The Moderating Role of Country-specific Characteristics on Pay-performance Relationship in Asian Markets: A Meta-Analysis Approach

Document Type: Research Paper

Authors

1 Institute of Southern Punjab, Multan, Pakistan

2 Othman Yeop Abdullah Graduate School of Business, Universiti Utara Malaysia, Kedah, Malaysia

Abstract

The purpose of this study is to integrate the findings of the studies related to the relationship between CEO compensation and firm performance in Asian countries. The second concern of the paper is to explore the moderating role of country-specific characteristics on the pay-performance relationship in Asian markets. In order to achieve the study’s objective, meta-analysis technique is utilized through CMA. Basically, the results are analyzed with both the fixed effect and random effect models. however, the assumption of the fixed effect model regarding same true effect size was not fulfilled. Moreover, a higher level of heterogeneity was detected. Therefore, this study ignores the results denoted by the fixed effect model and follows the results prescribed by the random effect model. After eliminating outliers, the findings from 22 studies revealed that CEO compensation in Asian markets is aligned with firm performance but with the small magnitude. Furthermore, the results from the method of moments suggested that there is a positive effect of country’s development and literacy on the pay-performance link, however, the negative effect of gender inequality and Islamic practices are evaluated. Conversely, no significant effect of corruption on the pay-performance relationship is purported in the study. As the authors find the influence of country-specific characteristics on the pay-performance relationship in Asian markets, this study confirms the need for enhancing pay-performance sensitivity in Asian markets to mitigate potential agency conflicts.

Keywords

Main Subjects


Article Title [Persian]

بررسی نقش تعدیلگری ویژگی‌های خاص کشوری بر رابطه بین پرداخت‌های مدیران و نیز عملکرد شرکت در بازارهای آسیایی با استفاده از رویکرد متاآنالیز

Authors [Persian]

  • فرزان یحیی 1
  • ظهیرالدین غزالی 2
1 موسسه پنجاب جنوبی، ملتان، پاکستان
2 مدرسه کسب وکار عثمان یوپ عبدالله ، دانشگاه اوتارا مالزی، کداح، مالزی
Abstract [Persian]

هدف نخست از این مطالعه، تجمیع یافته­های مطالعات پیشین در مورد رابطه بین پاداش مدیر و عملکرد شرکت بوده و هدف دوم نیز بررسی نقش تعدیلگری ویژگی­های خاص کشوری در رابطه فوق و در میان شرکت­های موجود در بازارهای کشورهای آسیایی می باشد. برای این منظور نیز از رویکرد متاآنالیز جامع  (CMA)استفاده گردیده­است. هرچند در این تحقیق از هر دو روش اثرات ثابت و نیز اثرات تصادفی بهره گرفته شد، لکن با توجه به اینکه فرض اولیه در استفاده از اثرات ثابت از حیث یکسان بودن " اندازه اثر واقعی" برآورده نگردید؛ همچنین در جریان بررسی داده­ها سطح بالایی از ناهمسانی در بین مشاهدات شناسایی شد، نتایج به دست آمده از اثرات ثابت نادیده گرفته شده و صرفا نتایج حاصل از مدل اثر تصادفی ارایه گردیده­است. پس از کنار گذاشتن آن دسته از مطالعات که نتایج غیر قابل قبول ارایه­کرده­بودند، مشاهده گردید که نتایج حاصل از 22 مطالعه بیانگر تاثیر کم پرداخت پاداش به مدیران در عمکرد شرکت­ها در میان کشورهای آسیایی می باشد. علاوه بر این، نتایج نشان می­دهد که سطح توسعه و میزان باسوادی بر روی عملکرد ناشی از پرداخت­های صورت گرفته به مدیران تاثیر مثبت و معنی­داری دارند. با این حال، تاثیر منفی نابرابری جنسیتی و شیوه­های اسلامی مورد ارزیابی قرار گرفت. نکته قابل توجه در این تحقیق، عدم مشاهده رابطه معنی دار بین فساد و عملکرد ناشی از پرداخت پاداش به مدیران می باشد. مطالعه حاضر که تأثیر ویژگی­های خاص کشوری در رابطه بین عملکرد شرکت­ها و پرداخت پاداش به مدیران در بازارهای آسیایی را ارایه نموده­است، بر این نکته نیز تاکید دارد که این مطالعه نیازی به افزایش حساسیت پرداختی در بازارهای آسیا برای مقابله با اختلافات آژانس های بالقوه را تایید می­کند که با پرداخت پاداش به مدیران در این کشورها امکان کاهش هزینه­های نمایندگی وجود خواهد داشت.

Keywords [Persian]

  • پاداش مدیر عامل
  • عملکرد شرکت
  • فساد
  • نابرابری جنسیتی
  • سوادآموزی
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