The new model introduces team discretion into traditional model,and proposes expected utility maximization function of team efficiency,and adopts Non-linear Programming method to analyze the relationship among team discretion,team pay dispersion and team efficiency.

Based on managerial power approach,managerial discretion is introduced into the study of top management pay gap s decisive mechanism and its effect on firm performance.

Managerial Power,Compensation Gap and Performance;

As animportant part of the Compensation structure,the Compensation gap in top management team has an important impact on firm performance.

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

This paper analyzes the relationship between compensation dispersion and compensation systems.

The design of Intra-firm compensation dispersion is an important activity in compensation management.

TMT Pay Gap,Firm Performance and Corporate Governance;

Using the panel data of Chinese listed firms during 2001-2005,this paper makes an empirical test on the relationship among top executives′ pay gap,coordination needs and diversification strategies.

But existing studies seldom focused on the pay gap in the top management team, and none of them considered the endogenetic relationship between top management team s pay gap and performance.