Responsive image
博碩士論文 etd-0631123-222144 詳細資訊
Title page for etd-0631123-222144
論文名稱
Title
家族與非家族企業高管與基層員工薪酬差距對公司績效表現之影響–以離職率為中介
The impact of pay dispersion in family enterprises and non-family enterprises on firm performance: The mediating roles of turnover rate
系所名稱
Department
畢業學年期
Year, semester
語文別
Language
學位類別
Degree
頁數
Number of pages
54
研究生
Author
指導教授
Advisor
召集委員
Convenor
口試委員
Advisory Committee
口試日期
Date of Exam
2022-06-27
繳交日期
Date of Submission
2023-07-31
關鍵字
Keywords
薪酬差距、離職率、公司績效、家族企業、非家族企業
pay gap, turnover rate, firm performance, family business, non-family business
統計
Statistics
本論文已被瀏覽 95 次,被下載 4
The thesis/dissertation has been browsed 95 times, has been downloaded 4 times.
中文摘要
本研究旨在探討家族與非家族企業高階主管與普通員工薪酬差距對於公司績效之間的關係,並檢視離職率的中介效果。此研究使用TEJ資料庫,蒐集台灣1398間台灣上市櫃企業之2018年薪酬倍差,2019年離職率,以及2020績效表現進行分析。結果顯示,在家族企業中,垂直薪酬差距對於公司績效有正向關係,並藉由離職率部分中介兩者之影響。反之,其關係在非家族企業中不成立。具體而言,這種垂直薪酬差距的存在鼓勵員工努力工作,以獲得更高的薪資和職位晉升。這種激勵機制有助於提高員工的動力和工作表現,進而對公司的績效產生積極的影響。同時,這種垂直薪酬差距也與離職率之間存在著關係。由於家族企業通常具有較高的僱傭安全感和長期就業的傾向,員工更傾向於留在企業中。在這種情況下,員工對薪酬差距的接受度較高,並且願意為了長期的事業發展而忍受較大的薪酬差異。然而,這種關係在非家族企業中不成立。非家族企業通常採用較為嚴格和公平的薪酬制度,垂直薪酬差距相對較小,且與離職率之間的關聯性較弱。這是因為非家族企業更加注重平等和公正的僱傭原則,減少薪酬差異可以避免造成員工的不滿和流失。這顯示在不同企業結構和文化中,薪酬差異對於公司績效的影響存在差異。
Abstract
The purpose of this study is to investigate the impact of the pay dispersion between executives and employees in family and non-family enterprises on the financial performance of companies. Meanwhile, examining the mediating effect of turnover rates. This research uses the TEJ database to obtain the salary gap in 2018, the turnover rate in 2019, and the firm’s financial performance in 2020 of 1,398 Taiwan-listed companies for analysis. The results showed that in family firms, the hierarchal pay gap has a positive correlated with firm performance and is partially mediated by the turnover rates. Conversely, the relationship does not exist in non-family businesses. Specifically, the existence of the vertical pay gap encourages employees to work harder to pursue higher salaries and promotions. This incentive mechanism helps increase employee motivation and job performance, which consecutively positively impacts company performance. At the same time, there is also an undoubtful relationship between this vertical pay gap and the turnover rate. Employees are more inclined to stay with the company because of the higher job security in family businesses and the tendency to hire long-term. Generally, employees in this case, have higher acceptance of pay gaps and are willing to put up with them for the sake of career development. However, this relationship may not hold in non-family businesses. Non-family firms typically employ more rigorous and fairer compensation systems, resulting in relatively dispersed vertical pay gaps and weaker correlations with turnover. This is mainly because non-family businesses pay more attention to equality and fairness in the employment principle, which minimizes dissatisfaction and departures caused by salary differences. This suggests that the impact of pay spread on firm performance varies across cooperates structures and cultures.
目次 Table of Contents
論文審定書……………………………………………………………………………...i
摘要…………………………………………………………………………………….. ii
Abstractiii
Chapter 1 Introduction1
1.1 Motivation1
1.2 Purpose6
Chapter 2 Theoretical background and hypothesis development8
2.1 Vertical pay dispersion8
2.2 Vertical pay dispersion in family and non-family business10
2.3 Tournament theory11
2.4 The mediating role of turnover on company performance15
Chapter 3 Methodology18
3.1 Data collection procedure and sample18
3.2 Measure of variables19
3.2.1 Dependent variable: firm performance19
3.2.2 Independent variable: pay disparity in family and non-family enterprises20
3.2.3 Mediation: Turnover rate21
3.2.4 Control variable22
Chapter 4 Analysis and results23
4.1 Descriptive statistics and correlation23
Chapter 5 Discussion and conclusion33
5.1 Implications37
5.2 Limitations and future research directions39
References41

參考文獻 References
Adams, J. S. (1963). Towards an understanding of inequity. The journal of abnormal and social psychology, 67(5), 422.
Akerlof, G. A., & Yellen, J. L. (1988). Fairness and unemployment. The American Economic Review, 78(2), 44-49.
Amann, B., & Jaussaud, J. (2012). Family and non-family business resilience in an economic downturn. Asia Pacific business review, 18(2), 203-223.
Anderson, R. C., Mansi, S. A., & Reeb, D. M. (2004). Board characteristics, accounting report integrity, and the cost of debt. Journal of accounting and economics, 37(3), 315–342.
Anderson, R. C., & Reeb, D. M. (2003). Founding-Family Ownership and Firm Performance: Evidence from the S&P 500. The Journal of Finance, 58(3), 1301–1328. doi:https://doi.org/10.1111/1540-6261.00567
Ang, J. S., Hauser, S., & Lauterbach, B. (1998). Contestability and pay differential in the executive suites. European Financial Management, 4(3), 335-360.
Arthur, J. B. (1994). Effects of human resource systems on manufacturing performance and turnover. Academy of Management Journal, 37(3), 670–687.
Astrachan, J. H., & Kolenko, T. A. (1994). A neglected factor explaining family business success: Human resource practices. Family business review, 7(3), 251-262.
Beaumont, P. B., & Harris, R. I. (2003). Internal wage structures and organizational performance. British journal of industrial Relations, 41(1), 53-70.
Becker, B. E., & Huselid, M. A. (1992). The incentive effects of tournament compensation systems. Administrative Science Quarterly, 336-350.
Belfield, R., & Marsden, D. (2003). Performance pay, monitoring environments, and establishment performance. International Journal of Manpower.
Bishop, J. (1987). The recognition and reward of employee performance. Journal of Labor Economics, 5(4, Part 2), S36-S56.
Bloom, M. (1999). The performance effects of pay dispersion on individuals and organizations. Academy of Management Journal, 42(1), 25–40.
Bloom, M., & Michel, J. G. (2002). The Relationships among Organizational Context, Pay Dispersion, and Managerial Turnover. The Academy of Management Journal, 45(1), 33–42. doi:10.2307/3069283
Braun, M., & Sharma, A. (2007). Should the CEO Also Be Chair of the Board? An Empirical Examination of Family-Controlled Public Firms. Family Business Review, 20(2), 111-126. doi:10.1111/j.1741-6248.2007.00090.x
Brown, M. P., Sturman, M. C., & Simmering, M. J. (2003). Compensation Policy and Organizational Performance: The Efficiency, Operational, and Financial Implications of Pay Levels and Pay Structure. The Academy of Management Journal, 46(6), 752-762. doi:10.2307/30040666
Cannella, S. F. B., Hambrick, D. C., Finkelstein, S., & Cannella, A. A. (2009). Strategic leadership: Theory and research on executives, top management teams, and boards: Strategic Management.
Cappelli, P., & Cascio, W. F. (1991). Why some jobs command wage premiums: A test of career tournament and internal labor market hypotheses. Academy of Management Journal, 34(4), 848-868.
Chrisman, J. J., Chua, J. H., & Litz, R. A. (2004). Comparing the agency costs of family and non–family firms: Conceptual issues and exploratory evidence. Entrepreneurship Theory and Practice, 28(4), 335-354.
Chua, J. H., Chrisman, J. J., & Sharma, P. (1999). Defining the Family Business by Behavior. Entrepreneurship Theory and Practice, 23(4), 19–39. doi:10.1177/104225879902300402
Churchill, N. C., & Hatten, K. J. (1997). Non-Market-Based Transfers of Wealth and Power: A Research Framework for Family Business. Family Business Review, 10(1), 53–67. doi:10.1111/j.1741-6248.1997.00053.x
Coles, J. L., Li, Z., & Wang, A. Y. (2018). Industry tournament incentives. The Review of Financial Studies, 31(4), 1418-1459.
Connelly, B. L., Haynes, K. T., Tihanyi, L., Gamache, D. L., & Devers, C. E. (2013). Minding the Gap. Journal of Management, 42(4), 862–885. doi:10.1177/0149206313503015
Conroy, S. A., Gupta, N., Shaw, J. D., & Park, T.-Y. (2014). A multilevel approach to the effects of pay variation. In Research in Personnel and Human Resources Management: Emerald Group Publishing Limited.
Conyon, M. J., Peck, S. I., & Sadler, G. V. (2001). Corporate tournaments and executive compensation: Evidence from the U.K. Strategic Management Journal, 22(8), 805–815. doi:https://doi.org/10.1002/smj.169
Cowherd, D. M., & Levine, D. I. (1992). Product quality and pay equity between lower-level employees and top management: An investigation of distributive justice theory. Administrative Science Quarterly, pp. 302–320.
Crosby, F. (1976). A model of egoistical relative deprivation. Psychological review, 83(2), 85.
Cummings, T. G. (1978). Self-regulating work groups: A socio-technical synthesis. Academy of Management Review, 3(3), 625–634.
DeVaro, J. (2006). Strategic promotion tournaments and worker performance. Strategic Management Journal, 27(8), 721–740.
Ding, D. Z., Akhtar, S., & Ge, G. L. (2009). Effects of inter- and intra-hierarchy wage dispersions on firm performance in Chinese enterprises. The International Journal of Human Resource Management, 20(11), 2370–2381. doi:10.1080/09585190903239716
Downes, P. E., & Choi, D. (2014). Employee reactions to pay dispersion: A typology of existing research. Human Resource Management Review, 24(1), 53–66. doi:10.1016/j.hrmr.2013.08.009
Ehrenberg, R. G., & Bognanno, M. L. (1990). Do tournaments have incentive effects? Journal of Political Economy, 98(6), 1307-1324.
Ensley, M. D., Pearson, A. W., & Sardeshmukh, S. R. (2007). The negative consequences of pay dispersion in family and non-family top management teams: An exploratory analysis of new venture, high-growth firms. Journal of Business Research, 60(10), 1039–1047.
Eriksson, T. (1999). Executive compensation and tournament theory: Empirical tests on Danish data. Journal of Labor Economics, 17(2), 262–280.
Fama, E. F., & Jensen, M. C. (1983). Separation of ownership and control. The journal of law and Economics, 26(2), 301-325.
Ferraro, F., Pfeffer, J., & Sutton, R. I. (2005). Economics language and assumptions: How theories can become self-fulfilling. Academy of Management Review, 30(1), 8-24.
Finkelstein, S., & Hambrick, D. C. (1990). Top-Management-Team Tenure and Organizational Outcomes: The Moderating Role of Managerial Discretion. Administrative Science Quarterly, 35(3), 484-503. doi:10.2307/2393314
Firth, M., Leung, T. Y., & Rui, O. M. (2010). Justifying top management pay in a transitional economy. Journal of Empirical Finance, 17(5), 852–866.
Fisher, B. (1917). Determining cost of turnover of labor. The Annals of the American Academy of Political and Social Science, 71(1), 44–50.
Franck, E., & Nüesch, S. (2011). The effect of wage dispersion on team outcome and the way team outcome is produced. Applied Economics, 43(23), 3037-3049.
Fredrickson, J. W., Davis‐Blake, A., & Sanders, W. G. (2010). Sharing the wealth: Social comparisons and pay dispersion in the CEO's top team. Strategic Management Journal, 31(10), 1031–1053.
Gerhart, B., Rynes, S. L., & Fulmer, I. S. (2009). Pay and Performance: Individuals, Groups, and Executives. Academy of Management Annals, 3(1), 251-315. doi:10.5465/19416520903047269
Gerhart, B., Rynes, S. L., & Rynes, S. (2003). Compensation: Theory, evidence, and strategic implications: Sage.
Gomez-Mejia, L. R., Berrone, P., & Franco-Santos, M. (2014). Compensation and organizational performance: Theory, research, and practice: Routledge.
Gomez-Mejia, L. R., Larraza-Kintana, M., & Makri, M. (2003). The determinants of executive compensation in family-controlled public corporations. Academy of management journal, 46(2), 226-237.
Gomez-Mejia, L. R., Nunez-Nickel, M., & Gutierrez, I. (2001). The role of family ties in agency contracts. Academy of Management Journal, 44(1), 81-95.
Gupta, M., Abdelmaksoud, A., Jafferany, M., Lotti, T., Sadoughifar, R., & Goldust, M. (2020). COVID-19 and economy. Dermatologic therapy, 33(4), e13329-e13329.
Gupta, N., Conroy, S. A., & Delery, J. E. (2012). The many faces of pay variation. Human Resource Management Review, 22(2), 100–115. doi:https://doi.org/10.1016/j.hrmr.2011.12.001
Guthrie, J. P. (2001). High-involvement work practices, turnover, and productivity: Evidence from New Zealand. Academy of Management Journal, 44(1), 180–190.
Hambrick, D. C., & Mason, P. A. (1984). Upper Echelons: The Organization as a Reflection of Its Top Managers. The Academy of Management Review, 9(2), 193-206. doi:10.2307/258434
Harder, J. W. (1992). Play for pay: Effects of inequity in a pay-for-performance context. Administrative Science Quarterly, 321-335.
Hayes, A. F. (2009). Beyond Baron and Kenny: Statistical mediation analysis in the new millennium. Communication monographs, 76(4), 408–420.
Hayes, A. F. (2012). PROCESS: A versatile computational tool for observed variable mediation, moderation, and conditional process modeling. In: University of Kansas, KS.
Hayes, A. F. (2017). Introduction to mediation, moderation, and conditional process analysis: A regression-based approach: Guilford publications.
Hayes, L. J., O’Brien-Pallas, L., Duffield, C., Shamian, J., Buchan, J., Hughes, F., . . . Stone, P. W. (2006). Nurse turnover: A literature review. International Journal of Nursing Studies, 43(2), 237–263. doi:https://doi.org/10.1016/j.ijnurstu.2005.02.007
Heavey, A. L., Holwerda, J. A., & Hausknecht, J. P. (2013). Causes and consequences of collective turnover: a meta-analytic review. Journal of applied psychology, 98(3), 412.
Hibbs Jr, D. A., & Locking, H. (2000). Wage dispersion and productive efficiency: Evidence for Sweden. Journal of Labor Economics, 18(4), 755–782.
Hunnes, A. (2009). Internal wage dispersion and firm performance: white‐collar evidence. International journal of manpower, 30(8), 776–796.
Kellermanns, F. W., & Eddleston, K. A. (2006). Corporate Entrepreneurship in Family Firms: A Family Perspective. Entrepreneurship Theory and Practice, 30(6), 809–830. doi:10.1111/j.1540-6520.2006.00153.x
Kepes, S., Delery, J., & Gupta, N. (2009). Contingencies in the effects of pay range on organizational effectiveness. Personnel Psychology, 62(3), 497–531. doi:10.1111/j.1744-6570.2009.01146.x
Kim, K. I., Park, H.-J., & Suzuki, N. (1990). Reward allocations in the United States, Japan, and Korea: A comparison of individualistic and collectivistic cultures. Academy of Management Journal, 33(1), 188-198.
La Porta, R., Lopez‐de‐Silanes, F., & Shleifer, A. (1999). Corporate ownership around the world. The journal of finance, 54(2), 471-517
Lambert, R. A., Larcker, D. F., & Weigelt, K. (1993). The structure of organizational incentives. Administrative Science Quarterly, 438-461.
Lansberg, I. S. (1983). Managing human resources in family firms: The problem of institutional overlap. Organizational dynamics, 12(1), 39-46.
Laverty, K. J. (1996). Economic “short-termism”: The debate, the unresolved issues, and the implications for management practice and research. Academy of Management Review, 21(3), 825–860.
Lawler, E. E., & Jenkins, G. D. (1992). Strategic reward systems. Handbook of industrial and organizational psychology, p. 3.
Lazear, E. P., & Rosen, S. (1981). Rank-Order Tournaments as Optimum Labor Contracts. Journal of Political Economy, 89(5), 841-864. doi:10.1086/261010
Lepak, D. P., & Snell, S. A. (1999). The human resource architecture: Toward a theory of human capital allocation and development. Academy of Management Review, 24(1), 31-48.
Li, Q., Lourie, B., Nekrasov, A., & Shevlin, T. (2021). Employee Turnover and Firm Performance: Large-Sample Archival Evidence. Management Science. doi:10.1287/mnsc.2021.4199
Li, Z., Daspit, J. J., & Marler, L. E. (2021). Executive pay dispersion: Reconciling the differing effects of pay inequality and pay inequity on firm performance. The International Journal of Human Resource Management, 1-29. doi:10.1080/09585192.2021.1925324
Litz, R. A. (1995). The Family Business: Toward Definitional Clarity. Family Business Review, 8(2), 71–81. doi:10.1111/j.1741-6248.1995.00071.x
Mahoney, T. A. (1991). Job evaluation: endangered species or anachronism? Human Resource Management Review, 1(2), 155–162.
Main, B. G., O'Reilly III, C. A., & Wade, J. (1993). Top executive pay: Tournament or teamwork? Journal of Labor Economics, 11(4), 606–628.
Maloni, M. J., Hiatt, M. S., & Astrachan, J. H. (2017). Supply management and family business: A review and call for research. Journal of Purchasing and Supply Management, 23(2), 123–136.
Messersmith, J. G., Guthrie, J. P., Ji, Y. Y., & Lee, J. Y. (2011). Executive turnover: the influence of dispersion and other pay system characteristics. J Appl Psychol, 96(3), 457–469. doi:10.1037/a0021654
Messersmith, J. G., Kim, K. Y., & Patel, P. C. (2018). Pulling in different directions? Exploring the relationship between vertical pay dispersion and high‐performance work systems. Human Resource Management, 57(1), 127–143.
Park, J., & Kim, S. (2017). Pay dispersion and organizational performance in Korea: Curvilinearity and the moderating role of congruence with organizational culture. The International Journal of Human Resource Management, 28(9), 1291-1308.
Patel, P. C., Li, M., del Carmen Triana, M., & Park, H. D. (2018). Pay dispersion among the top management team and outside directors: Its impact on firm risk and firm performance. Human Resource Management, 57(1), 177-192.
Pfeffer, J., & Davis-Blake, A. (1992). Salary dispersion, location in the salary distribution, and turnover among college administrators. ILR Review, 45(4), 753-763.
Pfeffer, J., & Langton, N. (1993). The effect of wage dispersion on satisfaction, productivity, and working collaboratively: Evidence from college and university faculty. Administrative Science Quarterly, 382-407.
Pissaris, S., Heavey, A., & Golden, P. (2017). Executive Pay Matters: Looking Beyond the CEO to Explore Implications of Pay Disparity on Non-CEO Executive Turnover and Firm Performance. Human Resource Management, 56(2), 307–327. doi:10.1002/hrm.21766
Redding, S., Norman, A., & Schlander, A. (1994). The nature of individual attachment to theory: A review of East Asian variations. Handbook of Industrial and Organizational Psychology. Triandis, HC, MD Dunnett and LM Hough. In: CA, USA, Consulting Psychology Press.
Rosen, S. (1985). Prizes and incentives in elimination tournaments. In: National Bureau of Economic Research Cambridge, Mass., USA.
Sánchez-Marín, G., Meroño-Cerdán, Á. L., & Carrasco-Hernández, A. J. (2019). Formalized HR practices and firm performance: an empirical comparison of family and non-family firms. The International Journal of Human Resource Management, 30(7), 1084-1110.
Schulze, W. S., Lubatkin, M. H., & Dino, R. N. (2003). Exploring the agency consequences of ownership dispersion among the directors of private family firms. Academy of Management Journal, 46(2), 179-194.
Sharma, P., & Irving, P. G. (2005). Four Bases of Family Business Successor Commitment: Antecedents and Consequences. Entrepreneurship Theory and Practice, 29(1), 13–33. doi:10.1111/j.1540-6520.2005.00067.x
Shaw, J. D. (2014). Pay Dispersion. Annual Review of Organizational Psychology and Organizational Behavior, 1(1), 521-544. doi:10.1146/annurev-orgpsych-031413-091253
Shaw, J. D., & Gupta, N. (2007). Pay system characteristics and quit patterns of good, average, and poor performers. Personnel Psychology, 60(4), 903–928.
Shaw, J. D., Gupta, N., & Delery, J. E. (2002). Pay dispersion and workforce performance: Moderating effects of incentives and interdependence. Strategic Management Journal, 23(6), 491–512.
Shaw, J. D., Park, T. Y., & Kim, E. (2013). A resource‐based perspective on human capital losses, HRM investments, and organizational performance. Strategic management journal, 34(5), 572-589.
Sheridan, J. E. (1992). Organizational culture and employee retention. Academy of Management Journal, 35(5), 1036-1056.
Shin, J. Y., Kang, S.-C., Hyun, J.-H., & Kim, B.-J. (2015). Determinants and Performance Effects of Executive Pay Multiples: Evidence from Korea. ILR Review, 68(1), 53-78. doi:10.1177/0019793914556242
Siegel, P. A., & Hambrick, D. C. (2005). Pay Disparities Within Top Management Groups: Evidence of Harmful Effects on Performance of High-Technology Firms. Organization Science, 16(3), 259-274. doi:10.1287/orsc.1050.0128
Simon, H. A. (1957). The compensation of executives. Sociometry, 20(1), 32-35.
Thompson, J. D., Zald, M. N., & Scott, W. R. (2017). Organizations in action: Social science bases of administrative theory: Routledge.
Trevor, C. O., Reilly, G., & Gerhart, B. (2012). Reconsidering pay dispersion's effect on the performance of interdependent work: Reconciling sorting and pay inequality. Academy of Management Journal, 55(3), 585–610.
Trevor, C. O., & Wazeter, D. L. (2006). A contingent view of reactions to objective pay conditions: interdependence among pay structure characteristics and pay relative to internal and external referents. J Appl Psychol, 91(6), 1260-1275. doi:10.1037/0021-9010.91.6.1260
Wade, J. B., Charles A. O'Reilly, I., & Pollock, T. G. (2006). Overpaid CEOs and Underpaid Managers: Fairness and Executive Compensation. Organization Science, 17(5), 527–544. doi:10.1287/orsc.1060.0204
Astrachan, J. H., & Kolenko, T. A. (1994). A neglected factor explaining family business success: Human resource practices. Family business review, 7(3), 251-262.
Executive Yuan Announces Measures to Boost Wages over Short, Medium, Long Terms. (2018, May 14). Retrieved March 20, 2022, from https://english.ey.gov.tw/Page/61BF20C3E89B856/b89ad5cc-667f-4d62-b54b-8ab77d25d00e
電子全文 Fulltext
本電子全文僅授權使用者為學術研究之目的,進行個人非營利性質之檢索、閱讀、列印。請遵守中華民國著作權法之相關規定,切勿任意重製、散佈、改作、轉貼、播送,以免觸法。
論文使用權限 Thesis access permission:校內校外完全公開 unrestricted
開放時間 Available:
校內 Campus: 已公開 available
校外 Off-campus: 已公開 available


紙本論文 Printed copies
紙本論文的公開資訊在102學年度以後相對較為完整。如果需要查詢101學年度以前的紙本論文公開資訊,請聯繫圖資處紙本論文服務櫃台。如有不便之處敬請見諒。
開放時間 available 已公開 available

QR Code