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。

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.

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

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