本研究採用高層理論的角度來審查高階經營團隊之長期薪酬、冒險傾向，與公司績效之間的關聯性，並且探索環境動態性及豐富性對於高階經營團隊之冒險傾向和企業績效之間的調節作用。針對臺灣高階經營團隊大量取樣的結果顯示：高階經營團隊之薪酬對於公司績效有正面影響，其中高階經營團隊之冒險傾向扮演著直接和間接的調解者關係。此外，這項研究報告顯示：環境動態性對於高階經營團隊之冒險傾向及企業績效有負面調節作用。此研究對於高層理論有所貢獻，因為其結合了高階經營團隊之長期薪酬、心理特性和公司在不同環境下展現的財務績效！

This research employs the upper-echelons perspective to examine the associations between TMT long-term compensation, TMT risk propensity, and firm performance. The moderating effects of environmental dynamism and munificence on the relationship between TMT risk propensity and firm performance are explored as well. Research results based on a large sample collected from top management team (TMT) members in Taiwan show that TMT long-term compensation indeed produces positive effects on firm performance, both directly and indirectly, through the mediation of TMT risk propensity. Moreover, environmental dynamism reveals a negative moderating effect. The study contributes to the upper-echelons perspective by an integrated consideration of TMT compensation, TMT psychological property and their implications for firm financial performance within the broad contexts of business environments.

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