**5. Empirical Results and Analysis**

*5.1. Descriptive Statistical Analysis*

Table 4 illustrates the descriptive statistical results of related variables. The average value of OverPay is −0.006, which indicates that C-suite excessive compensation has been restrained to a certain extent in recent years. The median and average values of OverPay are both negative, indicating that most executives relinquish overpayment, yet the maximum value is 1.505, which is still high. The standard deviation of UnPerks is 0.023, which indicates that C-suite excessive on-the-job consumption in different enterprises is not divergent, and some executives still have high on-the-job consumption. The mean value of EPU is 5.229, with the standard deviation of 0.537, showing that the uncertainty of China's economic policy is still high, and the economic fundamentals are still volatile. The average value of Perks is 374.1991, which is much larger than the average value of Pay. The standard deviations of these two variables are relatively larger than other variables presented in the table, which indicates that the salary and consumption of managers varies greatly across different companies. The above results are in line with the fact that the managers in China, particularly managers in SOEs, are more likely to receive lower monetary compensation. With weak monitor mechanisms, managers in China are more likely to use on-the-job consumption to gain self-interest. Meanwhile, the standard deviation of corporate scale is 1.287, indicating quite different enterprise sizes.

**Table 4.** Descriptive statistical analysis.



**Table 4.** *Cont.*
