Zeng Yongliang, Zhou Mengyao, Luo Hong, Zhou Wei
Business School, Hunan University, Changsha, China.
School of Accounting, Southwestern University of Finance and Economics, Chengdu, China.
Heliyon. 2022 Nov 21;8(11):e11755. doi: 10.1016/j.heliyon.2022.e11755. eCollection 2022 Nov.
Based on social comparison theory and principal-agent theory, we examine the influence of the executive pay comparing mentality (i.e., pay bandwagon) on corporate innovation. Our findings suggest that a greater propensity of the executive pay bandwagon is associated with lower level of corporate research and development spending, and fewer high-quality patents, leading to a lower level of total factor productivity. Additionally, our analysis shows that executives with a strong comparing mentality exhibit less risk-taking but more myopic behaviors, thereby reducing their incentive to engage in innovation. We further find that corporate governance has moderating effects on the relationship between the executive pay bandwagon and corporate innovation. Overall, we find that executive pay bandwagon triggered by external pay inequality is a type of intrinsic motivation that affects firms' innovation strategy and innovation efficiency.
基于社会比较理论和委托代理理论,我们考察了高管薪酬攀比心理(即薪酬跟风)对企业创新的影响。我们的研究结果表明,高管薪酬跟风倾向越强,企业研发支出水平越低,高质量专利越少,导致全要素生产率水平越低。此外,我们的分析表明,攀比心理较强的高管表现出较少的冒险行为但更多的短视行为,从而降低了他们进行创新的积极性。我们进一步发现,公司治理对高管薪酬跟风与企业创新之间的关系具有调节作用。总体而言,我们发现由外部薪酬不平等引发的高管薪酬跟风是一种影响企业创新战略和创新效率的内在动机。