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高管团队的经营活动决策受制于自身特征,往往也受制于股东治理机制的影响,尤其是以薪酬和晋升为手段的激励机制。基于代理理论和高层梯队理论,提出了高管团队-激励机制-企业社会绩效的研究框架,以2005年~2013年制造业上市公司面板数据为研究样本,分析了高管团队特征与企业社会绩效之间的影响关系,通过probit面板数据提出以薪酬和高管持股为主要特征的激励机制以及其在两者之间所起的调节作用。研究结果表明,高管团队年龄、性别、教育与企业社会绩效之间存在显著的正相关关系,而薪酬差距对高管团队年龄、性别以及任期与社会绩效的关系起到调节作用。
The executive team’s decision-making on business activities is subject to its own characteristics and is often subject to the influence of shareholder governance mechanisms, especially incentive and compensation mechanisms. Based on agency theory and high-level echelon theory, this paper proposes a research framework of senior management team-incentive mechanism-corporate social performance. Taking the panel data of manufacturing listed companies from 2005 to 2013 as a sample, this paper analyzes the characteristics of top management team and corporate social performance The relationship between the incentive mechanism proposed by the probit panel data to pay and executives holding the main features as well as their regulatory role between the two. The results show that there is a significant positive correlation between the senior management team’s age, gender, education and corporate social performance, while the salary gap plays a regulatory role on the senior management team’s age, gender and the relationship between tenure and social performance.