Abstract The objective of this study is to examine whether and how non-financial performances, specifically the awards achieved by the corporates, are associated with the distribution of the compensation of the managers and other employees within the corporations. Through an investigation of the correlation between corporate awards and compensation, we find that corporate awards as collective honors raise managers’ compensation but significantly reduce non-managerial compensation, thus widening the pay gap within the company. Our empirical evidence also shows that these correlations are more significant in state-owned enterprises than non-state-owned enterprises. In addition, our evidence reveals that although corporate awards increase the stickiness of managers’ compensation but not that of other employees, the corporate awards can still stimulate better financial performance and market value by motivating both managers and other employees. Our empirical evidence implies that because only managers are responsible for and evaluated by comprehensive corporate performance, the issues of fairness and efficiency are not raised when the economic benefits provided by corporate awards are unequally shared.

中文翻译：

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经济荣誉分享：平等还是排他？

摘要这项研究的目的是研究非财务绩效，特别是企业所获得的奖励，是否与企业管理人员和其他雇员的报酬分配有关，以及如何与之相关。通过对公司奖励与薪酬之间相关性的调查，我们发现作为集体荣誉的公司奖励提高了经理人的薪酬，但大大减少了非管理人员薪酬，从而拉大了公司内部的薪酬差距。我们的经验证据还表明，与非国有企业相比，国有企业中的这些相关性更为显着。此外，我们的证据表明，尽管公司奖励会增加经理人员薪酬的粘性，但不会增加其他员工的粘性，公司奖励仍然可以通过激励经理和其他员工来刺激更好的财务业绩和市场价值。我们的经验证据表明，由于只有管理人员负责全面的公司绩效并由其评估，因此，当公司奖励提供的经济利益分配不均时，就不会提出公平和效率问题。