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Efectos De La Dispersión Retributiva En Los Resultados De Las Empresas Cotizadas Españolas: Evidencia Sobre El Modelo Del Torneo / Effects Of Pay Dispersion On Performance Of Spanish Listed Firms: Evidence About Tournament Model

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  • Sánchez Marín, G.

    ()
    (Universidad de Murcia (España))

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    Abstract

    La literatura ha puesto en cuestión si realmente las grandes diferencias retributivas entre directivos están vinculadas con mejores resultados de la organización. En este trabajo, sobre la base de los argumentos de la teoría del torneo, se ha tratado de aportar nuevas evidencias en esta línea, utilizando para ello datos de las 120 empresas españolas que cotizan en Bolsa. Los resultados obtenidos, considerando la forma convexa en las relaciones dispersión-resultados de Brown et al. (2003) y las características del trabajo directivo –alto nivel jerárquico, interdependencia moderada y alta incertidumbre-, indican que existe una relación positiva, aunque moderada por ciertas variables, entre dispersión retributiva y resultados de la empresa. / Literature has tried to report whether high compensation differences between executives are linked to better firm performance. This study, based on tournament theory arguments, has attempted to provide new evidences in this line of research, using a sample of 120 Spanish listed firms. Results, taking into account convex shape in the dispersion-performance relationships reported by Brown et al. (2003) and the characteristics of executive job –high hierarchy level, moderate interdependence, and high complexity-, indicate a positive, although moderated, relationships between executive pay dispersion and firm performance.

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    Bibliographic Info

    Article provided by Academia Europea de Dirección y Economía de la Empresa (AEDEM) in its journal Investigaciones Europeas de Dirección y Economía de la Empresa.

    Volume (Year): 16 (2010)
    Issue (Month): 3 ()
    Pages: 69-84

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    Handle: RePEc:idi:jiedee:v:16:y:2010:i:3:p:69-84

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    Postal: Investigaciones Europeas de Dirección y Economía de la Empresa, Facultad de Ciencias Económicas y Empresariales, Universidad de Vigo, Lagoas - Marcosende s/n, E-36310, Vigo, Pontevedra, España
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    Web page: http://www.aedem-virtual.com/es/journal/iedee

    Related research

    Keywords: Dispersión retributiva | Teoría del torneo | Resultados de la empresa | Factores moderadores; Executive pay dispersion | Tournament theory | Firm performance | Moderating factors;

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