This study explores the impact of pay dispersion between different ranks (TMT vs. Non-TMT group) on firm short-term financial performance with mediation effect of organizational turnover with the light of Tournament theory and Stewardship theory. This relationship is also examined with the moderating effect of firm control type which is categorized into family firms vs. non-family firms. We used a firm level data set of 1398 samples collected from TEJ database (from 2018 to 2020) to test the proposed model. The results showed that vertical dispersion (2018) negatively impacts organizational turnover (2019) and consequently improve firm financial performance (2020). In addition, the indirect effect (vertical dispersion-organizational turnover-financial performance) is pronounced in family firms rather than in non-family counterparts.
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