摘要：The purpose of this study is to explore the rent creation and appropriation at the top of a firm. Based on the rent creation and appropriation perspectives, this study of the chief executive officer’s (CEO’s) managerial capabilities, capital and social capital, on firm performance and CEO social embeddedness aspect, this study argues that the top management team’s (TMT’s) social capital magnifies CEO’s managerial capabilities w those related to rent appropriation. In other words, this study expects that TMT’s social capital strengthens the positive relationship between CEO managerial capabilities and firm performance, while it weakens the positive relationship between those of the CEO and CEO’s total compensation. The results show that TMT’s social capital is as a moderator in the CEO’s rent-creation process. However, the results did not find that TMT’s social capital can hamper the CEO’s rent-appropriation ability.
关键词：Managerial Value Creation; Managerial Value Appropriation; Top Management;Team’s Social Capital; Firm Performance; CEO Total Compensation
