메뉴 건너뛰기




Volumn 17, Issue 5, 2010, Pages 852-866

Justifying top management pay in a transitional economy

Author keywords

China; Executive pay; Performance sensitivities and elasticities; Perquisites; Relative compensation

Indexed keywords


EID: 78049287621     PISSN: 09275398     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jempfin.2010.06.002     Document Type: Article
Times cited : (49)

References (50)
  • 2
    • 33748763876 scopus 로고    scopus 로고
    • Pay without performance: overview of the issues
    • Bebchuk L.A., Fried J.M. Pay without performance: overview of the issues. Acad. Manage. Perspect. 2006, 20:5-24.
    • (2006) Acad. Manage. Perspect. , vol.20 , pp. 5-24
    • Bebchuk, L.A.1    Fried, J.M.2
  • 4
    • 0033248830 scopus 로고    scopus 로고
    • The performance effects of pay dispersion on individuals and organizations
    • Bloom M. The performance effects of pay dispersion on individuals and organizations. Acad. Manage. J. 1999, 42:25-40.
    • (1999) Acad. Manage. J. , vol.42 , pp. 25-40
    • Bloom, M.1
  • 5
    • 0035632403 scopus 로고    scopus 로고
    • Corporate tournaments
    • Bognanno M.L. Corporate tournaments. J. Labor Econ. 2001, 19:290-315.
    • (2001) J. Labor Econ. , vol.19 , pp. 290-315
    • Bognanno, M.L.1
  • 6
    • 32244437333 scopus 로고    scopus 로고
    • Have China's enterprise reforms led to improved efficiency and profitability?
    • Chen G.M., Firth M., Rui O.M. Have China's enterprise reforms led to improved efficiency and profitability?. Emerg. Mark. Rev. 2006, 7:82-109.
    • (2006) Emerg. Mark. Rev. , vol.7 , pp. 82-109
    • Chen, G.M.1    Firth, M.2    Rui, O.M.3
  • 7
    • 33645857955 scopus 로고    scopus 로고
    • Ownership structure, corporate governance, and fraud: evidence from China
    • Chen G.M., Firth M., Gao D.N., Rui O.M. Ownership structure, corporate governance, and fraud: evidence from China. J. Corp. Finance 2006, 12:424-448.
    • (2006) J. Corp. Finance , vol.12 , pp. 424-448
    • Chen, G.M.1    Firth, M.2    Gao, D.N.3    Rui, O.M.4
  • 8
    • 56249123643 scopus 로고    scopus 로고
    • Does the type of ownership control matter? Evidence from China's listed companies
    • Chen G.M., Firth M., Xu L. Does the type of ownership control matter? Evidence from China's listed companies. J. Bank. Finance 2009, 33:171-181.
    • (2009) J. Bank. Finance , vol.33 , pp. 171-181
    • Chen, G.M.1    Firth, M.2    Xu, L.3
  • 9
    • 26844494107 scopus 로고    scopus 로고
    • Ownership concentration and executive compensation in closely held firms: evidence from Hong Kong
    • Cheung Y.L., Stouraitas A., Wong A.W.S. Ownership concentration and executive compensation in closely held firms: evidence from Hong Kong. J. Empirical Finance 2005, 12(4):511-532.
    • (2005) J. Empirical Finance , vol.12 , Issue.4 , pp. 511-532
    • Cheung, Y.L.1    Stouraitas, A.2    Wong, A.W.S.3
  • 10
    • 21244441102 scopus 로고    scopus 로고
    • The prince and the pauper? CEO pay in the United States and the United Kingdom
    • Conyon M.J., Murphy K.J. The prince and the pauper? CEO pay in the United States and the United Kingdom. Econ. J. 2000, 110:640-671.
    • (2000) Econ. J. , vol.110 , pp. 640-671
    • Conyon, M.J.1    Murphy, K.J.2
  • 11
    • 0001650996 scopus 로고    scopus 로고
    • Corporate governance, chief executive compensation and firm performance
    • Core J.E., Holthausen R.H., Larcker D.F. Corporate governance, chief executive compensation and firm performance. J. Financial Econ. 1999, 51:371-406.
    • (1999) J. Financial Econ. , vol.51 , pp. 371-406
    • Core, J.E.1    Holthausen, R.H.2    Larcker, D.F.3
  • 13
    • 0032326449 scopus 로고    scopus 로고
    • Incentives for helping on the job: theory and evidence
    • Drago R., Garvey G. Incentives for helping on the job: theory and evidence. J. Labor Econ. 1998, 16:1-25.
    • (1998) J. Labor Econ. , vol.16 , pp. 1-25
    • Drago, R.1    Garvey, G.2
  • 14
    • 85005220198 scopus 로고
    • The trouble with tournaments
    • Dye R.A. The trouble with tournaments. Econ. Inq. 1984, 22:147-149.
    • (1984) Econ. Inq. , vol.22 , pp. 147-149
    • Dye, R.A.1
  • 16
    • 33646803837 scopus 로고    scopus 로고
    • Corporate performance and CEO compensation in China
    • Firth M., Fung P., Rui O.M. Corporate performance and CEO compensation in China. J. Corp. Finance 2006, 12:693-714.
    • (2006) J. Corp. Finance , vol.12 , pp. 693-714
    • Firth, M.1    Fung, P.2    Rui, O.M.3
  • 17
    • 34248584559 scopus 로고    scopus 로고
    • How ownership and corporate governance influence chief executive pay in China's listed firms
    • Firth M., Fung P., Rui O.M. How ownership and corporate governance influence chief executive pay in China's listed firms. J. Bus. Res. 2007, 60:776-785.
    • (2007) J. Bus. Res. , vol.60 , pp. 776-785
    • Firth, M.1    Fung, P.2    Rui, O.M.3
  • 18
    • 34250828000 scopus 로고    scopus 로고
    • Ownership, two-tier board structure, and the usefulness of earnings - evidence from China
    • Firth M., Fung P., Rui O.M. Ownership, two-tier board structure, and the usefulness of earnings - evidence from China. J. Acc. Public Policy 2007, 26:463-496.
    • (2007) J. Acc. Public Policy , vol.26 , pp. 463-496
    • Firth, M.1    Fung, P.2    Rui, O.M.3
  • 19
    • 42149179178 scopus 로고    scopus 로고
    • Why has CEO pay increased so much?
    • Gabaix X., Landier A. Why has CEO pay increased so much?. Q. J. Econ. 2008, 123:49-100.
    • (2008) Q. J. Econ. , vol.123 , pp. 49-100
    • Gabaix, X.1    Landier, A.2
  • 21
    • 0028195330 scopus 로고
    • Autonomy and incentives in Chinese state enterprises
    • Groves T., Hong Y., McMillan J., Naughton B. Autonomy and incentives in Chinese state enterprises. Q. J. Econ. 1994, 109:873-892.
    • (1994) Q. J. Econ. , vol.109 , pp. 873-892
    • Groves, T.1    Hong, Y.2    McMillan, J.3    Naughton, B.4
  • 22
    • 0035529302 scopus 로고    scopus 로고
    • Top management team coordination needs and the CEO pay gap: a test of the economic and behavioral views
    • Henderson A., Fredrickson J.W. Top management team coordination needs and the CEO pay gap: a test of the economic and behavioral views. Acad. Manage. J. 2001, 44:96-117.
    • (2001) Acad. Manage. J. , vol.44 , pp. 96-117
    • Henderson, A.1    Fredrickson, J.W.2
  • 23
    • 0034402163 scopus 로고    scopus 로고
    • Wage dispersion and productive efficiency: evidence from Sweden
    • Hibbs D., Locking H. Wage dispersion and productive efficiency: evidence from Sweden. J. Labor Econ. 2000, 18:755-782.
    • (2000) J. Labor Econ. , vol.18 , pp. 755-782
    • Hibbs, D.1    Locking, H.2
  • 24
    • 78049298385 scopus 로고    scopus 로고
    • Poor disclosure and elitism: the problems with executive benefits
    • (September/October)
    • Hodgson P. Poor disclosure and elitism: the problems with executive benefits. Ivey Bus. J. 2004, 1-8. (September/October).
    • (2004) Ivey Bus. J. , pp. 1-8
    • Hodgson, P.1
  • 25
    • 84936016411 scopus 로고
    • Performance and top management incentives
    • Jensen M.C., Murphy K.J. Performance and top management incentives. J. Polit. Econ. 1990, 98:225-264.
    • (1990) J. Polit. Econ. , vol.98 , pp. 225-264
    • Jensen, M.C.1    Murphy, K.J.2
  • 26
    • 34247601671 scopus 로고    scopus 로고
    • Intra-firm wage dispersion and firm performance - is there a uniform relationship?
    • Jirjahn U., Kraft K. Intra-firm wage dispersion and firm performance - is there a uniform relationship?. Kyklos 2007, 60:231-253.
    • (2007) Kyklos , vol.60 , pp. 231-253
    • Jirjahn, U.1    Kraft, K.2
  • 29
    • 8744231134 scopus 로고    scopus 로고
    • Intra-firm wage dispersion and firm performance: evidence from linked employer-employee data
    • Lallemand T., Plasman R., Rycx F. Intra-firm wage dispersion and firm performance: evidence from linked employer-employee data. Kyklos 2004, 57:533-558.
    • (2004) Kyklos , vol.57 , pp. 533-558
    • Lallemand, T.1    Plasman, R.2    Rycx, F.3
  • 30
    • 78049278558 scopus 로고    scopus 로고
    • Exec perks: an ugly picture emerges
    • (April 27)
    • Lavelle L., Grover R. Exec perks: an ugly picture emerges. Bus. Week 2005, 1-2. (April 27).
    • (2005) Bus. Week , pp. 1-2
    • Lavelle, L.1    Grover, R.2
  • 31
    • 84936198815 scopus 로고
    • Pay equality and industry politics
    • Lazear E. Pay equality and industry politics. J. Polit. Econ. 1989, 97:561-580.
    • (1989) J. Polit. Econ. , vol.97 , pp. 561-580
    • Lazear, E.1
  • 32
    • 0011618797 scopus 로고
    • Labor economics and the psychology of organizations
    • Lazear E. Labor economics and the psychology of organizations. J. Econ. Perspect. 1991, 5(2):89-110.
    • (1991) J. Econ. Perspect. , vol.5 , Issue.2 , pp. 89-110
    • Lazear, E.1
  • 33
    • 0000801040 scopus 로고
    • Rank-order tournaments as optimum labor contracts
    • Lazear E., Rosen S. Rank-order tournaments as optimum labor contracts. J. Polit. Econ. 1981, 89:841-864.
    • (1981) J. Polit. Econ. , vol.89 , pp. 841-864
    • Lazear, E.1    Rosen, S.2
  • 34
    • 39449094030 scopus 로고    scopus 로고
    • Executive pay dispersion, corporate governance, and firm performance
    • Lee K.W., Lev B., Yeo G.H.H. Executive pay dispersion, corporate governance, and firm performance. Rev. Quant. Finance Acc. 2008, 39:315-338.
    • (2008) Rev. Quant. Finance Acc. , vol.39 , pp. 315-338
    • Lee, K.W.1    Lev, B.2    Yeo, G.H.H.3
  • 35
    • 0001434021 scopus 로고
    • Cohesiveness, productivity and wage dispersion
    • Levine D. Cohesiveness, productivity and wage dispersion. J. Econ. Behav. Org. 1991, 15:237-255.
    • (1991) J. Econ. Behav. Org. , vol.15 , pp. 237-255
    • Levine, D.1
  • 36
    • 17144410278 scopus 로고    scopus 로고
    • The effort effects of prizes in the second half of tournaments
    • Lynch J.G. The effort effects of prizes in the second half of tournaments. J. Econ. Behav. Organ. 2005, 57:115-129.
    • (2005) J. Econ. Behav. Organ. , vol.57 , pp. 115-129
    • Lynch, J.G.1
  • 37
    • 21344481500 scopus 로고
    • Top executive pay: tournament or teamwork?
    • Main B.C., O'Reilly C., Wade J. Top executive pay: tournament or teamwork?. J. Labor Econ. 1993, 11:606-628.
    • (1993) J. Labor Econ. , vol.11 , pp. 606-628
    • Main, B.C.1    O'Reilly, C.2    Wade, J.3
  • 38
    • 5644244409 scopus 로고    scopus 로고
    • Agency theory and executive compensation: the case of Chinese state owned enterprises
    • Mengistae T., Xu L.C. Agency theory and executive compensation: the case of Chinese state owned enterprises. J. Labor Econ. 2004, 22:615-637.
    • (2004) J. Labor Econ. , vol.22 , pp. 615-637
    • Mengistae, T.1    Xu, L.C.2
  • 39
    • 0041412312 scopus 로고
    • Corporate performance and managerial remuneration: an empirical analysis
    • Murphy K.J. Corporate performance and managerial remuneration: an empirical analysis. J. Acc. Econ. 1985, 7:11-42.
    • (1985) J. Acc. Econ. , vol.7 , pp. 11-42
    • Murphy, K.J.1
  • 40
    • 77951519785 scopus 로고    scopus 로고
    • Executive compensation
    • North Holland, Amsterdam, (Chapter 38), O. Ashenfelter, D. Card (Eds.)
    • Murphy K.J. Executive compensation. Handbook of Labor Economics 1999, vol. 3b:2485-2563. North Holland, Amsterdam, (Chapter 38). O. Ashenfelter, D. Card (Eds.).
    • (1999) Handbook of Labor Economics , vol.3 b , pp. 2485-2563
    • Murphy, K.J.1
  • 41
    • 29244445811 scopus 로고    scopus 로고
    • Are perks purely managerial excess?
    • Rajan R., Wulf J. Are perks purely managerial excess?. J. Financ. Econ. 2006, 79:1-33.
    • (2006) J. Financ. Econ. , vol.79 , pp. 1-33
    • Rajan, R.1    Wulf, J.2
  • 46
    • 78049300717 scopus 로고    scopus 로고
    • South China Morning Post, March, (30), SCMP
    • SCMP Anger grows over wealth inequality 2010, South China Morning Post, March, (30).
    • (2010) Anger grows over wealth inequality
  • 47
    • 0000926338 scopus 로고    scopus 로고
    • State versus private ownership
    • Shleifer A. State versus private ownership. J. Econ. Perspect. 1998, 14:133-150.
    • (1998) J. Econ. Perspect. , vol.14 , pp. 133-150
    • Shleifer, A.1
  • 48
    • 22544442200 scopus 로고    scopus 로고
    • Pay disparities within top management groups: evidence of harmful effects on performance of high-technology firms
    • Siegel P.A., Hambrick D.C. Pay disparities within top management groups: evidence of harmful effects on performance of high-technology firms. Organ. Sci. 2005, 16:259-274.
    • (2005) Organ. Sci. , vol.16 , pp. 259-274
    • Siegel, P.A.1    Hambrick, D.C.2
  • 49
    • 78049249165 scopus 로고    scopus 로고
    • Paper presentation at the American Accounting Association Conference, Hawaii
    • Tong D. The state of corporate governance in China 2003, Paper presentation at the American Accounting Association Conference, Hawaii.
    • (2003) The state of corporate governance in China
    • Tong, D.1
  • 50
    • 33746567946 scopus 로고    scopus 로고
    • Flights of fancy: corporate jets, CEO perquisites, and inferior shareholder returns
    • Yermack D. Flights of fancy: corporate jets, CEO perquisites, and inferior shareholder returns. J. Acc. Econ. 2006, 41:237-256.
    • (2006) J. Acc. Econ. , vol.41 , pp. 237-256
    • Yermack, D.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.