Government controlling ownership and CEO compensation incentives: evidence from China
被引:6
作者:
Hui, Zhiyang
论文数: 0引用数: 0
h-index: 0
机构:
Chongqing Technol & Business Univ, Sch Finance, Chongqing, Peoples R ChinaChongqing Technol & Business Univ, Sch Finance, Chongqing, Peoples R China
Hui, Zhiyang
[1
]
Fang, Hongyan
论文数: 0引用数: 0
h-index: 0
机构:
Shanghai Univ Int Business & Econ, Sch Finance, Shanghai, Peoples R ChinaChongqing Technol & Business Univ, Sch Finance, Chongqing, Peoples R China
Fang, Hongyan
[2
]
机构:
[1] Chongqing Technol & Business Univ, Sch Finance, Chongqing, Peoples R China
[2] Shanghai Univ Int Business & Econ, Sch Finance, Shanghai, Peoples R China
Ceo compensation incentives;
government-controlling ownership;
privatization;
political connection;
MULTIPLE LARGE SHAREHOLDERS;
CORPORATE GOVERNANCE;
EXECUTIVE-COMPENSATION;
POLICY BURDENS;
PRIVATIZATION;
STATE;
PERFORMANCE;
PAY;
INFORMATION;
MARKET;
D O I:
10.1080/00036846.2022.2115973
中图分类号:
F [经济];
学科分类号:
02 ;
摘要:
This paper investigates the relationship between government-controlling ownership and CEO compensation incentives in China, using a comprehensive evaluation of CEO pay-performance sensitivity (PPS). We find that government-controlling ownership weakens CEO PPS, with PPS being around 6 lower for CEOs in state-owned enterprises (SOEs) than CEOs in non-state-owned enterprises (non-SOEs), representing a reduction of around 14% for a CEO with the average level of PPS. The results sustain after using privatization as the experiment setting wherein firms' ultimate controllers changed from government owners to private owners. Moreover, the negative influence of government controlling ownership on CEO compensation incentives is more prominent in SOEs with a higher level of government ownership or a lower hierarchy government as the controller. We also explore the association between CEO incentives and firm performance and find that PPS in SOEs is more important in association with firms' stock performance than non-SOEs. Results in this paper extend studies on the influence of government controlling ownership on CEO compensation incentives, an issue that is caught much attention in the ongoing reform of China's SOEs.
机构:
Sun Yat Sen Univ, Lingnan Coll, Guangzhou 510000, Guangdong, Peoples R ChinaSun Yat Sen Univ, Lingnan Coll, Guangzhou 510000, Guangdong, Peoples R China
Cao, Xiaping
;
Lemmon, Michael
论文数: 0引用数: 0
h-index: 0
机构:
BlackRock, San Francisco, CA 94102 USASun Yat Sen Univ, Lingnan Coll, Guangzhou 510000, Guangdong, Peoples R China
Lemmon, Michael
;
Pan, Xiaofei
论文数: 0引用数: 0
h-index: 0
机构:
Univ Wollongong, Wollongong, NSW 2500, AustraliaSun Yat Sen Univ, Lingnan Coll, Guangzhou 510000, Guangdong, Peoples R China
Pan, Xiaofei
;
Qian, Meijun
论文数: 0引用数: 0
h-index: 0
机构:
Australian Natl Univ, Res Sch Finance Actuarial Studies & Stat, Canberra, ACT 2601, AustraliaSun Yat Sen Univ, Lingnan Coll, Guangzhou 510000, Guangdong, Peoples R China
机构:
Queens Univ, Smith Sch Business, 143 Union St West, Kingston, ON K7L 2P3, Canada
HEC Montreal, 3000 Chemin Cote St Catherine, Montreal, PQ H3T 2A7, CanadaQueens Univ, Smith Sch Business, 143 Union St West, Kingston, ON K7L 2P3, Canada
Chaigneau, Pierre
;
Edmans, Alex
论文数: 0引用数: 0
h-index: 0
机构:
London Business Sch, Regents Pk, London NW1 4SA, England
Ctr Econ Policy Res, London EC1V 0DX, England
European Corp Governance Inst, Rue Ducale 1, B-1000 Brussels, BelgiumQueens Univ, Smith Sch Business, 143 Union St West, Kingston, ON K7L 2P3, Canada
Edmans, Alex
;
Gottlieb, Daniel
论文数: 0引用数: 0
h-index: 0
机构:
Washington Univ, Olin Business Sch, Campus Box 1133,One Brookings Dr, St Louis, MO 63130 USAQueens Univ, Smith Sch Business, 143 Union St West, Kingston, ON K7L 2P3, Canada
机构:
Shanghai Jiao Tong Univ, Antai Sch Management, Shanghai, Peoples R ChinaShanghai Jiao Tong Univ, Antai Sch Management, Shanghai, Peoples R China
Chen, Gongmeng
;
Firth, Michael
论文数: 0引用数: 0
h-index: 0
机构:
Lingnan Univ, Dept Finance & Insurance, Tuen Mun, Hong Kong, Peoples R ChinaShanghai Jiao Tong Univ, Antai Sch Management, Shanghai, Peoples R China
Firth, Michael
;
Xin, Yu
论文数: 0引用数: 0
h-index: 0
机构:
Sun Yat Sen Zhongshan Univ, Sch Business, Guangzhou, Peoples R ChinaShanghai Jiao Tong Univ, Antai Sch Management, Shanghai, Peoples R China
Xin, Yu
;
Xu, Liping
论文数: 0引用数: 0
h-index: 0
机构:
Sun Yat Sen Zhongshan Univ, Sch Business, Guangzhou, Peoples R ChinaShanghai Jiao Tong Univ, Antai Sch Management, Shanghai, Peoples R China
机构:
Sun Yat Sen Univ, Lingnan Coll, Guangzhou 510000, Guangdong, Peoples R ChinaSun Yat Sen Univ, Lingnan Coll, Guangzhou 510000, Guangdong, Peoples R China
Cao, Xiaping
;
Lemmon, Michael
论文数: 0引用数: 0
h-index: 0
机构:
BlackRock, San Francisco, CA 94102 USASun Yat Sen Univ, Lingnan Coll, Guangzhou 510000, Guangdong, Peoples R China
Lemmon, Michael
;
Pan, Xiaofei
论文数: 0引用数: 0
h-index: 0
机构:
Univ Wollongong, Wollongong, NSW 2500, AustraliaSun Yat Sen Univ, Lingnan Coll, Guangzhou 510000, Guangdong, Peoples R China
Pan, Xiaofei
;
Qian, Meijun
论文数: 0引用数: 0
h-index: 0
机构:
Australian Natl Univ, Res Sch Finance Actuarial Studies & Stat, Canberra, ACT 2601, AustraliaSun Yat Sen Univ, Lingnan Coll, Guangzhou 510000, Guangdong, Peoples R China
机构:
Queens Univ, Smith Sch Business, 143 Union St West, Kingston, ON K7L 2P3, Canada
HEC Montreal, 3000 Chemin Cote St Catherine, Montreal, PQ H3T 2A7, CanadaQueens Univ, Smith Sch Business, 143 Union St West, Kingston, ON K7L 2P3, Canada
Chaigneau, Pierre
;
Edmans, Alex
论文数: 0引用数: 0
h-index: 0
机构:
London Business Sch, Regents Pk, London NW1 4SA, England
Ctr Econ Policy Res, London EC1V 0DX, England
European Corp Governance Inst, Rue Ducale 1, B-1000 Brussels, BelgiumQueens Univ, Smith Sch Business, 143 Union St West, Kingston, ON K7L 2P3, Canada
Edmans, Alex
;
Gottlieb, Daniel
论文数: 0引用数: 0
h-index: 0
机构:
Washington Univ, Olin Business Sch, Campus Box 1133,One Brookings Dr, St Louis, MO 63130 USAQueens Univ, Smith Sch Business, 143 Union St West, Kingston, ON K7L 2P3, Canada
机构:
Shanghai Jiao Tong Univ, Antai Sch Management, Shanghai, Peoples R ChinaShanghai Jiao Tong Univ, Antai Sch Management, Shanghai, Peoples R China
Chen, Gongmeng
;
Firth, Michael
论文数: 0引用数: 0
h-index: 0
机构:
Lingnan Univ, Dept Finance & Insurance, Tuen Mun, Hong Kong, Peoples R ChinaShanghai Jiao Tong Univ, Antai Sch Management, Shanghai, Peoples R China
Firth, Michael
;
Xin, Yu
论文数: 0引用数: 0
h-index: 0
机构:
Sun Yat Sen Zhongshan Univ, Sch Business, Guangzhou, Peoples R ChinaShanghai Jiao Tong Univ, Antai Sch Management, Shanghai, Peoples R China
Xin, Yu
;
Xu, Liping
论文数: 0引用数: 0
h-index: 0
机构:
Sun Yat Sen Zhongshan Univ, Sch Business, Guangzhou, Peoples R ChinaShanghai Jiao Tong Univ, Antai Sch Management, Shanghai, Peoples R China