메뉴 건너뛰기




Volumn 20, Issue 6, 2012, Pages 575-592

CEO Compensation and Corporate Governance in China

Author keywords

CEO Pay; China; Corporate Governance; Wage Dynamics

Indexed keywords


EID: 84868583269     PISSN: 09648410     EISSN: 14678683     Source Type: Journal    
DOI: 10.1111/j.1467-8683.2012.00935.x     Document Type: Article
Times cited : (155)

References (66)
  • 3
    • 84881844837 scopus 로고
    • Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations
    • Arellano, M. & Bond, S. 1991. Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. Review of Economic Studies, 58: 277-297.
    • (1991) Review of Economic Studies , vol.58 , pp. 277-297
    • Arellano, M.1    Bond, S.2
  • 4
    • 58149364940 scopus 로고
    • Another look at the instrumental variable estimation of error-components models
    • Arellano, M. & Bover, O. 1995. Another look at the instrumental variable estimation of error-components models. Journal of Econometrics, 68: 29-51.
    • (1995) Journal of Econometrics , vol.68 , pp. 29-51
    • Arellano, M.1    Bover, O.2
  • 5
    • 24344434219 scopus 로고    scopus 로고
    • Incentives for CEOs with multitasks: Evidence from Chinese state-owned enterprises
    • Bai, C. E. & Xu, L. 2005. Incentives for CEOs with multitasks: Evidence from Chinese state-owned enterprises. Journal of Comparative Economics, 33: 517-539.
    • (2005) Journal of Comparative Economics , vol.33 , pp. 517-539
    • Bai, C.E.1    Xu, L.2
  • 7
    • 79960948624 scopus 로고
    • Managerial incentives, monitoring, and risk bearing: A study of executive compensation, ownership, and board structure in initial public offerings
    • Beatty, R. & Zajac, E. 1994. Managerial incentives, monitoring, and risk bearing: A study of executive compensation, ownership, and board structure in initial public offerings. Administrative Science Quarterly, 39: 313-336.
    • (1994) Administrative Science Quarterly , vol.39 , pp. 313-336
    • Beatty, R.1    Zajac, E.2
  • 9
    • 84868552841 scopus 로고    scopus 로고
    • The nontradable share reform in the Chinese stock market. FEEM Working Paper No. 131.06. Social Science Research Network. Available at SSRN
    • Beltratti, A. & Bortolotti, B. 2007. The nontradable share reform in the Chinese stock market. FEEM Working Paper No. 131.06. Social Science Research Network. Available at SSRN: http://ssrn.com/abstract=944412.
    • (2007)
    • Beltratti, A.1    Bortolotti, B.2
  • 11
    • 77951457327 scopus 로고    scopus 로고
    • Why do management practices differ across firms and countries?
    • Bloom, N. & Van Reenen, J. 2010. Why do management practices differ across firms and countries? Journal of Economic Perspective, 24: 203-224.
    • (2010) Journal of Economic Perspective , vol.24 , pp. 203-224
    • Bloom, N.1    Van Reenen, J.2
  • 12
    • 0001438979 scopus 로고    scopus 로고
    • Initial conditions and moment restrictions in dynamic panel data models
    • Blundell, R. & Bond, S. 1998. Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics, 87: 115-143.
    • (1998) Journal of Econometrics , vol.87 , pp. 115-143
    • Blundell, R.1    Bond, S.2
  • 13
    • 84989082201 scopus 로고
    • Board control and CEO compensation
    • Boyd, B. 1994. Board control and CEO compensation. Strategic Management Journal, 15: 335-344.
    • (1994) Strategic Management Journal , vol.15 , pp. 335-344
    • Boyd, B.1
  • 15
    • 80051569245 scopus 로고    scopus 로고
    • Eat, drink, firms, government: An investigation of corruption from the entertainment and travel costs of Chinese firms
    • Cai, H., Fang, H., & Xu, L. 2011. Eat, drink, firms, government: An investigation of corruption from the entertainment and travel costs of Chinese firms. Journal of Law and Economics, 54: 55-78.
    • (2011) Journal of Law and Economics , vol.54 , pp. 55-78
    • Cai, H.1    Fang, H.2    Xu, L.3
  • 17
    • 79960953422 scopus 로고    scopus 로고
    • Managerial power theory, tournament theory and executive pay in China
    • Chen, J., Ezzamel, M., & Cai, Z. 2011. Managerial power theory, tournament theory and executive pay in China. Journal of Corporate Finance, 4: 1176-1199.
    • (2011) Journal of Corporate Finance , vol.4 , pp. 1176-1199
    • Chen, J.1    Ezzamel, M.2    Cai, Z.3
  • 18
    • 77952576756 scopus 로고    scopus 로고
    • The effect of insider control and global benchmarks on Chinese executive compensation
    • Chen, J., Liu, X., & Li, W. 2010. The effect of insider control and global benchmarks on Chinese executive compensation. Corporate Governance: An International Review, 18: 107-123.
    • (2010) Corporate Governance: An International Review , vol.18 , pp. 107-123
    • Chen, J.1    Liu, X.2    Li, W.3
  • 19
    • 84902473886 scopus 로고    scopus 로고
    • The executive compensation controversy: A transatlantic analysis
    • T. Boeri, C. Lucifora, & K. Murphy (Eds.), London: Oxford University Press. Forthcoming
    • Conyon, M., Fernandes, N., Ferreira, M. A., Pedro, M., & Murphy, K. J. 2012. The executive compensation controversy: A transatlantic analysis. In T. Boeri, C. Lucifora, & K. Murphy (Eds.), Productivity, profits and pay. London: Oxford University Press. Forthcoming.
    • (2012) Productivity, profits and pay
    • Conyon, M.1    Fernandes, N.2    Ferreira, M.A.3    Pedro, M.4    Murphy, K.J.5
  • 20
    • 79960950692 scopus 로고    scopus 로고
    • Executive compensation and corporate governance in China
    • Conyon, M. & He, L. 2011. Executive compensation and corporate governance in China. Journal of Corporate Finance, 4: 1158-1175.
    • (2011) Journal of Corporate Finance , vol.4 , pp. 1158-1175
    • Conyon, M.1    He, L.2
  • 21
    • 84974630058 scopus 로고    scopus 로고
    • CEO turnover in China: The role of market-based and accounting performance measures
    • Ifirst:
    • Conyon, M. & He, L. 2012. CEO turnover in China: The role of market-based and accounting performance measures. European Journal of Finance, Ifirst: 1-24.
    • (2012) European Journal of Finance , pp. 1-24
    • Conyon, M.1    He, L.2
  • 22
    • 0032220381 scopus 로고    scopus 로고
    • Board control, remuneration committees, and top management compensation
    • Conyon, M. & Peck, S. 1998. Board control, remuneration committees, and top management compensation. Academy of Management Journal, 41: 146-157.
    • (1998) Academy of Management Journal , vol.41 , pp. 146-157
    • Conyon, M.1    Peck, S.2
  • 24
    • 0032260564 scopus 로고    scopus 로고
    • Directors' pay and turnover: An application to a sample of large UK firms
    • Conyon, M. J. 1998. Directors' pay and turnover: An application to a sample of large UK firms. Oxford Bulletin of Economics and Statistics, 60: 485-507.
    • (1998) Oxford Bulletin of Economics and Statistics , vol.60 , pp. 485-507
    • Conyon, M.J.1
  • 25
    • 0001650996 scopus 로고    scopus 로고
    • Corporate governance, chief executive officer compensation and firm performance
    • Core, J., Holthausen, R., & Larcker, D. 1999. Corporate governance, chief executive officer compensation and firm performance. Journal of Financial Economics, 51: 371-406.
    • (1999) Journal of Financial Economics , vol.51 , pp. 371-406
    • Core, J.1    Holthausen, R.2    Larcker, D.3
  • 26
    • 0001245231 scopus 로고    scopus 로고
    • The use of equity grants to manage optimal equity incentive levels
    • Core, J. E. & Guay, W. R. 1999. The use of equity grants to manage optimal equity incentive levels. Journal of Accounting and Economics, 28: 151-184.
    • (1999) Journal of Accounting and Economics , vol.28 , pp. 151-184
    • Core, J.E.1    Guay, W.R.2
  • 27
    • 36348957812 scopus 로고    scopus 로고
    • Executive compensation: A multidisciplinary review of recent developments
    • Devers, C. E., Cannella, A., Reilly, G. P., & Yoder, M. E. 2007. Executive compensation: A multidisciplinary review of recent developments. Journal of Management, 33: 1016-1072.
    • (2007) Journal of Management , vol.33 , pp. 1016-1072
    • Devers, C.E.1    Cannella, A.2    Reilly, G.P.3    Yoder, M.E.4
  • 28
    • 77958500321 scopus 로고    scopus 로고
    • Executive compensation, supervisory board, and China's governance reform: A legal approach perspective
    • Ding, S., Wu, Z., Li, Y., & Jia, C. 2010. Executive compensation, supervisory board, and China's governance reform: A legal approach perspective. Review of Quantitative Finance and Accounting, 35: 445-471.
    • (2010) Review of Quantitative Finance and Accounting , vol.35 , pp. 445-471
    • Ding, S.1    Wu, Z.2    Li, Y.3    Jia, C.4
  • 29
    • 0001336426 scopus 로고
    • Agency theory: An assessment and review
    • Eisenhardt, K. 1989. Agency theory: An assessment and review. Academy of Management Review, 14: 57-74.
    • (1989) Academy of Management Review , vol.14 , pp. 57-74
    • Eisenhardt, K.1
  • 32
    • 33646803837 scopus 로고    scopus 로고
    • Corporate performance and CEO compensation in China
    • Firth, M., Fung, P., & Rui, O. 2006. Corporate performance and CEO compensation in China. Journal of Corporate Finance, 13: 693-714.
    • (2006) Journal of Corporate Finance , vol.13 , pp. 693-714
    • Firth, M.1    Fung, P.2    Rui, O.3
  • 33
    • 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. 2007. How ownership and corporate governance influence chief executive pay in China's listed firms. Journal of Business Research, 60: 776-785.
    • (2007) Journal of Business Research , vol.60 , pp. 776-785
    • Firth, M.1    Fung, P.2    Rui, O.3
  • 34
    • 78049287621 scopus 로고    scopus 로고
    • Justifying top management pay in a transitional economy
    • Firth, M., Leung, T., & Rui, O. 2010. Justifying top management pay in a transitional economy. Journal of Empirical Finance, 17: 852-866.
    • (2010) Journal of Empirical Finance , vol.17 , pp. 852-866
    • Firth, M.1    Leung, T.2    Rui, O.3
  • 35
    • 0039723342 scopus 로고    scopus 로고
    • A theory of wage and promotion dynamics inside firms
    • Gibbons, R. & Waldman, M. 1999. A theory of wage and promotion dynamics inside firms. The Quarterly Journal of Economics, 114: 1321-1358.
    • (1999) The Quarterly Journal of Economics , vol.114 , pp. 1321-1358
    • Gibbons, R.1    Waldman, M.2
  • 39
    • 0000139691 scopus 로고
    • Moral hazard and observability
    • Holmstrom, B. 1979. Moral hazard and observability. Bell Journal of Economics, 10: 74-91.
    • (1979) Bell Journal of Economics , vol.10 , pp. 74-91
    • Holmstrom, B.1
  • 40
    • 4243442002 scopus 로고    scopus 로고
    • Managerial incentive problems: A dynamic perspective
    • Holmstrom, B. 1999. Managerial incentive problems: A dynamic perspective. Review of Economic Studies, 66: 169-182.
    • (1999) Review of Economic Studies , vol.66 , pp. 169-182
    • Holmstrom, B.1
  • 41
    • 0002430504 scopus 로고
    • Multitask principal-agent analyses: Incentive contracts, asset ownership and job design
    • Holmstrom, B. & Milgrom, P. 1991. Multitask principal-agent analyses: Incentive contracts, asset ownership and job design. Journal of Law, Economics and Organization, 7: 24-52.
    • (1991) Journal of Law, Economics and Organization , vol.7 , pp. 24-52
    • Holmstrom, B.1    Milgrom, P.2
  • 42
    • 44649197264 scopus 로고
    • Theory of the firm: Managerial behavior, agency costs and ownership structure
    • Jensen, M. C. & Meckling, W. H. 1976. Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3: 305-360.
    • (1976) Journal of Financial Economics , vol.3 , pp. 305-360
    • Jensen, M.C.1    Meckling, W.H.2
  • 43
    • 84936016411 scopus 로고
    • Performance pay and top-management incentives
    • Jensen, M. C. & Murphy, K. J. 1990. Performance pay and top-management incentives. Journal of Political Economy, 98: 225-264.
    • (1990) Journal of Political Economy , vol.98 , pp. 225-264
    • Jensen, M.C.1    Murphy, K.J.2
  • 44
    • 0041013329 scopus 로고
    • The distribution of power among corporate managers, shareholders, and directors
    • Jensen, M. C. & Warner, J. B. 1988. The distribution of power among corporate managers, shareholders, and directors. Journal of Financial Economics, 20: 3-24.
    • (1988) Journal of Financial Economics , vol.20 , pp. 3-24
    • Jensen, M.C.1    Warner, J.B.2
  • 46
    • 33746500915 scopus 로고    scopus 로고
    • Executive compensation, firm performance, and corporate governance in China: Evidence from firms listed in the Shanghai and Shenzhen Stock Exchanges
    • Kato, T. K. & Long, C. X. 2006. Executive compensation, firm performance, and corporate governance in China: Evidence from firms listed in the Shanghai and Shenzhen Stock Exchanges. Economic Development and Cultural Change, 54: 945-983.
    • (2006) Economic Development and Cultural Change , vol.54 , pp. 945-983
    • Kato, T.K.1    Long, C.X.2
  • 49
    • 5644244409 scopus 로고    scopus 로고
    • Agency theory and executive compensation: The case of Chinese state-owned enterprises
    • Mengistae, T. & Xu, L. C. 2004. Agency theory and executive compensation: The case of Chinese state-owned enterprises. Journal of Labor Economics, 22: 615-637.
    • (2004) Journal of Labor Economics , vol.22 , pp. 615-637
    • Mengistae, T.1    Xu, L.C.2
  • 50
    • 84861802670 scopus 로고
    • The optimal structure of incentives and authority within an organization
    • Mirrlees, J. A. 1976. The optimal structure of incentives and authority within an organization. Bell Journal of Economics, 7: 105-131.
    • (1976) Bell Journal of Economics , vol.7 , pp. 105-131
    • Mirrlees, J.A.1
  • 51
    • 0001373089 scopus 로고    scopus 로고
    • The information content of stock markets: Why do emerging markets have synchronous stock price movements?
    • Morck, R., Yeung, B., & Yu, W. 2000. The information content of stock markets: Why do emerging markets have synchronous stock price movements? Journal of Financial Economics, 58: 215-260.
    • (2000) Journal of Financial Economics , vol.58 , pp. 215-260
    • Morck, R.1    Yeung, B.2    Yu, W.3
  • 52
    • 0041412312 scopus 로고
    • Corporate performance and managerial remuneration: An empirical analysis
    • Murphy, K. J. 1985. Corporate performance and managerial remuneration: An empirical analysis. Journal of Accounting and Economics, 7: 11-42.
    • (1985) Journal of Accounting and Economics , vol.7 , pp. 11-42
    • Murphy, K.J.1
  • 53
    • 77951519785 scopus 로고    scopus 로고
    • Executive compensation
    • O. Ashenfelter & D. Card (Eds.) North Holland: Elsevier Science
    • Murphy, K. J. 1999. Executive compensation. In O. Ashenfelter & D. Card (Eds.), Handbook of labor economics, Vol. 3b: 2485-2563. North Holland: Elsevier Science.
    • (1999) Handbook of labor economics , vol.3 B , pp. 2485-2563
    • Murphy, K.J.1
  • 54
    • 0000604269 scopus 로고
    • Biases in dynamic models with fixed effects
    • Nickell, S. 1981. Biases in dynamic models with fixed effects. Econometrica, 49: 1417-1426.
    • (1981) Econometrica , vol.49 , pp. 1417-1426
    • Nickell, S.1
  • 55
    • 0001663442 scopus 로고
    • Labor as a quasi-fixed factor
    • Oi, W. Y. 1962. Labor as a quasi-fixed factor. Journal of Political Economy, 70: 538-555.
    • (1962) Journal of Political Economy , vol.70 , pp. 538-555
    • Oi, W.Y.1
  • 56
    • 0037394548 scopus 로고    scopus 로고
    • Institutional transitions and strategic choices
    • Peng, M. 2003. Institutional transitions and strategic choices. Academy of Management Review, 28: 275-296.
    • (2003) Academy of Management Review , vol.28 , pp. 275-296
    • Peng, M.1
  • 57
    • 77957361344 scopus 로고    scopus 로고
    • CEO duality, organizational slack and firm performance in China
    • Peng, M., Li, Y., Xie, Y., & Xu, W. 2010. CEO duality, organizational slack and firm performance in China. Asia Pacific Journal of Management, 27: 611-624.
    • (2010) Asia Pacific Journal of Management , vol.27 , pp. 611-624
    • Peng, M.1    Li, Y.2    Xie, Y.3    Xu, W.4
  • 58
    • 84989072165 scopus 로고
    • CEO duality and organizational performance: A longitudinal analysis
    • Rechner, P. & Dalton, D. 1991. CEO duality and organizational performance: A longitudinal analysis. Strategic Management Journal, 12: 155-160.
    • (1991) Strategic Management Journal , vol.12 , pp. 155-160
    • Rechner, P.1    Dalton, D.2
  • 59
    • 68249135738 scopus 로고    scopus 로고
    • Firm profitability, state ownership, and top management turnover at the listed firms in China: A behavioral perspective
    • Shen, W. & Lin, C. 2009. Firm profitability, state ownership, and top management turnover at the listed firms in China: A behavioral perspective. Corporate Governance: An International Review, 17: 443-456.
    • (2009) Corporate Governance: An International Review , vol.17 , pp. 443-456
    • Shen, W.1    Lin, C.2
  • 61
    • 0036720029 scopus 로고    scopus 로고
    • What makes great boards great?
    • Sept
    • Sonnenfeld, J. 2002. What makes great boards great? Harvard Business Review, Sept: 106-113.
    • (2002) Harvard Business Review , pp. 106-113
    • Sonnenfeld, J.1
  • 62
    • 78651429873 scopus 로고    scopus 로고
    • Controlling shareholders' tunneling and executive compensation: Evidence from China
    • Wang, K. & Xiao, X. 2011. Controlling shareholders' tunneling and executive compensation: Evidence from China. Journal of Accounting and Public Policy, 30: 89-100.
    • (2011) Journal of Accounting and Public Policy , vol.30 , pp. 89-100
    • Wang, K.1    Xiao, X.2
  • 64
    • 78650752601 scopus 로고    scopus 로고
    • Tax enforcement as a corporate governance mechanism: Empirical evidence from China
    • Xu, W., Zeng, Y., & Zhang, J. 2011. Tax enforcement as a corporate governance mechanism: Empirical evidence from China. Corporate Governance: An International Review, 19: 25-40.
    • (2011) Corporate Governance: An International Review , vol.19 , pp. 25-40
    • Xu, W.1    Zeng, Y.2    Zhang, J.3
  • 65
    • 68249138786 scopus 로고    scopus 로고
    • Non-tradable share reform and corporate governance in the Chinese stock market
    • Yeh, Y., Shu, P., Lee, T., & Su, Y. 2009. Non-tradable share reform and corporate governance in the Chinese stock market. Corporate Governance: An International Review, 17: 457-475.
    • (2009) Corporate Governance: An International Review , vol.17 , pp. 457-475
    • Yeh, Y.1    Shu, P.2    Lee, T.3    Su, Y.4
  • 66
    • 0030078208 scopus 로고    scopus 로고
    • Higher market valuation of companies with a small board of directors
    • Yermack, D. 1996. Higher market valuation of companies with a small board of directors. Journal of Financial Economics, 40: 185-211.
    • (1996) Journal of Financial Economics , vol.40 , pp. 185-211
    • Yermack, D.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.