女性高管、薪酬差距与企业战略差异
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摘要
战略差异对于企业的生存与发展有着重要影响,高管团队是企业战略的主要负责者,其结构和特征与战略差异紧密关联。随着时代的发展,越来越多的女性高管进入到企业战略决策之中;与此同时,高管团队的薪酬结构在战略差异的形成中也扮演着重要的角色。本文使用高层梯队理论、最优薪酬契约理论和社会比较理论,以我国2011—2015年制造业A股类上市公司为研究样本,检验了女性高管、薪酬差距与战略差异之间的关系。分析结果表明,女性高管和战略差异之间存在非线性关系,高管团队薪酬差距与战略差异呈负向关系;高管团队的相对薪酬差距弱化了女性高管和战略差异间的关系,较大的绝对薪酬差距使女性高管和战略差异间的曲线关系出现了翻转。本文拓展了战略差异影响因素的研究,丰富了高管性别结构和激励结构效果的相关文献,并对企业高管团队建设和薪酬管理具有一定的启示意义。
Strategic deviance is important for companies to survive and develop. In dynamic and competitive market environment, on the one hand, through mutual learning and imitation, enterprises will have similarities in resource allocation, core competence and other aspects, and gradually form a set of conventional business development strategy in the industry. On the other hand, enterprises may deviate from the conventional strategies in the choice and implementation of strategies by virtue of their unique resources and capabilities in the industry. As for the exploration and analysis of the influencing factors of strategic deviance, existing researches are mainly carried out from three levels: enterprise level, team level and individual level. Although there are abundant researches in the past, there is still a large exploration space for the role of the executive team in the formation of strategic deviance. TMTs are responsible for strategic choice and decision, so they are closely associated with strategic deviance. With the development of times, there is a significant change in Chinese traditional view of women. More and more women become members of TMTs and participating in strategic decision-making, but scholars rarely explores the relationship between female executives and strategic deviance. In addition to the demographic composition of the executive team, the incentive structure of the team also plays an important role in corporate strategy and organizational performance. Under the influence of salary incentive, the executive team will change its business behaviors, such as strategic decisions. Based on Upper Echelon Theory, Optimal Salary Contract Theory, Social Comparison Theory and so on, using the sample of Chinese A-share manufacturing listed companies in Shanghai and Shenzhen from 2011 to 2015, this paper empirically tests the relationship among female executives, pay gap and strategic deviance. Meanwhile, this paper investigates whether pay gap moderates the relationship between female executives and strategic deviance. The results show that there is an nonlinear relationship between female executives and strategic deviance; there is a significantly negative relationship between TMT pay gap and strategic deviance, which indicates the larger TMT pay gap, the smaller strategic deviance; TMT pay gap has a contextual effect, that is to say, the relative TMT pay gap flattens the curvilinear relationship and the absolute TMT pay gap result in shape-flip. The contributions of this paper are as follows. Firstly, although there are a lot of studies exploring the effect of participation of female executives, but rarely researching the relationship between female executives and strategic deviance. This paper enriches the researches of the factors of strategic deviance and the effect of female executives. Secondly, this paper is one of the first studies to reveal the curvilinear relationship between female executives and strategic deviance, therefore enriches the studies about the curvilinear relationship between female executives and corporate strategy. Thirdly, above literatures have investigated the effect of TMT pay gap, but they still not arrive at consistent conclusion. The representative viewpoints divide into two kinds: some studies show that TMT pay gap may motivate executives to make greater efforts to manage enterprises, while the other studies show that TMT pay gap may lead to more negative emotion, more conflict and less cooperation. Moreover, previous studies rarely explored the relationship between TMT pay gap and strategic deviance, and the context effect of TMT pay gap on the relationship between female executives and strategic deviance. This paper supports the viewpoint of the latter, deepens the relevant research of influence factors of strategic deviance and TMT pay gap, and strengthens the explanatory power of the conclusions. Finally, this paper offers some suggestion on decision-making of strategic deviance, construction of TMT diversity and compensation management accordingly. Enterprises should keep female executives in a suitable range and control TMT pay gap reasonably to prevent negative influences. In addition, enterprises should take female executives into account while developing a reasonable TMT pay gap plan: While increasing the proportion of female executives, the pay gap should be controlled to reduce the negative effects of female executives.
Strategic deviance is important for companies to survive and develop. In dynamic and competitive market environment, on the one hand, through mutual learning and imitation, enterprises will have similarities in resource allocation, core competence and other aspects, and gradually form a set of conventional business development strategy in the industry. On the other hand, enterprises may deviate from the conventional strategies in the choice and implementation of strategies by virtue of their unique resources and capabilities in the industry. As for the exploration and analysis of the influencing factors of strategic deviance, existing researches are mainly carried out from three levels: enterprise level, team level and individual level. Although there are abundant researches in the past, there is still a large exploration space for the role of the executive team in the formation of strategic deviance. TMTs are responsible for strategic choice and decision, so they are closely associated with strategic deviance. With the development of times, there is a significant change in Chinese traditional view of women. More and more women become members of TMTs and participating in strategic decision-making, but scholars rarely explores the relationship between female executives and strategic deviance. In addition to the demographic composition of the executive team, the incentive structure of the team also plays an important role in corporate strategy and organizational performance. Under the influence of salary incentive, the executive team will change its business behaviors, such as strategic decisions. Based on Upper Echelon Theory, Optimal Salary Contract Theory, Social Comparison Theory and so on, using the sample of Chinese A-share manufacturing listed companies in Shanghai and Shenzhen from 2011 to 2015, this paper empirically tests the relationship among female executives, pay gap and strategic deviance. Meanwhile, this paper investigates whether pay gap moderates the relationship between female executives and strategic deviance. The results show that there is an nonlinear relationship between female executives and strategic deviance; there is a significantly negative relationship between TMT pay gap and strategic deviance, which indicates the larger TMT pay gap, the smaller strategic deviance; TMT pay gap has a contextual effect, that is to say, the relative TMT pay gap flattens the curvilinear relationship and the absolute TMT pay gap result in shape-flip. The contributions of this paper are as follows. Firstly, although there are a lot of studies exploring the effect of participation of female executives, but rarely researching the relationship between female executives and strategic deviance. This paper enriches the researches of the factors of strategic deviance and the effect of female executives. Secondly, this paper is one of the first studies to reveal the curvilinear relationship between female executives and strategic deviance, therefore enriches the studies about the curvilinear relationship between female executives and corporate strategy. Thirdly, above literatures have investigated the effect of TMT pay gap, but they still not arrive at consistent conclusion. The representative viewpoints divide into two kinds: some studies show that TMT pay gap may motivate executives to make greater efforts to manage enterprises, while the other studies show that TMT pay gap may lead to more negative emotion, more conflict and less cooperation. Moreover, previous studies rarely explored the relationship between TMT pay gap and strategic deviance, and the context effect of TMT pay gap on the relationship between female executives and strategic deviance. This paper supports the viewpoint of the latter, deepens the relevant research of influence factors of strategic deviance and TMT pay gap, and strengthens the explanatory power of the conclusions. Finally, this paper offers some suggestion on decision-making of strategic deviance, construction of TMT diversity and compensation management accordingly. Enterprises should keep female executives in a suitable range and control TMT pay gap reasonably to prevent negative influences. In addition, enterprises should take female executives into account while developing a reasonable TMT pay gap plan: While increasing the proportion of female executives, the pay gap should be controlled to reduce the negative effects of female executives.
引文
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[2]Geletkanycz,M.A.,and D.C.Hambrick.The External Ties of Top Executives:Implication for Strategic Choice and Performance[J].Administrative Science Quarterly,1997,42,(4):654-681.
[3]Tang,J.,M.Crossan,and R.W.Glenn.Dominant CEO,Deviant Strategy,and Extreme Performance:The Moderating Role of a Powerful Board[J].Journal of Management Studies,2011,48,(11):153-178.
[4]殷治平,张兆国.管理者任期、内部控制与战略差异[J].北京:中国软科学,2016,(12):132-143.
[5]Finkelstein,S.,and D.C.Hambrick.Top-Management-Team Tenure and Organizational Outcomes:The Moderating Role of Managerial Discretion[J].Administrative Science Quarterly,1990,35,(9):484-503.
[6]Hiller,N.J.,and D.C.Hambrick.Conceptualizing Executive Hubris:The Role of (Hyper-) Core Self-Evaluations in Strategic Decision-Making[J].Strategic Management Journal,2005,26,(4):297-319.
[7]Delgado-Garcia,J.B.,and J.M.D.L.Fuente-Sabate.How Do CEO Emotions Matter? Impact of CEO Affective Traits on Strategic and Performance Conformity in the Spanish Banking Industry[J].Strategic Management Journal,2010,31,(5):562-574.
[8]Wowak,A.J.,M.J.Mannor,M.Arrfelt,and G.Mcnamara.Earthquake or Glacier? How CEO Charisma Manifests in Firm Strategy Over Time[J].Strategic Management Journal,2016,37,(3):586-603.
[9]Bromiley,P.,and D.Rau.Social,Behavioral,and Cognitive Influences on Upper Echelons During Strategy Process:A Literature Review[J].Journal of Management,2016,42,(1):174-202.
[10]Hambrick,D.C.,and P.A.Mason.Upper Echelons:The Organization as a Reflection of Its Top Managers[J].Academy of Management Review,1984,9,(2):193-206.
[11]任颋,王峥.女性参与高管团队对企业绩效的影响:基于中国民营企业的实证研究[J].天津:南开管理评论,2010,(5):81-91.
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[14]谢佩洪,汪春霞.管理层权力、企业生命周期与投资效率——基于中国制造业上市公司的经验研究[J].天津:南开管理评论,2017,(1):57-66.
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[16]Hambrick,D.C.,and R.A.D’Aveni.Top Team Deterioration as Part of the Downward Spiral of Large Corporate Bankruptcies[J].Management Science,1992,38,(10):1445-1466.
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[19]李世刚.女性高管、过度投资与企业价值——来自中国资本市场的经验证据[J].北京:经济管理,2013,(7):74-84.
[20]杜兴强,赖少娟,裴红梅.女性高管总能抑制盈余管理吗?基于中国资本市场的经验证据[J].北京:会计研究,2017,(1):39-45.
[21]Fredrickson,J.W.,A.Davis-Blake,and W.M.Sanders.Sharing the Wealth:Social Comparisons and Pay Dispersion in the CEO’s Top Team[J].Strategic Management Journal,2010,31,(10):1031-1053.
[22]夏宁,董艳.高管薪酬、员工薪酬与公司的成长性——基于中国中小上市公司的经验数据[J].北京:会计研究,2014,(9):89-95.
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