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1、本科畢業(yè)論文（設計）外文翻譯原文：原文：ExecutivepaydispersioncpategovernancefirmperfmanceExecutivecompensationhasbeenacentralresearchtopicineconomicsbusinessduringthepasttwodecadesrecentlygainingimpetusinthewakeofcpatescalsthathaveexposeds

2、ignificantvulnerabilitiesincpategovernancethesubsequentfarreachingregulatychanges(Sarbanes–Oxley).Priresearchintoexecutivecompensationhasprimarilyfocusedonissuesrelatedtothelevelstructuralmixofcompensationpackagestheirse

3、nsitivitytofirmperfmance(LambertLarcker1987JensenMurphy1990Yermack1995Baberetal.1996HallLiebman1998Ceetal.1999Murphy1999Bryanetal.2000).EarlycompensationstudiesfocusedontheCEOsubsequentlyexpingthescopetothecompensationof

4、theentiremanagerialteam.ThusfexampleAggarwalSamwick(2003)reptthatmanagerswithdivisionalresponsibilitieshavelowerpay–perfmancesensitivitiesthandomanagerswithbroadoversightauthitywhointurnhavelowerpay–perfmancesensitivitie

5、sthandoestheCEOconcludingthatpay–perfmancesensitivityincreaseswiththespanofauthity.SimilarlyBarronWaddell(2003)examinetheacteristicsofcompensationpackagesofthefivehighestpaidexecutivesfindthathigherrankmanagershaveagreat

6、erproptionofincentivebasedcompensationinpaypackagesthandolowerrankedexecutives.Theissueofpaydispersionacrossmanagerialteammembershasreceivedconceptualattentionbylabeconomistsganizationtheistsyetscantempiricalresearchhasb

7、eenperfmedtodate.Inthisstudyweinvestigateempiricallytheeffectofmanagerialcompensationdispersiononfirmperfmance.facultysatisfactionaswellasresearchproductivitycollabationamongcolleagues.Thereisalsosomepreliminaryevidencei

8、nbusinesssettings(DragoGarvey1998)thatsupptstheargumentfequityfairness.Inthisstudyweexamineasampleof12197firmyearobservationsf1855UScompaniesspanningtheperiod1992–2003findthatfirmperfmancemeasuredbyTobin’sQalternativelyb

9、ystockreturnsispositivelyassociatedwiththecompensationdispersionofthefirms’topmanagementteam.Additionallywedocumentthatfirmswithlargecompensationdispersionhavehigherfuturereturnonassets(ROA)thancomparablelowerpaydispersi

10、oncompanies.Collectivelyourresultssuggestthatthecompensationdispersionofthetopmanagementteamispositivelyrelatedtofirmperfmance.Ouranalysisalsoindicatesthattheassociationbetweenfirmperfmancepaydispersionisconditionalonage

11、ncycostscpategovernancestructure.Specificallyhighpaydispersionisassociatedwithbetterperfmanceinfirmswithhighagencycostsrelatedtomanagerialdiscretion(e.g.firmswithlargeRGaverGaver1993Bryanetal.2000).Wefurtherfindthatthepo

12、sitiveassociationbetweenfirmperfmancepaydispersionisstrongerffirmswithmeeffectivecpategovernance.SpecificallyfirmswithahighproptionofoutsidedirectsontheboardwithCEOswhoarenotboardchairhaveastrongerpositiveassociationbetw

13、eenfirmperfmancepaydispersion.Thusourresultscrobatethecomplementaryrolesofcompensationcontractscpategovernanceinreducingagencycosts(Mehran1995HartzellStarks2003).Thisstudycontributestothemanagerialcompensationresearchons

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