《文化与CEO报酬》PPT课件.ppt

1、Culture and CEO Compensation文化与CEO报酬,The authors: Stephen Bryan Robert Nash Ajay Patel,小组成员： 张卿 81120323 李良 81120322 曾繁荣 81120321,1,Abstract,This paper examines CEO compensation in 43 countries over the 1996 to 2009 period and specifically focuses on the additional explanatory power provided by cons

2、idering how national culture affects contracting decisions. The empirical analysis confirms that cultural factors (measuring such societal traits as individualism and uncertainty avoidance) are significant determinants of the relative use of equity-based compensation.,2,本文研究文化对薪酬结构的持续性差异是否有影响。通过研究43

3、个国家的公司CEO薪酬结构，作者发现薪酬合同的设计存在持久性的显著差异。作者结合跨文化心理学和合同文献的研究成果，识别了理论所预言的可能影响薪酬结构的文化因素。实证分析也证实文化因素（以个人主义和不确定性规避的社会特征来衡量）对股权激励相关运用的影响是显著的。尤其在控制先前确认的决定CEO薪酬结构的法律环境和特定公司特征变量后，文化因素对薪酬结构的影响是显著的。本文研究结果显示文化在解释薪酬合同设计的差异上扮演重要角色。,3,This paper is divided into six parts : Section I describes the intersection of cultur

4、e and contracting decisions and introduces our cultural variables 描述文化与合同决定之间的相互作用，以及引入衡量文化的变量 Section II review the previously-established factors affecting the structure of compensation contracts 回顾先前建立的因素对薪酬合同结构的影响 Section III documents data sources and sample and provides descriptive statistics

5、说明数据来源并进行描述性统计 Section IV present the primary empirical results 主要的实证结果 Section V conduct robustness testing 进行稳健性检验 Section VI provides a summary and conclusion 概要和结论,4,I. The Role of Culture in Contracting Decisions文化在合同决定中的角色,A. Measures of Culture 文化的度量 The authors use Hofstedes cultural value d

6、imensions (CVD:文化价值维度) in their empirical analysis. B. Cultural Dimensions and Agency Costs 文化维度和代理成本 1.Individualism 个人主义 The agency costs of equity should be positively related to this measure. 2.Uncertainty Avoidance 不确定性规避 A societys level of Uncertainty Avoidance is another cultural characteris

7、tic that may affect compensation structure.,5,3. Robustness Testing 稳健性检验 To help confirm the robustness of their results, The authors identify alternative variables that measure cultural dimensions similar to those that use in their primary analysis. a. Schwartz Variable: Mastery vs. Harmony 掌控vs.协

8、调 A greater use of equity-based compensation in cultures scoring high in Mastery. b. Language 语言 Language may affect the differences in the legal systems between the common-law and the other nations. So the robustness tests include language as an alternative means of assessing the interaction of cul

9、ture and compensation structure.,6,c. Religion 宗教 Firms in countries with hierarchical religions should use less equity-based compensation. d. Trust 信任 Firms from societies reflecting lower levels of trust should use less equity-based compensation.,7,II. Law, Agency Costs, and Contract Design,A. The

10、 Legal Environment and Compensation Structure 1. Use the Anti Self-Dealing Index to measure the degree of legal protection for shareholders. 2. Measure the effectiveness of law enforcement in each country using the Rule of Law Index which takes on a higher value for nations with a stronger tradition

11、 of law and order.,8,B. Firm-Specific Agency Costs and Compensation Structure 1.MVBV= the market value of the firm / the book value of the firm 2.Size=ln（ firms total assets ） 3. Free cash flow is: operating income before depreciation less income tax less interest minus dividends paid. 4. Debt ratio

12、= total debt /total assets(book value ),9,III.Data and Descriptive Statistics 数据和描述性统计,A. Data Sources Level 2 and Level 3 ADR-issuers file the Form 20-F and thus provide the detailed compensation data B. Primary Components of Compensation Structure EquityPct(equity-based compensation)=股权支付的薪酬/总薪酬 C

13、. Primary Components of National Culture the Individualism and Uncertainty Avoidance variables from Hofstedes website,10,D. Descriptive Statistics 描述性统计,11,续表,12,Mean Values of Compensation Structure and Firm-Specific Variables by Country,13,续表,14,IDV与EquityPct正相关,UIA与EquityPct负相关,16,17,IV. Determin

14、ants of CEO Compensation StructureCEO薪酬结构的决定因素,The Legal Environment and Compensation Structure 法律环境和薪酬结构 The Cultural Environment and Compensation Structure 文化环境与薪酬结构 Cultural and Legal Environments as Determinants of Compensation Structure,18,1.Regression Results Using Firm-Specific and Legal Dete

15、rminants of Compensation Structure,19,2.Regression Results Using Cultural Determinants of Compensation Structure,20,21,Correlation Matrix 相关系数矩阵,3.Regression Results Using Cultural and Legal Determinants of Compensation Structure,22,23,V. Robustness Tests稳健性检验,Schwartzs Harmony Metric Religion and t

16、he Structure of Compensation Language and the Structure of Compensation Trust and the Structure of Compensation,24,Robustness Testing: Regression Results Using Alternative Measures of Culture,25,26,VI. Summary and Conclusions结论,Measures of culture are significant determinants of the cross-sectional variation in CEO compensation structure. After controlling for legal environment, firm-specific agency factors, and industry and year fixed effects, the equity portion of CEO compensation structures is positively related to a nations level of Individualism and n