另外，本研究進一步分析子樣本的薪資差距與公司績效之間的關係。研究結果顯示，薪資差距與總要素生產力之間的關係會隨著公司規模擴大而逐漸從U型關係轉變為倒U型關係；薪資差距與資產報酬率之間的倒U型關係則不會因為所屬產業、人力資本以及公司規模的不同而有所差異；薪資差距與Tobin’s Q之間的倒U型關係僅存在電子業或者人力資本低的公司中，且薪資差距與Tobin’s Q之間的關係也會隨著公司規模擴大而逐漸從U型關係轉變為倒U型關係。 ;This study focuses on Taiwanese listed and OTC manufacturing companies from 2011 to 2021. The data is sourced from the Taiwan Economic Journal (TEJ) database. In order to explore the effect of pay dispersion between top executives and ordinary employees on company performance using ordinary least squares and fixed effects models. The performance indicators considered in this study include total factor productivity (TFP) , return on assets (ROA) , and Tobin′s Q. The empirical results reveal a inverted U-shaped relationship between wage disparity and company performance. When there is a significant wage disparity, the motivational effect of wage disparity on employees may diminish as they perceive it as unfair, leading to detrimental behaviors that harm the company and ultimately result in reduced performance. Additionally, the relationship between the square of pay dispersion and Tobin′s Q is not significant. The study suggests that the insignificance of the relationship may be due to the difficulty for investors to observe employee psychological factors.
Furthermore, the study conducts additional analyses on the relationship between pay dispersion and company performance within sub-samples. The results demonstrate that the relationship between pay dispersion and TFP transitions from a U-shaped pattern to an inverted U-shaped pattern as company size increases. The inverted U-shaped relationship between wage disparity and ROA does not vary significantly across industries, human capital, or company size. The inverted U-shaped relationship between wage disparity and Tobin′s Q exists only in the electronics industry or companies with low levels of human capital. Additionally, this relationship between wage disparity and Tobin′s Q also transitions from a U-shaped pattern to an inverted U-shaped pattern as company size expands.
