本研究探討產業競賽誘因（Industry Tournament Incentives, ITI）與員工滿意度之關聯。產業競賽誘因反映產業內高階主管之間的薪酬差距，代表外部經理人勞動市場所提供之升遷機會與競爭壓力。過去文獻多聚焦於產業競賽誘因對管理者決策、公司治理及財務結果之影響，較少進一步檢驗其是否會透過企業內部管理制度與組織運作，影響員工層級之主觀感受。因此，本研究以 Glassdoor 員工評價資料作為員工滿意度之衡量指標，初步檢驗產業競賽誘因與員工滿意度之關聯。本研究以2023年S&P 500公司名單為基礎樣本，實際取得2021至2023年共1,326筆 Glassdoor 公司—年度觀測值，再與ExecuComp與Compustat資料庫進行整併，並於排除無法形成有效ITI與主要變數、控制變數缺漏之觀測值後，最終樣本為478筆公司—年度觀測值。實證結果顯示，在未納入產業固定效果前，產業競賽誘因與員工滿意度呈現正向且顯著之關聯；然而，當進一步控制產業固定效果與年度固定效果後，該關聯即不再顯著。進一步之穩健性測試顯示，無論改以工作與生活平衡評分作為替代依變數、採用落後一期之產業競賽誘因，或納入非線性效果檢驗，主要結論均大致一致。整體而言，本研究未取得足夠證據支持產業競賽誘因對員工滿意度具有穩健影響，顯示員工滿意度可能更受企業層級之資源條件、獲利能力與創新投入等因素影響。本研究之貢獻在於將產業競賽誘因之研究視角延伸至員工層級，對此議題提供初步且具探索性之實證證據，並展示Glassdoor資料於會計與財務研究中之應用潛力。

This study examines the association between industry tournament incentives (ITI) and employee satisfaction. ITI reflects the compensation gap among top executives within an industry and captures the promotion opportunities and competitive pressure in the external managerial labor market. Prior studies mainly focus on the effects of ITI on managerial decisions, corporate governance, and financial outcomes, while little attention has been paid to whether such external competitive pressure may be transmitted into organizations and affect employees’ subjective perceptions. Accordingly, this study uses Glassdoor employee ratings as a proxy for employee satisfaction and provides an initial test of the relationship between ITI and employee satisfaction. Using the 2023 S&P 500 firm list as the base sample, this study obtains 1,326 firm-year observations from Glassdoor for the period 2021 to 2023, and then merges them with ExecuComp and Compustat data. After excluding observations without valid ITI measures or with missing key variables and controls, the final regression sample consists of 478 firm-year observations. The empirical results show that ITI is positively and significantly associated with employee satisfaction in simplified model specifications. However, after controlling for both industry fixed effects and year fixed effects, the association becomes statistically insignificant. Additional analyses using an alternative dependent variable, lagged ITI, and nonlinear specifications yield broadly consistent results. Overall, this study does not find sufficient evidence to support a robust effect of industry tournament incentives on employee satisfaction, suggesting that employee satisfaction may be more strongly related to firm-level factors such as resource conditions, profitability, and innovation investment. This study contributes to the literature by extending research on industry tournament incentives to the employee level, providing initial and exploratory evidence on this issue, and demonstrating the potential application of Glassdoor data in accounting and finance research.

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