메뉴 건너뛰기




Volumn 88, Issue 5, 2013, Pages 1547-1574

Are stock option grants to directors of state-controlled Chinese firms listed in Hong Kong genuine compensation?

Author keywords

China; Corporate governance; Shareholder value; State controlled firms; Stock option compensation

Indexed keywords


EID: 84886051018     PISSN: 00014826     EISSN: None     Source Type: Journal    
DOI: 10.2308/accr-50504     Document Type: Article
Times cited : (62)

References (47)
  • 1
    • 44449134601 scopus 로고    scopus 로고
    • Executive stock-based compensation and firms' cash payout: The role of shareholders' tax-related payout preferences
    • Aboody, D., and R. Kasznik. 2008. Executive stock-based compensation and firms' cash payout: The role of shareholders' tax-related payout preferences.. Review of Accounting Studies 13 (2-3):216-251.
    • (2008) Review of Accounting Studies , vol.13 , Issue.2-3 , pp. 216-251
    • Aboody, D.1    Kasznik, R.2
  • 2
    • 0030194534 scopus 로고    scopus 로고
    • Detecting abnormal operating performance: The empirical power and specification of test statistics
    • Barber, B. M., and J. D. Lyon. 1996. Detecting abnormal operating performance: The empirical power and specification of test statistics. Journal of Financial Economics 41:359-400.
    • (1996) Journal of Financial Economics , vol.41 , pp. 359-400
    • Barber, B.M.1    Lyon, J.D.2
  • 3
    • 8744307216 scopus 로고    scopus 로고
    • Private information, earnings manipulations, and executive stock-option exercises
    • Bartov, E., and P. Mohanram. 2004. Private information, earnings manipulations, and executive stockoption exercises. The Accounting Review 79(4):889-920. (Pubitemid 39519433)
    • (2004) Accounting Review , vol.79 , Issue.4 , pp. 889-920
    • Bartov, E.1    Mohanram, P.2
  • 5
    • 46549099011 scopus 로고
    • The impact of long-range managerial compensation plans on shareholder wealth
    • Brickley, J. A., S. Bhaga., and R. C. Lease. 1985. The impact of long-range managerial compensation plans on shareholder wealth. Journal of Accounting and Economics 7:115-29.
    • (1985) Journal of Accounting and Economics , vol.7 , pp. 115-129
    • Brickley, J.A.1    Bhaga, S.2    Lease, R.C.3
  • 6
    • 84886082870 scopus 로고    scopus 로고
    • Overemployment, executive pay-for-performance sensitivity and economic consequences: Evidence from China
    • Chen, D., Y. Shen, F. Xi., and T. Zhang. 2012. Overemployment, executive pay-for-performance sensitivity and economic consequences: Evidence from China.. China Journal of Accounting Research 5:1-26.
    • (2012) China Journal of Accounting Research , vol.5 , pp. 1-26
    • Chen, D.1    Shen, Y.2    Xi, F.3    Zhang, T.4
  • 8
    • 79960950692 scopus 로고    scopus 로고
    • Executive compensation and corporate governance in China
    • Conyon, M. J., and L. He. 2011. Executive compensation and corporate governance in China. Journal of Corporate Finance 17:1158-1175.
    • (2011) Journal of Corporate Finance , vol.17 , pp. 1158-1175
    • Conyon, M.J.1    He, L.2
  • 9
    • 0001151011 scopus 로고
    • Taking care of business: Executive compensation in the United Kingdom
    • Conyon, M., P. Greg., and S. Machin. 1995. Taking care of business: Executive compensation in the United Kingdom. The Economic Journal 105:704-714.
    • (1995) The Economic Journal , vol.105 , pp. 704-714
    • Conyon, M.1    Greg, P.2    Machin, S.3
  • 10
    • 84952094529 scopus 로고
    • Detection of influential observations in linear regression
    • Cook, R. D. 1977. Detection of influential observations in linear regression. Techonometrics 19(1):15-18.
    • (1977) Techonometrics , vol.19 , Issue.1 , pp. 15-18
    • Cook, R.D.1
  • 11
    • 0036331861 scopus 로고    scopus 로고
    • Performance consequences of mandatory increases in executive stock ownership
    • Core, J., and D. Larcker. 2002. Performance consequences of mandatory increases in executive stock ownership. Journal of Financial Economics 64:317-340.
    • (2002) Journal of Financial Economics , vol.64 , pp. 317-340
    • Core, J.1    Larcker, D.2
  • 12
    • 0001245231 scopus 로고    scopus 로고
    • The use of equity grants to manage optimal equity incentive levels
    • Core, J., and W. Guay. 1999. The use of equity grants to manage optimal equity incentive levels. Journal of Accounting and Economics 28(2):151-184.
    • (1999) Journal of Accounting and Economics , vol.28 , Issue.2 , pp. 151-184
    • Core, J.1    Guay, W.2
  • 14
    • 77956248593 scopus 로고    scopus 로고
    • Option awards for Australian CEOs: The who, what and why
    • Coulton, J., and S. Taylor. 2002. Option awards for Australian CEOs: The who, what and why. Australian Accounting Review 12(1):25-35.
    • (2002) Australian Accounting Review , vol.12 , Issue.1 , pp. 25-35
    • Coulton, J.1    Taylor, S.2
  • 15
    • 84935941592 scopus 로고
    • The structure of corporate ownership: Causes and consequences
    • Demsetz, H., and K. Lehn. 1985. The structure of corporate ownership: Causes and consequences. Journal of Political Economy 93:1155-1177.
    • (1985) Journal of Political Economy , vol.93 , pp. 1155-1177
    • Demsetz, H.1    Lehn, K.2
  • 16
    • 34547662432 scopus 로고    scopus 로고
    • Why do corporate managers misstate financial statements? The role of option compensation and other factors
    • Efendi, J., A. Srivastav., and E. P. Swanson. 2007. Why do corporate managers misstate financial statements? The role of option compensation and other factors.. Journal of Financial Economics 85(3):667-708.
    • (2007) Journal of Financial Economics , vol.85 , Issue.3 , pp. 667-708
    • Efendi, J.1    Srivastav, A.2    Swanson, E.P.3
  • 18
    • 84886024265 scopus 로고    scopus 로고
    • Chinese. Guangdong-HK Information Daily February 7
    • Fang, G., and K. Wang. 2001. The trump card of CNOOC. In Chinese. Guangdong-HK Information Daily (February 7).
    • (2001) The Trump Card of CNOOC
    • Fang, G.1    Wang, K.2
  • 19
    • 0002518473 scopus 로고    scopus 로고
    • Corporate payout policy and managerial stock incentives
    • DOI 10.1016/S0304-405X(01)00039-3, PII S0304405X01000393
    • Fenn, G., and N. Liang. 2001. Corporate payout policy and managerial stock incentives. Journal of Financial Economics 60:45-72. (Pubitemid 33619253)
    • (2001) Journal of Financial Economics , vol.60 , Issue.1 , pp. 45-72
    • Fenn, G.W.1    Liang, N.2
  • 20
    • 33646803837 scopus 로고    scopus 로고
    • Corporate performance and CEO compensation in China
    • DOI 10.1016/j.jcorpfin.2005.03.002, PII S0929119905000489
    • Firth, M., P. Fun., and O. Rui. 2006. Corporate performance and CEO compensation in China. Journal of Corporate Finance 12(4):693-714. (Pubitemid 43758204)
    • (2006) Journal of Corporate Finance , vol.12 , Issue.4 , pp. 693-714
    • Firth, M.1    Fung, P.M.Y.2    Rui, O.M.3
  • 21
    • 77951774244 scopus 로고    scopus 로고
    • Correcting for cross-sectional and time-series dependence in accounting research
    • Gow, I. D., G. Ormazaba., and D. J. Taylor. 2010. Correcting for cross-sectional and time-series dependence in accounting research. The Accounting Review 85(2):483-512.
    • (2010) The Accounting Review , vol.85 , Issue.2 , pp. 483-512
    • Gow, I.D.1    Ormazaba, G.2    Taylor, D.J.3
  • 22
    • 0030079229 scopus 로고    scopus 로고
    • Employee stock option exercises an empirical analysis
    • DOI 10.1016/0165-4101(95)00409-2
    • Huddart, S., and M. Lang. 1996. Employee stock option exercises: An empirical analysis. Journal of Accounting and Economics 21:5-43. (Pubitemid 126163957)
    • (1996) Journal of Accounting and Economics , vol.21 , Issue.1 , pp. 5-43
    • Huddart, S.1    Lang, M.2
  • 23
    • 84857039355 scopus 로고    scopus 로고
    • Political considerations in the decision of Chinese SOEs to list in Hong Kong
    • Hung, M., T. J. Won., and T. Zhang. 2012. Political considerations in the decision of Chinese SOEs to list in Hong Kong. Journal of Accounting and Economics 53:435-449.
    • (2012) Journal of Accounting and Economics , vol.53 , pp. 435-449
    • Hung, M.1    Won, T.J.2    Zhang, T.3
  • 24
    • 18544391695 scopus 로고    scopus 로고
    • Employee stock option plans and stock market reaction: Evidence from Finland
    • Ikaheimo, S., A. Kjellman, J. Holmber., and S. Jussila. 2004. Employee stock option plans and stock market reaction: Evidence from Finland. The European Journal of Finance 10:105-122. (Pubitemid 38430447)
    • (2004) European Journal of Finance , vol.10 , Issue.2 , pp. 105-122
    • Ikaheimo, S.1    Kjellman, A.2    Holmberg, J.3    Jussila, S.4
  • 25
    • 0037219527 scopus 로고    scopus 로고
    • The structure and performance consequences of equity grants to employees of new economy firms
    • DOI 10.1016/S0165-4101(02)00088-5, PII S0165410102000885
    • Ittner, C., R. Lamber., and D. Larker. 2003. The structure and performance consequences of equity grants to employees of new economy firms. Journal of Accounting and Economics 34 (1-3):89-127. (Pubitemid 36027667)
    • (2003) Journal of Accounting and Economics , vol.34 , Issue.1-3 , pp. 89-127
    • Ittner, C.D.1    Lambert, R.A.2    Larcker, D.F.3
  • 26
    • 0001357772 scopus 로고    scopus 로고
    • Financial flexibility and the choice between dividends and stock repurchases
    • Jagannathan, M., C. P. Stephen., and M. S. Weisbach. 2000. Financial flexibility and the choice between dividends and stock repurchases. Journal of Financial Economics 57:355-384.
    • (2000) Journal of Financial Economics , vol.57 , pp. 355-384
    • Jagannathan, M.1    Stephen, C.P.2    Weisbach, M.S.3
  • 27
    • 0001066475 scopus 로고
    • Agency costs of free cash flow, corporate finance, and takeovers
    • Jensen, M. 1986. Agency costs of free cash flow, corporate finance, and takeovers. American Economic Review 76(2):323-329.
    • (1986) American Economic Review , vol.76 , Issue.2 , pp. 323-329
    • Jensen, M.1
  • 28
    • 84993908989 scopus 로고
    • Top-management compensation and capital structure
    • John, T. A., and K. John. 1993. Top-management compensation and capital structure. Journal of Finance 48:949-974.
    • (1993) Journal of Finance , vol.48 , pp. 949-974
    • John, T.A.1    John, K.2
  • 29
    • 0036145216 scopus 로고    scopus 로고
    • When a buyback isn't a buyback: Open market repurchases and employee options
    • Kahle, K. M. 2002. When a buyback isn't a buyback: Open market repurchases and employee options. Journal of Financial Economics 63(2):235-261.
    • (2002) Journal of Financial Economics , vol.63 , Issue.2 , pp. 235-261
    • Kahle, K.M.1
  • 30
    • 27244452426 scopus 로고    scopus 로고
    • An empirical examination of the costs and benefits of executive stock options: Evidence from Japan
    • DOI 10.1016/j.jfineco.2004.09.001, PII S0304405X05000711
    • Kato, H. K., M. Lemmon, M. Lu., and J. Schallheim. 2005. An empirical examination of the costs and benefits of executive stock options: Evidence from Japan. Journal of Financial Economics 78:435-461. (Pubitemid 41511909)
    • (2005) Journal of Financial Economics , vol.78 , Issue.2 , pp. 435-461
    • Kato, H.K.1    Lemmon, M.2    Luo, M.3    Schallheim, J.4
  • 31
    • 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., and C. X. Long. 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(4):945-983.
    • (2006) Economic Development and Cultural Change , vol.54 , Issue.4 , pp. 945-983
    • Kato, T.K.1    Long, C.X.2
  • 32
    • 84857499741 scopus 로고    scopus 로고
    • Hong Kong stock listing and the sensitivity of managerial compensation to firm performance in state-controlled Chinese firms
    • Ke, B., O. Ru., and W. Yu. 2012. Hong Kong stock listing and the sensitivity of managerial compensation to firm performance in state-controlled Chinese firms.. Review of Accounting Studies 17(1):166-188.
    • (2012) Review of Accounting Studies , vol.17 , Issue.1 , pp. 166-188
    • Ke, B.1    Ru, O.2    Yu, W.3
  • 33
    • 0043044566 scopus 로고    scopus 로고
    • The impact of financial and tax reporting incentives on option grants to Canadian CEOs
    • Klassen, K. J., and A. Mawani. 2000. The impact of financial and tax reporting incentives on option grants to Canadian CEOs. Contemporary Accounting Research 17(2):227-262.
    • (2000) Contemporary Accounting Research , vol.17 , Issue.2 , pp. 227-262
    • Klassen, K.J.1    Mawani, A.2
  • 35
    • 68149110678 scopus 로고    scopus 로고
    • Stock market reaction and stock option plans: Evidence from Germany
    • Langmann, C. 2007. Stock market reaction and stock option plans: Evidence from Germany. Schmalenbach Business Review (January):85-106.
    • (2007) Schmalenbach Business Review (January) , pp. 85-106
    • Langmann, C.1
  • 36
    • 0002744905 scopus 로고
    • Distributions of incomes of corporations among dividends, retained earnings and taxes
    • Lintner, J. 1956. Distributions of incomes of corporations among dividends, retained earnings and taxes. American Economic Review 46:96-114.
    • (1956) American Economic Review , vol.46 , pp. 96-114
    • Lintner, J.1
  • 37
    • 5644244409 scopus 로고    scopus 로고
    • Agency theory and executive compensation: The case of Chinese state-owned enterprises
    • DOI 10.1086/383109
    • Mengistae T., and L. C. Xu. 2004. Agency theory and executive compensation: The case of Chinese stateowned enterprises. Journal of Labor Economics 22(3):615-637. (Pubitemid 39374763)
    • (2004) Journal of Labor Economics , vol.22 , Issue.3 , pp. 615-637
    • Mengistae, T.1    Lixin, C.X.2
  • 38
    • 0001042527 scopus 로고    scopus 로고
    • Executive Compensation
    • O. Ashenfelter, and D. Card. Amsterdam, The Netherlands: North-Holland
    • Murphy, K. 1999. Executive Compensation. In Handbook of Labor Economics, Vol. 3, edited by O. Ashenfelter, and D. Card. Amsterdam, The Netherlands: North-Holland.
    • (1999) Handbook of Labor Economics , vol.3
    • Murphy, K.1
  • 39
    • 49449125071 scopus 로고
    • Determinants of corporate borrowing
    • Myers, S. 1977. Determinants of corporate borrowing. Journal of Financial Economics 5:147-175.
    • (1977) Journal of Financial Economics , vol.5 , pp. 147-175
    • Myers, S.1
  • 41
    • 2342505938 scopus 로고
    • The investment opportunity set and corporate financing, dividends, and compensation policies
    • Smith, C., and R. Watts. 1992. The investment opportunity set and corporate financing, dividends, and compensation policies. Journal of Financial Economics 32:263-292.
    • (1992) Journal of Financial Economics , vol.32 , pp. 263-292
    • Smith, C.1    Watts, R.2
  • 42
    • 72449196209 scopus 로고    scopus 로고
    • Compensation across executive labor markets: What can we learn from cross-listed firms?
    • Southam, C., and S. Sapp. 2009. Compensation across executive labor markets: What can we learn from cross-listed firms? Journal of International Business Studies 41(1):70-87.
    • (2009) Journal of International Business Studies , vol.41 , Issue.1 , pp. 70-87
    • Southam, C.1    Sapp, S.2


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.