A Systematic Review on the Executive Compensation Gap and Its Multiple Impacts on the Company
Keywords:
Executive compensation gap, Horizontal gap, Vertical gap, Company multiple impact, Systematic review.
Abstract
In recent years, the public has begun to pay attention to the compensation gap of executives, in such a background of social reality, this researcher conducts a systematic review of the executive compensation gap (horizontal gap and vertical gap) and its impacts on the company through the review and summary of the empirical studies of Scopus Indexed journal articles for the last decade of 2013-2022, then this study figure out the literature trend in this research area in the last decade, summarized how the literature measure executive compensation gap, then reviewed the impact of executive compensation gap can have on company (company performance, risk management, innovation ability, audit fees and other aspects), and at last summarized the findings and put forward the suggestion for future researchers. Such research fills the gap of a systematic review of the executive compensation gap and its impact on companies and provides the company compensation plan maker with practical evidence.
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References
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Banker, R. D., Bu, D. & Mehta, M. N. (2016). Pay gap and performance in China. Abacus, 52(3), 501-531.
Bannister, J. W., Newman, H. A. & Peng, E. Y. (2020). Top management tournament incentives and credit ratings. Review of Quantitative Finance and Accounting, 55, 769-801.
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Colak, G., Gounopoulos, D., Loukopoulos, P. & Loukopoulos, G. (2021). Tournament incentives and IPO failure risk. Journal of Banking & Finance, 130, 106193.
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Connelly, B. L., Tihanyi, L., Crook, T. R. & Gangloff, K. A. (2014). Tournament Theory: Thirty Years of Contests and Competitions. J. Manag, 40, 16–47.
Cooper, E. W., Uzun, H. & Zheng, Y. (2014). Pay gap, risk-taking, and the financial crisis. Banking & Finance Review, 6(1), 55-74.
Dai, Y., Kong, D. & Xu, J. (2017). Does fairness breed efficiency? Pay gap and firm productivity in China. International Review of Economics & Finance, 48, 406-422.
Downes, P. E. & Choi, D. (2014). Employee reactions to pay dispersion: A typology of existing research. Human Resource Management Review, 24(1), 53-66.
Ekinci, E., Kauhanen, A. & Waldman, M. (2019). Bonuses and promotion tournaments: Theory and evidence. The Economic Journal, 129(622), 2342-2389.
El-Sayed, N. & Elbardan, H. (2016). Executive compensation, company governance and company performance: evidence from the UK. Journal of Organizational Studies and Innovation, 3(2), 31-49.
Equilar, Inc. (2022). Proxy Season 2022: Early Trends in Executive Compensation. [Online]. [Accessed 03 February 2023]. Available from: https://corpgov.law.harvard.edu/2022/03/29/proxy-season-2022-early-trends-in-executive-compensation/
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Gad, M., Nguyen, T. & Scapin, M. (2022). The effect of pay disparities within top management on conservative reporting. Accounting and Business Research, 1-27.
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Ge, W. & Kim, J. B. (2020). How does the executive pay gap influence audit fees? The roles of R&D investment and institutional ownership. Journal of Business Finance & Accounting, 47(5-6), 677-707.
Grabner, I. & Martin, M. A. (2021). The effect of horizontal pay dispersion on the effectiveness of performance-based incentives. Accounting, Organizations and Society, 88, 101174.
Hargreaves, D. (2018). Are chief executives overpaid? New Jersey: John Wiley & Sons.
He, L. & Fang, J. (2016). Subnational institutional contingencies and executive pay dispersion. Asia Pacific Journal of Management, 33, 371-410.
Huang, F, Q., You, J. R. & Tu, L. N. (2017). Systematic literature review method: Cases, steps and values. Research in E-Education, 25(11), 11-18.
Jensen, M. C. & Meckling, W. H. (1976). Theory of the firm: managerial behavior, agency costs and ownership structure [J]. Journal of Financial Economics, 3, 305-360.
Jiang, Y. X. (2016). Employee compensation, employee behavior and firm value.2016. PhD dissertation. Beijing: Central University of Finance and Economics.
Jiang, W., Ke, B., Ru, H. & Xu, Y. (2018). Government ownership, non-CEO top executives’ horizontal pay dispersion and firm performance. Working paper.
Kim, T., Kyung, H. & Ng, J. (2022). Top Management Team Incentive Dispersion and Earnings Quality. Contemporary Accounting Research, 39(3), 1949-1985.
Kim, T. & Leung, K. (2007). Forming and reacting to overall fairness: A cross-cultural comparison Organizational. Behavior and Human Decision Processes, (104), 83-95.
Kong, G., Huang, J. & Liu, S. (2022). Digital Transformation and Within-Firm Pay Gap: Evidence from China. Emerging Markets Finance and Trade, 1-19.
Lazear, E. P. & Rosen, S. (1981). Rank-order tournaments as optimum labor contracts. Journal of Political Economy, 89(5), 841-864.
Lazear, E. P. (2018). Compensation and incentives in the workplace. Journal of Economic Perspectives. 32(3), 195-214.
Lee, G., Cho, S. Y., Arthurs, J. & Lee, E. K. (2019). CEO pay inequity, CEO-TMT pay gap, and acquisition premiums. Journal of Business Research, 98, 105-116.
Le, V. P., Nguyen, A. N. & Gregoriou, A. (2022). Insider trading, gender diversity within the board room, CEO pay gap, and stock price crash risk. International Journal of Finance & Economics.
Leite, C. M. F. A. D. C. (2019). The impact of pay dispersion on organizational performance. PhD Thesis. Lisboa: ISCTE-IUL.
Liu, Y. & Liu, H. (2022). The implications of inefficient markets for executive pay comparison: The case of China and Poland. Frontiers in Psychology, 13.
Li, Q. (2018). The effect of the pay gap on company performance. Ph.D. thesis. Liaoning: Liaoning University.
Lin, W. T. & Cheng, K. Y. (2013). The effect of upper echelons’ compensation on firm internationalization. Asia Pacific Journal of Management, 30(1), 73-90.
Lin, Y. F., Yeh, Y. M. C. & Shih, Y. T. (2013). Tournament theory's perspective of executive pay gaps. Journal of Business Research, 66(5), 585-592.
Liu, J. (2022). CEOs made a median of $20 million last year—254 times more than the average worker. [Online]. [Accessed 03 February 2023]. Available from: https://www.cnbc.com/2022/04/18/ceos-made-a-median-20-million-last-year254-times-more-than-the-average-worker.html
Ma, M., Pan, J. & Stubben, S. R. (2020). The effect of local tournament incentives on firms' performance, risk-taking decisions, and financial reporting decisions. The Accounting Review, 95(2), 283-309.
Martin, F., Sun, T. & Westine, C. D. (2020). A systematic review of research on online teaching and learning from 2009 to 2018. Computers & Education, 159, 104009.
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.
Molina, C. A. (2005). Are firms underleveraged? An examination of the effect of leverage on default probabilities. J Finance, 60, 1427–1459.
Nguyen, N. H., Phan, H. V., Phan, H. V., Tran, D. T. & Vo, H. (2020). Tournament-based incentives and mergers and acquisitions. International Review of Financial Analysis, 71, 101548.
Osiichuk, D. (2022). The Driver of Workplace Alienation or the Cost of Effective Stewardship? The Consequences of Wage Gap for Corporate Performance. Sustainability, 14(13), 8006.
Otley, D. (2001). Accounting performance measurement: a review of its purposes and practices. International Journal of Business Performance Management, 3(2-4), 245-260.
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.
Rahman, M. S. (2020). The advantages and disadvantages of using qualitative and quantitative approaches and methods in language “testing and assessment” research: A literature review.
Robbins, S. P. & Coulter, M. (2017). Management. Beijing: China Renmin University Press.
Sánchez?Marín, G., Lucas?Pérez, M. E., Baixauli?Soler, S., Main, B. G. & Mínguez?Vera, A. (2022). Excess executive compensation and corporate governance in the United Kingdom and Spain: A comparative analysis. Managerial and Decision Economics, 43(7), 2817-2837.
Santulli, R. (2022). Fairness of CEO Compensation. A multi-faceted and multi-cultural framework to structure executive pay by MA Eklund (Springer, 2019).
Shen, C. H. H. & Zhang, H. (2018). Tournament incentives and firm innovation. Review of Finance, 22(4), 1515-1548.
Sun, H. Z. (2019). Research on the Impact of Executive Compensation Gap on the Performance of Listed Companies. Master Thesis. Shanghai: Shanghai University of Engineering Science.
Talavera, O., Yin, S. & Zhang, M. (2021). Tournament incentives, age diversity and firm performance. Journal of Empirical Finance, 61, 139-162.
Tao, Y., Xu, G. & Liu, H. (2020). Compensation gap, retrenchment strategy and organizational turnaround: a configurational perspective. Journal of Organizational Change Management, 33(5), 925-939.
Tenhiälä, A. & Laamanen, T. (2018). Right on the money? The contingent effects of strategic orientation and pay system design on firm performance. Strategic Management Journal, 39(13), 3408-3433.
Torre, E. D., Pelagatti, M. & Solari, L. (2015). Internal and external equity in compensation systems, organizational absenteeism and the role of explained inequalities. Human Relations, 68(3), 409-440.
Ullah, S., Khan, F. U., Cisma?, L. M., Usman, M. & Miculescu, A. (2022). Do tournament incentives matter for CEOs to be environmentally responsible? Evidence from Chinese listed companies. International Journal of Environmental Research and Public Health, 19(1), 470.
Valverde-Berrocoso, J., Garrido-Arroyo, M. D. C., Burgos-Videla, C. & Morales-Cevallos, M. B. (2020). Trends in educational research about e-learning: A systematic literature review (2009–2018). Sustainability, 12(12), 5153.
Wang, Y. X., Wang, H. R. & Zhang, R. F. (2021). The impact of the pay gap on company performance: Based on the mediating effect of Ownership concentration. On Economic Problems, (3), 108-115.
Wang, L. (2014). Research on the influence of executive compensation fairness on Company Performance. Ph.D. Thesis. Shandong: Shandong University.
Yang, R. R. (2017). Research on several issues of executive compensation in China's Internet-listed companies. M.A. Thesis. Beijing: Beijing University of Posts and Telecommunications.
Ye, M., Li, M. & Zeng, Q. (2022). Former CEO Director and executive-employee pay gap. Pacific-Basin Finance Journal, 76, 101863.
Yin, H. & DU, Y. (2021). The Impact of Executive Pay Gap on Audit Pricing in China. The Journal of Asian Finance, Economics and Business, 8(6), 961-974.
Yu, P. & Van Luu, B. (2016). Bank performance and executive pay: tournament or teamwork. Review of Quantitative Finance and Accounting, 47, 607-643.
Zhang, Y., Tong, L. & Li, J. (2020). Minding the gap: Asymmetric effects of pay dispersion on stakeholder engagement in corporate environmental (Ir) responsibility. Corporate Social Responsibility and Environmental Management, 27(5), 2354-2367.
Akafo, V. & Boateng, P. A. (2015). Impact of reward and recognition on job satisfaction and motivation. European Journal of Business and Management, 7(24), 112-124.
Amore, M. D. & Failla, V. (2020). Pay dispersion and executive behavior: evidence from innovation. British Journal of Management, 31(3), 487-504.
Arham, A. F., Norizan, N. S., Arham, A. F., Hasbullah, N. N., Malan, I. N. B. & Alwi, S. (2022). Initializing the need for digital leadership: A meta-analysis review on leadership styles in the educational sector. Journal of Positive School Psychology, 6(8), 2755-2773.
Axelsson, J. & Ulander, E. (2017). Does pay dispersion affect company performance? A study of publicly traded Swedish companies. M.A. Thesis. The Swedish: Uppsala University.
Banker, R. D., Bu, D. & Mehta, M. N. (2016). Pay gap and performance in China. Abacus, 52(3), 501-531.
Bannister, J. W., Newman, H. A. & Peng, E. Y. (2020). Top management tournament incentives and credit ratings. Review of Quantitative Finance and Accounting, 55, 769-801.
Burns, N., Minnick, K. & Starks, L. (2017). CEO tournaments: A cross-country analysis of causes, cultural influences, and consequences. Journal of Financial and Quantitative Analysis, 52(2), 519-551.
Colak, G., Gounopoulos, D., Loukopoulos, P. & Loukopoulos, G. (2021). Tournament incentives and IPO failure risk. Journal of Banking & Finance, 130, 106193.
Coles, J. L., Li, Z. & Wang, A. Y. (2018). Industry tournament incentives. The Review of Financial Studies, 31(4), 1418-1459.
Connelly, B. L., Tihanyi, L., Crook, T. R. & Gangloff, K. A. (2014). Tournament Theory: Thirty Years of Contests and Competitions. J. Manag, 40, 16–47.
Cooper, E. W., Uzun, H. & Zheng, Y. (2014). Pay gap, risk-taking, and the financial crisis. Banking & Finance Review, 6(1), 55-74.
Dai, Y., Kong, D. & Xu, J. (2017). Does fairness breed efficiency? Pay gap and firm productivity in China. International Review of Economics & Finance, 48, 406-422.
Downes, P. E. & Choi, D. (2014). Employee reactions to pay dispersion: A typology of existing research. Human Resource Management Review, 24(1), 53-66.
Ekinci, E., Kauhanen, A. & Waldman, M. (2019). Bonuses and promotion tournaments: Theory and evidence. The Economic Journal, 129(622), 2342-2389.
El-Sayed, N. & Elbardan, H. (2016). Executive compensation, company governance and company performance: evidence from the UK. Journal of Organizational Studies and Innovation, 3(2), 31-49.
Equilar, Inc. (2022). Proxy Season 2022: Early Trends in Executive Compensation. [Online]. [Accessed 03 February 2023]. Available from: https://corpgov.law.harvard.edu/2022/03/29/proxy-season-2022-early-trends-in-executive-compensation/
Fu, L., Zhang, S. & Wu, F. (2022). The impact of compensation gap on corporate innovation: Evidence from China’s pharmaceutical industry. International Journal of Environmental Research and Public Health, 19(3), 1756.
Gad, M., Nguyen, T. & Scapin, M. (2022). The effect of pay disparities within top management on conservative reporting. Accounting and Business Research, 1-27.
Gao, J. (2020). Executive Internal and external pay Gap and Enterprise Innovation. M.A. Thesis. China: Shanxi University.
Garcia, T. (2017). CEO average pay climbed more than $1 million in 2016. [online]. [Accessed 03 February 2023]. Available from: https://www.marketwatch.com/story/ceo-average-pay-climbed-more-than-1-million-in-2016-2017-04-12
Ge, W. & Kim, J. B. (2020). How does the executive pay gap influence audit fees? The roles of R&D investment and institutional ownership. Journal of Business Finance & Accounting, 47(5-6), 677-707.
Grabner, I. & Martin, M. A. (2021). The effect of horizontal pay dispersion on the effectiveness of performance-based incentives. Accounting, Organizations and Society, 88, 101174.
Hargreaves, D. (2018). Are chief executives overpaid? New Jersey: John Wiley & Sons.
He, L. & Fang, J. (2016). Subnational institutional contingencies and executive pay dispersion. Asia Pacific Journal of Management, 33, 371-410.
Huang, F, Q., You, J. R. & Tu, L. N. (2017). Systematic literature review method: Cases, steps and values. Research in E-Education, 25(11), 11-18.
Jensen, M. C. & Meckling, W. H. (1976). Theory of the firm: managerial behavior, agency costs and ownership structure [J]. Journal of Financial Economics, 3, 305-360.
Jiang, Y. X. (2016). Employee compensation, employee behavior and firm value.2016. PhD dissertation. Beijing: Central University of Finance and Economics.
Jiang, W., Ke, B., Ru, H. & Xu, Y. (2018). Government ownership, non-CEO top executives’ horizontal pay dispersion and firm performance. Working paper.
Kim, T., Kyung, H. & Ng, J. (2022). Top Management Team Incentive Dispersion and Earnings Quality. Contemporary Accounting Research, 39(3), 1949-1985.
Kim, T. & Leung, K. (2007). Forming and reacting to overall fairness: A cross-cultural comparison Organizational. Behavior and Human Decision Processes, (104), 83-95.
Kong, G., Huang, J. & Liu, S. (2022). Digital Transformation and Within-Firm Pay Gap: Evidence from China. Emerging Markets Finance and Trade, 1-19.
Lazear, E. P. & Rosen, S. (1981). Rank-order tournaments as optimum labor contracts. Journal of Political Economy, 89(5), 841-864.
Lazear, E. P. (2018). Compensation and incentives in the workplace. Journal of Economic Perspectives. 32(3), 195-214.
Lee, G., Cho, S. Y., Arthurs, J. & Lee, E. K. (2019). CEO pay inequity, CEO-TMT pay gap, and acquisition premiums. Journal of Business Research, 98, 105-116.
Le, V. P., Nguyen, A. N. & Gregoriou, A. (2022). Insider trading, gender diversity within the board room, CEO pay gap, and stock price crash risk. International Journal of Finance & Economics.
Leite, C. M. F. A. D. C. (2019). The impact of pay dispersion on organizational performance. PhD Thesis. Lisboa: ISCTE-IUL.
Liu, Y. & Liu, H. (2022). The implications of inefficient markets for executive pay comparison: The case of China and Poland. Frontiers in Psychology, 13.
Li, Q. (2018). The effect of the pay gap on company performance. Ph.D. thesis. Liaoning: Liaoning University.
Lin, W. T. & Cheng, K. Y. (2013). The effect of upper echelons’ compensation on firm internationalization. Asia Pacific Journal of Management, 30(1), 73-90.
Lin, Y. F., Yeh, Y. M. C. & Shih, Y. T. (2013). Tournament theory's perspective of executive pay gaps. Journal of Business Research, 66(5), 585-592.
Liu, J. (2022). CEOs made a median of $20 million last year—254 times more than the average worker. [Online]. [Accessed 03 February 2023]. Available from: https://www.cnbc.com/2022/04/18/ceos-made-a-median-20-million-last-year254-times-more-than-the-average-worker.html
Ma, M., Pan, J. & Stubben, S. R. (2020). The effect of local tournament incentives on firms' performance, risk-taking decisions, and financial reporting decisions. The Accounting Review, 95(2), 283-309.
Martin, F., Sun, T. & Westine, C. D. (2020). A systematic review of research on online teaching and learning from 2009 to 2018. Computers & Education, 159, 104009.
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.
Molina, C. A. (2005). Are firms underleveraged? An examination of the effect of leverage on default probabilities. J Finance, 60, 1427–1459.
Nguyen, N. H., Phan, H. V., Phan, H. V., Tran, D. T. & Vo, H. (2020). Tournament-based incentives and mergers and acquisitions. International Review of Financial Analysis, 71, 101548.
Osiichuk, D. (2022). The Driver of Workplace Alienation or the Cost of Effective Stewardship? The Consequences of Wage Gap for Corporate Performance. Sustainability, 14(13), 8006.
Otley, D. (2001). Accounting performance measurement: a review of its purposes and practices. International Journal of Business Performance Management, 3(2-4), 245-260.
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.
Rahman, M. S. (2020). The advantages and disadvantages of using qualitative and quantitative approaches and methods in language “testing and assessment” research: A literature review.
Robbins, S. P. & Coulter, M. (2017). Management. Beijing: China Renmin University Press.
Sánchez?Marín, G., Lucas?Pérez, M. E., Baixauli?Soler, S., Main, B. G. & Mínguez?Vera, A. (2022). Excess executive compensation and corporate governance in the United Kingdom and Spain: A comparative analysis. Managerial and Decision Economics, 43(7), 2817-2837.
Santulli, R. (2022). Fairness of CEO Compensation. A multi-faceted and multi-cultural framework to structure executive pay by MA Eklund (Springer, 2019).
Shen, C. H. H. & Zhang, H. (2018). Tournament incentives and firm innovation. Review of Finance, 22(4), 1515-1548.
Sun, H. Z. (2019). Research on the Impact of Executive Compensation Gap on the Performance of Listed Companies. Master Thesis. Shanghai: Shanghai University of Engineering Science.
Talavera, O., Yin, S. & Zhang, M. (2021). Tournament incentives, age diversity and firm performance. Journal of Empirical Finance, 61, 139-162.
Tao, Y., Xu, G. & Liu, H. (2020). Compensation gap, retrenchment strategy and organizational turnaround: a configurational perspective. Journal of Organizational Change Management, 33(5), 925-939.
Tenhiälä, A. & Laamanen, T. (2018). Right on the money? The contingent effects of strategic orientation and pay system design on firm performance. Strategic Management Journal, 39(13), 3408-3433.
Torre, E. D., Pelagatti, M. & Solari, L. (2015). Internal and external equity in compensation systems, organizational absenteeism and the role of explained inequalities. Human Relations, 68(3), 409-440.
Ullah, S., Khan, F. U., Cisma?, L. M., Usman, M. & Miculescu, A. (2022). Do tournament incentives matter for CEOs to be environmentally responsible? Evidence from Chinese listed companies. International Journal of Environmental Research and Public Health, 19(1), 470.
Valverde-Berrocoso, J., Garrido-Arroyo, M. D. C., Burgos-Videla, C. & Morales-Cevallos, M. B. (2020). Trends in educational research about e-learning: A systematic literature review (2009–2018). Sustainability, 12(12), 5153.
Wang, Y. X., Wang, H. R. & Zhang, R. F. (2021). The impact of the pay gap on company performance: Based on the mediating effect of Ownership concentration. On Economic Problems, (3), 108-115.
Wang, L. (2014). Research on the influence of executive compensation fairness on Company Performance. Ph.D. Thesis. Shandong: Shandong University.
Yang, R. R. (2017). Research on several issues of executive compensation in China's Internet-listed companies. M.A. Thesis. Beijing: Beijing University of Posts and Telecommunications.
Ye, M., Li, M. & Zeng, Q. (2022). Former CEO Director and executive-employee pay gap. Pacific-Basin Finance Journal, 76, 101863.
Yin, H. & DU, Y. (2021). The Impact of Executive Pay Gap on Audit Pricing in China. The Journal of Asian Finance, Economics and Business, 8(6), 961-974.
Yu, P. & Van Luu, B. (2016). Bank performance and executive pay: tournament or teamwork. Review of Quantitative Finance and Accounting, 47, 607-643.
Zhang, Y., Tong, L. & Li, J. (2020). Minding the gap: Asymmetric effects of pay dispersion on stakeholder engagement in corporate environmental (Ir) responsibility. Corporate Social Responsibility and Environmental Management, 27(5), 2354-2367.
Published
2023-11-11
How to Cite
Malan, I. N. B., Yingkun, L., & Kamaruddin, H. S. (2023). A Systematic Review on the Executive Compensation Gap and Its Multiple Impacts on the Company. Information Management and Business Review, 15(4(SI)I), 284-298. https://doi.org/10.22610/imbr.v15i4(SI)I.3602
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Research Paper
Copyright (c) 2023 Irfah Najihah Basir Malan, Lyu Yingkun, Halim Shukri Kamaruddin
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