本文档来自高校大学生毕业论文答辩过程材料,版权归原作者所有,供下载者论文创作参考借鉴之用,请勿作商用!本科毕业论文(设计)外文翻译原文:Executivepaydispersion,corporategovernance,pensationhasbeenacentralresearchtopicineconomicsandbusinessduringthepasttwodecades,recentlygainingimpetusinthewakeofcorporatescandalsthathaveexposedsignificantvulnerabilitiesincorporategovernanceandthesubsequentfarreachingregulatorychanges(Sarbanes–Oxley).pensationpackages,andtheirsensitivitytofirmperformance(LambertandLarcker1987;JensenandMurphy1990;Yermack1995;;HallandLiebman1998;;Murphy1999;).pensationstudiesfocusedontheCEO,,forexample,AggarwalandSamwick(2003)reportthatmanagerswithdivisionalresponsibilitieshavelowerpay–performancesensitivitiesthandomanagerswithbroadoversightauthority,whointurnhavelowerpay–performancesensitivitiesthandoestheCEO,concludingthatpay–,BarronandWaddell(2003)pensationpackagesofthefivehighestpaidexecutivesandfindthathigherrankmanagershaveagreaterproportionofincentive-,,—thetournamenttheoryandequityfairnessarguments—toformulateourhypotheses:Tournamenttheory(LazearandRosen,1981)-,’talentandtheextraeffortexertedwill,accordingtothetournamentmodel,(EhrenbergandBognanno,1990;BeckerandHuselid,1992)andbycontrolledexperiments(Bulletal.,1987).Inbusinesssettings,al.(1993),usingsurveydatafortopexecutivesin200USfirms,during1980–1984,reportthatagreaterspreadoftop-,basedonproprietarydataof210Danishfirmsduring1992–1995,Eriksson(1999)providessomewhatweakevidencethathigherpaydispersionisp
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