本研究在於探討公司績效與股份盈餘偏離對高階管理者與員工薪酬比之影響，並檢測公司治理對上述關係之調節效果。以2016 至2018 年非金融上市(櫃)公司為研究對象，實證結果指出，績效越佳之公司，薪酬比越大，表示公司會傾向將卓越績效歸功於管理者。公司治理成效越佳之公司，薪酬比越小，表示治理成效越好之公司，越重視員工薪酬公平性。而股份盈餘偏離會負向影響薪酬比，支持管理權鞏固理論。另外，本研究亦發現，公司治理具有調節效果，會增加公司績效與股份盈餘偏離對薪酬比之影響力。
This study aims to explore the impact of corporate performance as well as the separation of ownership and control on the pay disparity between top managers and employees (thereafter pay disparity) and examines the moderating effect of corporate governance performance on the above relationships. Using a dataset based on non-financial firms trading on the Taiwan Stock Market and Taipei Stock Market from 2016 to 2018, this study shows that companies of having better operating performance tend to have higher pay disparity, indicating that companies are more likely to attribute excellent outcomes to their top managers. Firms experiencing better corporate gov-ernance have lower pay disparity, suggesting that companies with better corporate governance are more concerned about employees’ economic interests. In addition, this study demonstrates that corporate governance performance serves as a moderator, which can increase the effectiveness of accounting performance on pay disparity, re-duce market performance’s effect on pay disparity and increase the impact of control right divergence on pay disparity.
