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Top Executives′Pay Gap,Risk and Companies Performance——An Empirical Study Under the Tournament Theory

LU Hai-fan(Guangdong University of Foreign Studies,Guangzhou,Guangdong,510006,China)  
Using the panel data of Chinese listed firms during 2001~2009,this paper makes an empirical test on the relationship between risk and future top executives′pay gap and the incentive effect of top executives′pay gap under risk.The results show that risk level has positive relation with top executives′future pay gap,which means when facing high risk level companies will raise top executives′future pay gap.But when risk rise from very low to very high,the rising of top executives′pay gap will decrease companies' performance in the first stage then improve it in the second stage.
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