Efectos de la dispersión retributiva en los resultados de las empresas cotizadas Epañolas : evidencia sobre el modelo del torneo

Literature has tried to report whether high compensation differences between executives are linked to better firm performance. This study, based on tournament theory arguments, has attempted to provide new evidences in this line of research, using a sample of 120 Spanish listed firms. Results, taking into account convex shape in the dispersion-performance relationships reported by Brown et al. (2003) and the characteristics of executive job -high hierarchy level, moderate interdependence, and high complexity-, indicate a positive, although moderated, relationships between executive pay dispersion and firm performance. -- executive pay dispersion ; tournament theory ; firm performance ; moderating factors