本研究結果具備高度的管理實務價值，強調企業在規劃薪酬制度時，不應盲目追求薪酬槓桿，而應考量企業規模、產業特性及內外部環境，採取差異化的激勵策略。透過精準的薪資差距，企業方能在維持高階人才激勵效能的同時，兼顧內部公平感與組織長期穩定性。最後，本研究建議後續研究可進一步納入細緻的薪酬結構資料（如員工認股權、長期激勵獎金），以深化薪酬治理策略之制定。;Using a sample of Taiwan’s listed manufacturing companies from 2015 to 2024， this study investigates the impact of the vertical wage gap between top executives and non-executive employees on corporate performance. While prior literature offers conflicting theoretical perspectives regarding the wage gap—namely， the "incentive" view versus the "perceived unfairness" view—this study employs empirical analysis to clarify the trade-offs between these two theories within the context of the Taiwanese manufacturing sector.
The empirical results reveal a significant "inverted U-shaped" non-linear relationship between the wage gap and corporate market value (Tobin’s Q)， recurring earnings per share (recurring EPS)， return on equity (ROE)， and operating profit margin (OPM). This confirms that while a moderate wage gap enhances tournament mechanisms to incentivize corporate operational performance， expanding the gap beyond the inflection point triggers internal feelings of unfairness， thereby generating negative effects among ordinary employees. Furthermore， by introducing the 2020 COVID-19 pandemic as an external shock， this study finds that the corporate wage incentive structure underwent a structural shift during the crisis. In addition， a comparison between the electronic and non-electronic sectors indicates that the electronics industry， characterized by high technology intensity and fierce talent competition， exhibits greater adaptability to wider wage gaps. Conversely， non-electronic industries are highly sensitive to wage inequality， making their incentive effects more vulnerable to reversals driven by a sense of unfairness.
The findings of this study offer substantial managerial value， emphasizing that when designing compensation systems， companies should not blindly pursue executive pay leverage. Instead， they must implement differentiated incentive strategies that account for firm size， industry characteristics， and internal and external conditions. By precisely calibrating the wage gap， enterprises can successfully maintain the incentive efficacy for core talents while simultaneously balancing internal fairness and long-term organizational stability. Finally， this study suggests that future research incorporate more granular compensation data， such as employee stock options and long-term incentive bonuses， to further refine the formulation of corporate compensation governance strategies.
