本研究探討2010年至2021年間，美國企業中人工智慧（AI）與高階管理人薪酬之間的關係，並著重分析財務表現、外部分析師預測以及企業層級氣候風險等中介效果。我們的研究證實，採用人工智慧會提高高階管理人薪酬，並且此影響主要透過較高的財務表現、外部分析師預測以及氣候風險程度所中介。為了強化結果的穩健性，本篇論文對於主要變數採用替代的衡量方式，並且運用多種方法處理潛在的內生性問題。在異質性分析中，我們首先發現，人工智慧對執行長（CEO）薪酬的提升效果較其他高階管理層更為顯著。此外，人工智慧的影響在小型企業、製造業與高科技產業中，以及非危機時期與低不確定性環境中更為明顯。最後，這種正向影響在績效表現較佳的企業中亦更為強烈。;This study investigates the relationship between artificial intelligence (AI) and senior management compensation in the United States from 2010 to 2021, mainly focusing on the mediating effects of financial performance, external analysts’ forecasts, and firm-level climate risks. We find that AI positively impacts senior management compensation. Specifically, this effect of AI on senior management compensation is mediated by higher levels of financial performance, external analysts’ forecasts, and climate risks. To reinforce the robustness of our results, we employ alternative measures of our main variables and use several methodologies to address potential endogeneity issues. In heterogeneity analyses, we first identify that AI more pronouncedly increases CEO compensation than other senior management. Furthermore, the effect of AI is more evident for smaller firms, in the manufacturing and high-tech industries, and during non-crisis and low-uncertainty environments. Lastly, the positive impact is stronger for firms with better performance.
