Gregorio Sánchez-Marín, Gabriel Lozano-Reina, J. Samuel Baixauli-Soler
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引用次数: 0
摘要
近几十年来，围绕上市公司高管薪酬的大量批评性证据推动了股东行动主义。薪酬说（say-on-pay，SOP）机制--股东表达其（不）同意高管薪酬设计的投票--是导致上市公司积极行动的公司治理机制之一。本文结合代理和社会情感财富（SEW）论点，从 CEO 薪酬效率和公平性的角度分析了 SOP 投票结果在上市家族企业中的有效性。我们以 2011 年至 2018 年的英国上市公司为样本，结果表明，SOP 的有效性受到家族所有权的积极影响，并受到家族参与管理和治理以及家族世代的强烈调节。我们的研究结果强调了强大的家族效应和家族股东对 SOP 投票的道德认知，显示了家族参与公司如何鼓励更公平、更一致的 CEO 薪酬方案。最后，我们还概述了 SOP 在维护股东价值和家族财富方面的制度和实际意义。
Shareholder activism in listed family firms: Exploring the effectiveness of say-on-pay on CEO compensation
The widespread critical evidence surrounding executive compensation of listed corporations has boosted shareholder activism in recent decades. The say-on-pay (SOP) mechanism—a vote in which shareholders express their (dis)agreement with executive pay designs—is one of the corporate governance mechanisms that has led to this activism among listed firms. Merging agency and socioemotional wealth (SEW) arguments, this paper analyzes how effective SOP voting results are among listed family firms in terms of CEO compensation efficiency and equity. Using a sample of UK listed firms from 2011 to 2018, our results show that SOP effectiveness is positively influenced by family ownership and is strongly moderated by family involvement in management and in governance as well as by family generation. Our findings stress the strong family effect and the ethical perceptions of family shareholders on SOP voting, showing how family participation in the firm encourages fairer and more aligned CEO compensation packages. SOP institutional and practical implications oriented to preserve shareholder value and family wealth are finally outlined.
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