Econ Papers Daily / 期刊论文
震惊CEO：制造业和服务业企业中的经济解体与高管薪酬
Shocking a CEO : Economic Disintegration and Executive Compensation in Manufacturing and Services Firms
摘要
This paper uses the Brexit referendum in 2016 as a quasi‐natural experiment to estimate the effect of an exogenous negative shock to globalization on executive compensation for German companies listed in the DAX and MDAX stock indices. We show that it matters whether they work for firms exporting goods or services. The main results indicate that executive compensation in firms operating in sectors that export services was negatively affected, in particular through lower variable compensation. On the contrary, executives of firms that operate in sectors exporting goods were not negatively affected overall, though they experienced a compositional change (from bonuses to equity payments). Sectoral regressions suggest that manufacturing firms successfully redirected exports from the UK to other relevant trade partners, while this was not the case in the service sector.
中文摘要
本文以2016年英国脱欧公投作为准自然实验，估计全球化外生负面冲击对在DAX和MDAX股票指数上市的德国公司高管薪酬的影响。我们表明，高管任职于出口商品企业还是出口服务企业，其结果存在差异。主要结果表明，在出口服务部门经营的企业中，高管薪酬受到负面影响，尤其是通过降低可变薪酬。相反，在出口商品部门经营的企业中，高管总体上并未受到负面影响，尽管其薪酬结构发生了变化（从奖金转向股权支付）。分部门回归表明，制造业企业成功地将出口从英国转向其他相关贸易伙伴，而服务业则并非如此。