Advancing prior research, this study investigates the effect of Chair-CEO diversity on the relationship between executive remuneration and firm performance. Employing a unique sample of 262 UK listed firms from 2009 to 2020, our findings are five-fold. First, our findings suggest that Chair-CEO diversity is negatively associated with executive remuneration levels. Second, we document a positive relationship between Chair-CEO diversity attributes and firm performance. Third, we observe that an increase in executive remuneration appears to improve firm performance. Fourth, we show that the relationship between pay, and performance is moderated/explained largely by Chair-CEO diversity attributes. Finally, we show that the predicted relationships vary across firms which have female as Chair and where female is the CEO. Our findings imply that decisions about board diversity are driven by more than just moral principles; they are also influenced by the costs and benefits that diversity might bring to the firm. Our evidence offers empirical support for upper echelons, homophily and resource dependence theories and have significant regulatory impact.

中文翻译：

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研究董事长兼首席执行官多元化属性如何影响高管薪酬和公司绩效

本研究推进了先前的研究，调查了董事长兼首席执行官的多元化对高管薪酬与公司绩效之间关系的影响。我们采用了 2009 年至 2020 年 262 家英国上市公司的独特样本，得出了五倍的结论。首先，我们的研究结果表明，董事长兼首席执行官的多元化与高管薪酬水平呈负相关。其次，我们记录了董事长兼首席执行官多元化属性与公司绩效之间的正相关关系。第三，我们观察到高管薪酬的增加似乎可以改善公司绩效。第四，我们表明薪酬与绩效之间的关系很大程度上是由董事长兼首席执行官的多样性属性调节/解释的。最后，我们表明，预测的关系在女性担任董事长和女性首席执行官的公司之间有所不同。我们的研究结果表明，有关董事会多元化的决策不仅受道德原则的驱动，而且还受道德原则的影响。他们还受到多元化可能给公司带来的成本和收益的影响。我们的证据为高层理论、同质性理论和资源依赖理论提供了实证支持，并具有重大的监管影响。