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Top Management Team Coordination Needs,Compensation Dispersion and Firm Performance:A Perspective of Tournament Theory

Zhang Zhengtang  
Based on tournament theory,this paper proposes several hypotheses on the relationship between the compensation dispersion of top management team and firm performance and the moderation of team coordination needs.Using the data of China 264 listed com- panies in recent four years,we found that the relationship between compensation dispersion and firm performance was negative,so this hypothesis was not supported.However,the moderation of team co- ordination needs partly support this theory.The relationship of team coordination needs and compensation dispersion of top management team was also partly supported.The results show that tournament theory is limited to explain the compensation dispersion of top man- agement team in China because of the culture difference,which gives us some implications on the design of management compensation.
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