高階主管與基層員工薪資差距對公司績效之影響;The Effect of Pay Dispersion between Executives and Ordinary Employees on Firm Productivity.

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题名:	高階主管與基層員工薪資差距對公司績效之影響;The Effect of Pay Dispersion between Executives and Ordinary Employees on Firm Productivity.
作者:	李元宇;Li, Yuan-Yu
贡献者:	產業經濟研究所
关键词:	薪資差距;總要素生產力
日期:	2023-07-13
上传时间:	2024-09-19 16:16:59 (UTC+8)
出版者:	國立中央大學
摘要:	本研究以2011至2021年臺灣經濟新報（TEJ）資料庫的台灣上市櫃製造業公司為研究對象，使用普通最小平方法以及固定效果模型探討高階主管與基層員工薪資差距對公司績效之影響。其中，廠商總要素生產力、資產報酬率以及Tobin’s Q為公司績效的衡量指標。實證結果顯示，高階主管與基層員工薪資差距與公司績效之間有倒U型關係存在。薪資差距過大時，薪資差距對基層員工的激勵效果會因為基層員工感到不公平而消失，並可能導致基層員工展開報復行為，進而導致公司績效降低。另外，薪資差距平方項與Tobin’s Q之間的關係並不顯著。本研究認為，投資者難以觀察到員工心理層面的問題是不顯著的主要因素。另外，本研究進一步分析子樣本的薪資差距與公司績效之間的關係。研究結果顯示，薪資差距與總要素生產力之間的關係會隨著公司規模擴大而逐漸從U型關係轉變為倒U型關係；薪資差距與資產報酬率之間的倒U型關係則不會因為所屬產業、人力資本以及公司規模的不同而有所差異；薪資差距與Tobin’s Q之間的倒U型關係僅存在電子業或者人力資本低的公司中，且薪資差距與Tobin’s Q之間的關係也會隨著公司規模擴大而逐漸從U型關係轉變為倒U型關係。 ;This study focuses on Taiwanese listed and OTC manufacturing companies from 2011 to 2021. The data is sourced from the Taiwan Economic Journal (TEJ) database. In order to explore the effect of pay dispersion between top executives and ordinary employees on company performance using ordinary least squares and fixed effects models. The performance indicators considered in this study include total factor productivity (TFP) , return on assets (ROA) , and Tobin′s Q. The empirical results reveal a inverted U-shaped relationship between wage disparity and company performance. When there is a significant wage disparity, the motivational effect of wage disparity on employees may diminish as they perceive it as unfair, leading to detrimental behaviors that harm the company and ultimately result in reduced performance. Additionally, the relationship between the square of pay dispersion and Tobin′s Q is not significant. The study suggests that the insignificance of the relationship may be due to the difficulty for investors to observe employee psychological factors. Furthermore, the study conducts additional analyses on the relationship between pay dispersion and company performance within sub-samples. The results demonstrate that the relationship between pay dispersion and TFP transitions from a U-shaped pattern to an inverted U-shaped pattern as company size increases. The inverted U-shaped relationship between wage disparity and ROA does not vary significantly across industries, human capital, or company size. The inverted U-shaped relationship between wage disparity and Tobin′s Q exists only in the electronics industry or companies with low levels of human capital. Additionally, this relationship between wage disparity and Tobin′s Q also transitions from a U-shaped pattern to an inverted U-shaped pattern as company size expands.
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