Pay Gap, Controlling Shareholder and Corporate Performance of Private Listed Company

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Journal of Central University of Finance & Economics ›› 2015, Vol. 0 ›› Issue (07) : 64-73.

GONG Na

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Abstract

Based on the behavioral theory, tournament theory and the entrenchment effect, through manual data collection, this paper analyzes the influence factors of private listed company executive pay gap and the relationship between executive pay gap and the company's performance, on the basis of the moderator of controlling shareholder, the important function of the company executives and the controlling shareholder in the company decision,according to the private listed company data of 2012 and 2013. The empirical results show that relative to the company features, the company's governance structure features will have a significant impact on executive pay gap. And executive pay gap can have a significant positive impact on the company's performance. But the controlling shareholders with high actual control of the company may restrain the useful effect of the executive pay gap. The results provide a new research idea for the design of executive compensation for the private enterprise. Meanwhile the research provides the empirical evidence for the effect factors and economic consequences of executive pay gap.

Key words

Private enterprise / Executive pay gap / Influence factors / Company performance / Controlling shareholder

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GONG Na. The Empirical Analysis of the Relationship between Executive Pay Gap, Controlling Shareholder and Corporate Performance of Private Listed Company[J]. Journal of Central University of Finance & Economics, 2015, 0(07): 64-73

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