Executive Compensation, Firm Performance, and Corporate Governance in China: Evidence from Firms Listed in the Shanghai and Shenzhen Stock Exchanges

This article provides evidence on how executive compensation relates to firm performance in firms listed in the Shanghai and Shenzhen Stock Exchanges in China. Using comprehensive financial and accounting data on China’s listed firms from 1998 to 2002, augmented by unique data on executive compensat...

Full description

Saved in:
Bibliographic Details
Published inEconomic development and cultural change Vol. 54; no. 4; pp. 945 - 983
Main Authors Kato, Takao, Long, Cheryl
Format Journal Article
LanguageEnglish
Published Chicago The University of Chicago Press 01.07.2006
University of Chicago, acting through its Press
Subjects
Online AccessGet full text

Cover

Loading…
Abstract This article provides evidence on how executive compensation relates to firm performance in firms listed in the Shanghai and Shenzhen Stock Exchanges in China. Using comprehensive financial and accounting data on China’s listed firms from 1998 to 2002, augmented by unique data on executive compensation and ownership structure, we find for the first time statistically significant sensitivities and elasticities of annual cash compensation (salary and bonus) for top executives with respect to shareholder value in China. In addition, sales growth is shown to be significantly linked to executive compensation, and Chinese executives are penalized for making negative profits, although they are neither penalized for declining profits nor rewarded for rising profits insofar as profits are positive. Perhaps more important, we find that the ownership structure of China’s listed firms has important effects on the pay‐performance link in these firms. Specifically, state ownership of China’s listed firms weakens the pay‐performance link for top managers and thus possibly makes China’s listed firms less effective in solving the principal‐agent problem between owners and management. As such, ownership restructuring may be needed for China to successfully transform its state‐owned enterprises (SOEs) into efficient modernized corporations and reform its overall economy.
AbstractList This article provides evidence on how executive compensation relates to firm performance in firms listed in the Shanghai and Shenzhen Stock Exchanges in China. Using comprehensive financial and accounting data on China's listed firms from 1998 to 2002, augmented by unique data on executive compensation and ownership structure, it is found for the first time statistically significant sensitivities and elasticities of annual cash compensation (salary and bonus) for top executives with respect to shareholder value in China. In addition, sales growth is shown to be significantly linked to executive compensation, and Chinese executives are penalized for making negative profits, although they are neither penalized for declining profits nor rewarded for rising profits insofar as profits are positive. Perhaps more important, it is found that the ownership structure of China's listed firms has important effects on the pay-performance link in these firms. Specifically, state ownership of China's listed firms weakens the pay-performance link for top managers and thus possibly makes China's listed firms less effective in solving the principal-agent problem between owners and management.
Examines China's state-owned enterprises (SOEs) reform and how firms in China provide incentives to their top executives. As executive compensation is a major component of a firm's incentive structure and at the core of the firm's corporate governance, this study on executive compensation helps evaluate the quality of corporate governance and, in turn, the success of SOE reform in China.
Examines China's state-owned enterprises (SOEs) reform and how firms in China provide incentives to their top executives. As executive compensation is a major component of a firm's incentive structure and at the core of the firm's corporate governance, this study on executive compensation helps evaluate the quality of corporate governance and, in turn, the success of SOE reform in China. Tables, Figures, References. Adapted from the source document.
This article provides evidence on how executive compensation relates to firm performance in firms listed in the Shanghai and Shenzhen Stock Exchanges in China. Using comprehensive financial and accounting data on China’s listed firms from 1998 to 2002, augmented by unique data on executive compensation and ownership structure, we find for the first time statistically significant sensitivities and elasticities of annual cash compensation (salary and bonus) for top executives with respect to shareholder value in China. In addition, sales growth is shown to be significantly linked to executive compensation, and Chinese executives are penalized for making negative profits, although they are neither penalized for declining profits nor rewarded for rising profits insofar as profits are positive. Perhaps more important, we find that the ownership structure of China’s listed firms has important effects on the pay‐performance link in these firms. Specifically, state ownership of China’s listed firms weakens the pay‐performance link for top managers and thus possibly makes China’s listed firms less effective in solving the principal‐agent problem between owners and management. As such, ownership restructuring may be needed for China to successfully transform its state‐owned enterprises (SOEs) into efficient modernized corporations and reform its overall economy.
Author Kato, Takao
Long, Cheryl
Author_xml – sequence: 1
  givenname: Takao
  surname: Kato
  fullname: Kato, Takao
– sequence: 2
  givenname: Cheryl
  surname: Long
  fullname: Long, Cheryl
BookMark eNqFkU1rGzEQhkVxobbb_oIcRA85eRN97IeUWzBOWjAk4PS8yNrZrlyv5EqycfI7-oOrjUMKuWRgGJh55j287wSNrLOA0FdKLigR5WVBeCH4BzSmBZcZk0KM0JgQyjNCKvkJTULYkFSc8zH6uziC3kdzADx3_Q5sUNE4O8M3xvf4HnzrfK-shhlWtkmM3zmvIuBbdwBvhws2Fs87Y9UVXhxMA8Oq9a5_lgh4aUKEZoBiB3jVKfurU-ZZbdWBfUqNV9Hp33hx1MMVwmf0sVXbAF9e5hT9vFk8zL9ny7vbH_PrZaYLlscMmlYoYA0R1brQpdQ0TQntmtG1Eq0uQeS6zSupqKJN-iEgRNkA0ZQztuZ8is5Pujvv_uwhxLo3QcN2qyy4fagLUXHJJHsfrEhF8mTpeyAvc8mGLKbo2xtw4_bJz22oGS8LKnNB_6tp70Lw0NY7b3rlH2tK6iHr-pR1As9O4CZE518pLqo8AfwfPU-nAg
CODEN EDCCAF
CitedBy_id crossref_primary_10_1111_j_1467_8683_2010_00788_x
crossref_primary_10_2139_ssrn_1759554
crossref_primary_10_1080_13602380802492919
crossref_primary_10_1080_09585192_2017_1282532
crossref_primary_10_1080_1351847X_2013_802250
crossref_primary_10_1111_j_1467_8586_2010_00354_x
crossref_primary_10_2139_ssrn_2963481
crossref_primary_10_1007_s10551_016_3190_y
crossref_primary_10_1016_j_pacfin_2017_11_004
crossref_primary_10_1016_j_ribaf_2020_101321
crossref_primary_10_1016_j_chieco_2013_03_002
crossref_primary_10_1108_IJMF_09_2021_0458
crossref_primary_10_2139_ssrn_1909592
crossref_primary_10_1016_j_jce_2006_08_002
crossref_primary_10_52396_JUSTC_2022_0042
crossref_primary_10_1016_j_chieco_2014_03_001
crossref_primary_10_1080_1331677X_2020_1867214
crossref_primary_10_1016_j_intacc_2018_05_002
crossref_primary_10_1108_CFRI_05_2013_0048
crossref_primary_10_2139_ssrn_2292549
crossref_primary_10_2139_ssrn_3013016
crossref_primary_10_1016_j_ribaf_2022_101671
crossref_primary_10_1007_s10551_014_2385_3
crossref_primary_10_1146_annurev_financial_112116_025652
crossref_primary_10_3390_su151310578
crossref_primary_10_1057_imfer_2011_14
crossref_primary_10_1016_j_heliyon_2024_e27851
crossref_primary_10_1016_j_asieco_2011_06_003
crossref_primary_10_1016_j_najef_2015_06_001
crossref_primary_10_1016_j_iref_2020_02_003
crossref_primary_10_1007_s11156_014_0441_9
crossref_primary_10_1111_j_1530_9134_2011_00307_x
crossref_primary_10_1177_0974686218763853
crossref_primary_10_1111_ijau_12350
crossref_primary_10_2139_ssrn_1749078
crossref_primary_10_1108_MF_10_2022_0474
crossref_primary_10_1016_j_jaccpubpol_2010_09_014
crossref_primary_10_7202_1052693ar
crossref_primary_10_1080_23322039_2018_1432095
crossref_primary_10_1111_j_1467_8411_2011_01283_x
crossref_primary_10_1111_j_1467_8683_2012_00935_x
crossref_primary_10_2139_ssrn_2245223
crossref_primary_10_1007_s10551_014_2390_6
crossref_primary_10_1080_13547860_2020_1854643
crossref_primary_10_1016_j_intfin_2014_10_003
crossref_primary_10_2139_ssrn_1233070
crossref_primary_10_1057_palgrave_jibs_8400386
crossref_primary_10_3390_su11061673
crossref_primary_10_1111_acfi_12817
crossref_primary_10_2139_ssrn_4274649
crossref_primary_10_1016_j_jacceco_2022_101539
crossref_primary_10_1080_00036846_2018_1441508
crossref_primary_10_1016_j_econmod_2023_106470
crossref_primary_10_1111_j_1468_0106_2011_00539_x
crossref_primary_10_4236_ojbm_2014_23026
crossref_primary_10_1016_j_pacfin_2006_12_002
crossref_primary_10_1111_1467_8268_12279
crossref_primary_10_1111_1467_8268_12430
crossref_primary_10_1016_j_cjar_2013_09_003
crossref_primary_10_1007_s10490_010_9207_7
crossref_primary_10_1108_JAAR_12_2013_0111
crossref_primary_10_2139_ssrn_938518
crossref_primary_10_1108_ARA_02_2017_0028
crossref_primary_10_1108_JIBR_05_2013_0054
crossref_primary_10_1111_joms_12106
crossref_primary_10_4236_tel_2014_49102
crossref_primary_10_1016_j_econmod_2022_105931
crossref_primary_10_2139_ssrn_1979820
crossref_primary_10_1111_j_1467_646X_2010_01040_x
crossref_primary_10_1016_j_irfa_2013_12_006
crossref_primary_10_1177_0148558X16661128
crossref_primary_10_1080_1540496X_2022_2072202
crossref_primary_10_1111_jsbm_12225
crossref_primary_10_1016_j_cities_2022_103960
crossref_primary_10_1016_j_ribaf_2020_101256
crossref_primary_10_1007_s11156_018_0765_y
crossref_primary_10_1007_s11356_023_25742_x
crossref_primary_10_1080_14765284_2017_1371562
crossref_primary_10_2139_ssrn_1945558
crossref_primary_10_2478_ijme_2019_0025
crossref_primary_10_1007_s10490_018_09640_2
crossref_primary_10_1002_mde_2653
crossref_primary_10_2139_ssrn_4521598
crossref_primary_10_1016_j_jcorpfin_2014_10_010
crossref_primary_10_1016_j_joitmc_2023_100092
crossref_primary_10_1016_j_pacfin_2019_05_004
crossref_primary_10_1086_649642
crossref_primary_10_1016_j_ribaf_2021_101427
crossref_primary_10_1016_j_pacfin_2023_102200
crossref_primary_10_1177_23409444211022755
crossref_primary_10_2478_ijcm_2021_0011
crossref_primary_10_1111_joms_12331
crossref_primary_10_2139_ssrn_2403184
crossref_primary_10_22144_ctu_jvn_2018_112
crossref_primary_10_1007_s10490_012_9293_9
crossref_primary_10_1111_ecoj_12107
crossref_primary_10_1016_j_irfa_2020_101501
crossref_primary_10_1017_S0022109017000163
crossref_primary_10_1051_itmconf_20171204025
crossref_primary_10_2139_ssrn_1893554
crossref_primary_10_1111_abac_12268
crossref_primary_10_1007_s10490_013_9353_9
crossref_primary_10_22495_cocv18i1siart12
crossref_primary_10_1016_j_pacfin_2019_02_005
crossref_primary_10_2139_ssrn_2071001
crossref_primary_10_1080_09537325_2017_1300250
crossref_primary_10_20965_jaciii_2020_p0662
crossref_primary_10_1016_j_jbusres_2014_11_002
crossref_primary_10_1016_j_pacfin_2022_101823
crossref_primary_10_1016_j_jempfin_2023_101443
crossref_primary_10_20965_jaciii_2017_p1034
crossref_primary_10_1080_1331677X_2018_1456951
crossref_primary_10_1080_1351847X_2013_769892
crossref_primary_10_1108_IJAIM_05_2014_0035
crossref_primary_10_1086_688905
crossref_primary_10_1162_REST_a_00268
crossref_primary_10_1016_j_jfineco_2020_08_012
crossref_primary_10_1080_23812346_2021_2008184
crossref_primary_10_1108_ARA_10_2012_0056
crossref_primary_10_2139_ssrn_2992287
crossref_primary_10_1111_eufm_12446
crossref_primary_10_2139_ssrn_1249526
crossref_primary_10_1016_j_micpro_2020_103623
crossref_primary_10_1111_corg_12073
crossref_primary_10_1111_acfi_12323
crossref_primary_10_1108_20493981311318610
crossref_primary_10_1016_j_chieco_2010_08_001
crossref_primary_10_1007_s11575_009_0004_9
crossref_primary_10_1108_17574320910989087
crossref_primary_10_1016_j_najef_2019_03_012
crossref_primary_10_1016_j_jeconbus_2015_04_003
crossref_primary_10_2139_ssrn_3411462
crossref_primary_10_1177_0974686218797760
crossref_primary_10_1016_j_jcorpfin_2010_09_010
crossref_primary_10_1057_s41291_018_0034_x
crossref_primary_10_4236_ojbm_2017_54055
crossref_primary_10_1002_wow3_11
crossref_primary_10_1016_j_pacfin_2022_101794
crossref_primary_10_1111_j_1468_5957_2010_02211_x
crossref_primary_10_1002_smj_2072
crossref_primary_10_1108_K_09_2022_1251
crossref_primary_10_1111_rode_12209
crossref_primary_10_3390_su132011365
crossref_primary_10_1016_j_jcorpfin_2011_04_006
crossref_primary_10_22495_cocv13i2cLp3
crossref_primary_10_1016_j_chieco_2009_12_002
crossref_primary_10_1080_1351847X_2015_1025990
crossref_primary_10_2139_ssrn_4019625
crossref_primary_10_1007_s43546_021_00160_8
crossref_primary_10_1016_j_pacfin_2006_03_004
crossref_primary_10_31460_mbdd_970884
crossref_primary_10_1007_s11156_010_0168_1
crossref_primary_10_1080_13691066_2018_1457605
crossref_primary_10_2308_accr_50504
crossref_primary_10_1016_j_jbusres_2018_06_003
crossref_primary_10_1016_j_jcae_2016_06_001
crossref_primary_10_1016_j_jcorpfin_2020_101574
crossref_primary_10_1093_rfs_hhs122
crossref_primary_10_13106_jafeb_2019_vol6_no3_67
crossref_primary_10_2139_ssrn_2223990
crossref_primary_10_3390_su132111722
crossref_primary_10_1111_j_1468_0106_2009_00479_x
crossref_primary_10_26816_aabr_1_1_201506_17
crossref_primary_10_1057_abm_2011_31
crossref_primary_10_1142_S021759081100433X
crossref_primary_10_1111_acfi_12580
crossref_primary_10_1111_bjir_12529
crossref_primary_10_1108_MD_03_2020_0287
crossref_primary_10_4102_sajhrm_v16i0_983
crossref_primary_10_1007_s11356_022_21639_3
crossref_primary_10_1002_smj_2253
crossref_primary_10_1016_j_ememar_2024_101168
crossref_primary_10_1016_j_iref_2021_08_007
crossref_primary_10_1016_j_bar_2024_101430
crossref_primary_10_1016_j_pacfin_2024_102261
crossref_primary_10_1002_ijfe_1778
crossref_primary_10_1007_s12197_023_09642_x
crossref_primary_10_13106_jafeb_2019_vol6_no3_305
crossref_primary_10_1007_s10490_024_09950_8
crossref_primary_10_1108_ARA_02_2016_0020
crossref_primary_10_2139_ssrn_3221963
crossref_primary_10_1016_j_asieco_2022_101477
crossref_primary_10_1016_j_econmod_2020_05_002
crossref_primary_10_1080_1351847X_2012_762410
crossref_primary_10_1080_1351847X_2016_1200994
Cites_doi 10.1016/S1042-444X(97)00022-4
10.1016/S0165-4101(99)00021-X
10.2139/ssrn.429700
10.2307/3003200
10.1162/00335530152466269
10.1257/jep.5.4.77
10.1257/089533003769204353
10.1086/383109
10.1016/S0167-7187(96)01031-4
10.1016/S0147-5967(03)00055-6
10.1016/S0167-7187(99)00026-0
10.1093/jleo/19.1.176
10.1006/jjie.1997.0373
10.1111/0008-4085.00013
10.1257/jep.12.4.133
10.1162/003465399558094
10.1023/A:1015511912289
10.1257/jel.39.2.321
10.1111/j.1467-8381.2004.00187.x
10.1086/262006
10.1016/S0147-5967(03)00053-2
10.1016/S0304-405X(03)00145-4
10.1016/j.jce.2004.07.002
10.1023/A:1017596315273
10.1257/089533003769204362
10.1086/261826
10.1016/S0167-7187(96)01032-6
10.1287/mnsc.48.4.453.205
10.1111/j.1475-6803.2001.tb00827.x
10.1016/0889-1583(92)90017-X
10.1017/S0022109000001757
10.1086/261677
10.1086/420904
10.1257/0895330027139
10.1006/jcec.1993.1026
10.1016/S1042-444X(00)00047-5
10.1111/j.1468-0351.2005.00221.x
10.1086/261944
10.1016/j.jjie.2004.05.003
10.1080/13504850410001674911
10.1046/j.1540-6261.2003.00608.x
10.1016/S0304-405X(98)00058-0
10.1016/0014-2921(94)90079-5
10.1016/S0378-4266(02)00274-1
10.2307/2555552
10.1016/S0929-1199(03)00046-4
10.1016/S0927-5371(96)00015-2
10.1111/j.1540-6261.1997.tb04820.x
10.1016/S0147-5967(02)00012-4
10.1162/003465398557537
10.1016/S1566-0141(01)00012-7
10.1016/S0167-7187(96)01030-2
ContentType Journal Article
Copyright 2006 by The University of Chicago. All rights reserved.
Copyright University of Chicago, acting through its Press Jul 2006
Copyright_xml – notice: 2006 by The University of Chicago. All rights reserved.
– notice: Copyright University of Chicago, acting through its Press Jul 2006
DBID AAYXX
CITATION
7QJ
7U4
8BJ
BHHNA
DWI
FQK
JBE
WZK
7TQ
DHY
DON
DOI 10.1086/503583
DatabaseName CrossRef
Applied Social Sciences Index & Abstracts (ASSIA)
Sociological Abstracts (pre-2017)
International Bibliography of the Social Sciences (IBSS)
Sociological Abstracts
Sociological Abstracts
International Bibliography of the Social Sciences
International Bibliography of the Social Sciences
Sociological Abstracts (Ovid)
PAIS Index
PAIS International
PAIS International (Ovid)
DatabaseTitle CrossRef
Sociological Abstracts (pre-2017)
International Bibliography of the Social Sciences (IBSS)
Applied Social Sciences Index and Abstracts (ASSIA)
Sociological Abstracts
PAIS International
DatabaseTitleList Sociological Abstracts (pre-2017)
PAIS International
Applied Social Sciences Index and Abstracts (ASSIA)

DeliveryMethod fulltext_linktorsrc
Discipline Economics
EISSN 1539-2988
EndPage 983
ExternalDocumentID 1104884541
10_1086_503583
10.1086/503583
Genre Feature
GeographicLocations China
GeographicLocations_xml – name: China
GroupedDBID -DZ
-ET
-~X
0R~
1OL
29G
2AX
3EH
3R3
4.4
41~
5.N
5GY
85S
8H~
8VB
AABCJ
AAFWJ
AAIKC
AAKYL
AAMNW
AAXPP
AAYOK
ABABT
ABBHK
ABCQX
ABJNI
ABKTN
ABKVW
ABPEO
ABPPZ
ABQDR
ABTAH
ABXSQ
ABYRZ
ABYYQ
ACDIW
ACGFO
ACGFS
ACHQT
ACIOK
ACNCT
ACREJ
ACUHF
ACVFL
ACXJH
ADACV
ADGDI
ADMHG
ADTZG
ADULT
ADZJE
AEAAH
AEHKV
AELLO
AEMOZ
AEUPB
AFFNX
AFTVO
AHAJD
AIAGR
AKBRZ
AKVCP
ALMA_UNASSIGNED_HOLDINGS
APTMU
AS~
BHOJU
BKOMP
CBXGM
CHNMF
CS3
D0S
DGPHC
DU5
E.L
EBA
EBE
EBO
EBR
EBS
EBTJD
EBU
ECVKH
EGZRM
EJD
EMK
EOH
ESI
ESO
EWH
EZTEY
F5P
GIFXF
HECYW
HGD
HVGLF
HYQOX
HZ~
IPSME
JAA
JAAYA
JBMMH
JBU
JBZCM
JENOY
JHFFW
JKQEH
JLEZI
JLXEF
JPL
JPPEU
JSODD
JST
K1G
L7B
LPU
MVM
NHB
O-F
O9-
P2P
PQQKQ
Q5E
QWB
RCP
RNS
RXW
SA0
TAE
TH9
TN5
UFCQG
UHB
UKR
VQA
WH7
YYP
ZCA
ZCG
ZL0
ZY4
~45
~A~
~KM
~OX
~OY
~OZ
~P-
~P.
~P0
~P1
~P~
AAYXX
CITATION
7QJ
7U4
8BJ
BHHNA
DWI
FQK
JBE
WZK
7TQ
DHY
DON
ID FETCH-LOGICAL-c524t-edf8ae2d087b5c69c17b59efb21ba8fc6e84cf479a1a1dc520e886de0c1322b33
ISSN 0013-0079
IngestDate Sat Oct 05 06:04:33 EDT 2024
Fri Oct 25 07:49:39 EDT 2024
Fri Oct 25 05:57:35 EDT 2024
Thu Oct 10 20:46:07 EDT 2024
Fri Dec 06 02:45:09 EST 2024
Tue Dec 10 23:02:23 EST 2024
IsDoiOpenAccess false
IsOpenAccess true
IsPeerReviewed true
IsScholarly true
Issue 4
Language English
LinkModel OpenURL
MergedId FETCHMERGED-LOGICAL-c524t-edf8ae2d087b5c69c17b59efb21ba8fc6e84cf479a1a1dc520e886de0c1322b33
Notes ObjectType-Article-2
SourceType-Scholarly Journals-1
ObjectType-Feature-1
content type line 23
ObjectType-Article-1
ObjectType-Feature-2
OpenAccessLink https://econpapers.repec.org/scripts/redir.pf?u=https%3A%2F%2Fdocs.iza.org%2Fdp1767.pdf;h=repec:iza:izadps:dp1767
PQID 236519481
PQPubID 40870
PageCount 39
ParticipantIDs proquest_miscellaneous_58739292
proquest_miscellaneous_57070400
proquest_miscellaneous_36492001
proquest_journals_236519481
crossref_primary_10_1086_503583
jstor_primary_3874035
PublicationCentury 2000
PublicationDate 2006-07-01
PublicationDateYYYYMMDD 2006-07-01
PublicationDate_xml – month: 07
  year: 2006
  text: 2006-07-01
  day: 01
PublicationDecade 2000
PublicationPlace Chicago
PublicationPlace_xml – name: Chicago
PublicationTitle Economic development and cultural change
PublicationYear 2006
Publisher The University of Chicago Press
University of Chicago, acting through its Press
Publisher_xml – sequence: 0
  name: The University of Chicago Press
– name: University of Chicago, acting through its Press
References rf5
rf45
Liu Yufang (rf57)
rf7
rf47
rf6
rf46
rf41
rf85
rf40
rf84
rf43
rf86
Bai Chong‐en (rf4) 2003
rf81
Jones Derek C (rf39)
rf78
rf77
rf36
Laffont Jean‐Jacques (rf50)
rf35
rf30
rf73
rf32
rf31
rf75
Tao Liu (rf76) 2001; 17
rf37
Kato Takao (rf44) 2004
Dewatripont Mathias (rf19); 2
Murphy Kevin J (rf62)
Rosen Sherwin (rf68)
Jones Derek C (rf38)
rf72
rf71
Schipani Cindy A (rf70)
Lardy Nicholas R (rf51)
Stiglitz Joseph E (rf74) 1996
rf23
rf67
rf25
rf69
Rajan Raghuram (rf66)
Nam Sang‐Woo (rf63)
rf21
rf20
rf27
rf26
rf28
Kubo Katsuyuki (rf49)
Chen Yea‐Mow (rf13); 6
Gibbons Robert (rf24); 2
Perotti Enrico C (rf65) 1995; 85
Jefferson Gary H (rf34)
rf60
Han Zhiguo (rf29)
rf12
rf56
rf11
rf55
Ma Shiguang (rf58)
Naughton Barry (rf64) 1978
Black Bernard S (rf8)
rf14
rf52
Xiao Fengtong (rf80)
rf10
Lin Justin Yifu (rf54) 1998; 88
Jefferson G. (rf33) 1998; 88
rf53
Yang Qixian (rf83)
rf16
Bonin John P (rf9) 1976; 66
rf15
rf59
rf18
rf17
Eriksson Tor (rf22)
rf1
Kornai Janos (rf48)
rf3
rf2
References_xml – ident: rf2
  doi: 10.1016/S1042-444X(97)00022-4
– volume-title: NBER Working Paper no. 10494
  ident: rf66
  contributor:
    fullname: Rajan Raghuram
– ident: rf46
  doi: 10.1016/S0165-4101(99)00021-X
– volume-title: The Impact of Shareholding Reform on Chinese Enterprise, 1995–2001
  ident: rf34
  doi: 10.2139/ssrn.429700
  contributor:
    fullname: Jefferson Gary H
– volume-title: 2004 Allied Social Science Association meetings
  ident: rf39
  contributor:
    fullname: Jones Derek C
– ident: rf78
  doi: 10.2307/3003200
– ident: rf6
  doi: 10.1162/00335530152466269
– ident: rf55
  doi: 10.1257/jep.5.4.77
– volume-title: The Efficiency of China’s Stock Market
  ident: rf58
  contributor:
    fullname: Ma Shiguang
– ident: rf28
  doi: 10.1257/089533003769204353
– ident: rf60
  doi: 10.1086/383109
– ident: rf16
  doi: 10.1016/S0167-7187(96)01031-4
– ident: rf85
  doi: 10.1016/S0147-5967(03)00055-6
– ident: rf10
  doi: 10.1016/S0167-7187(99)00026-0
– ident: rf17
  doi: 10.1093/jleo/19.1.176
– ident: rf81
  doi: 10.1006/jjie.1997.0373
– ident: rf86
  doi: 10.1111/0008-4085.00013
– volume-title: Song
  year: 2003
  ident: rf4
  contributor:
    fullname: Bai Chong‐en
– ident: rf72
  doi: 10.1257/jep.12.4.133
– volume-title: The Future Road of State Owned Enterprises, F. Dong, Y. Li, and Z. Han.
  ident: rf29
  contributor:
    fullname: Han Zhiguo
– ident: rf36
  doi: 10.1162/003465399558094
– volume: 2
  volume-title: Advances in Economics and Econometrics: Theory and Applications: Seventh World Congress
  ident: rf19
  contributor:
    fullname: Dewatripont Mathias
– ident: rf67
  doi: 10.1023/A:1015511912289
– ident: rf59
  doi: 10.1257/jel.39.2.321
– volume-title: Chief Executive Compensation during Early Transition: Further Evidence from Bulgaria
  ident: rf38
  contributor:
    fullname: Jones Derek C
– ident: rf84
  doi: 10.1111/j.1467-8381.2004.00187.x
– volume-title: NBER Working Paper, no. 3542
  ident: rf68
  contributor:
    fullname: Rosen Sherwin
– ident: rf26
  doi: 10.1086/262006
– ident: rf11
  doi: 10.1016/S0147-5967(03)00053-2
– ident: rf75
  doi: 10.1016/S0304-405X(03)00145-4
– volume-title: Market Values? Evidence from Korea.
  ident: rf8
  contributor:
    fullname: Black Bernard S
– ident: rf3
  doi: 10.1016/j.jce.2004.07.002
– ident: rf53
  doi: 10.1023/A:1017596315273
– ident: rf5
  doi: 10.1257/089533003769204362
– volume: 2
  volume-title: Seventh World Congress
  ident: rf24
  contributor:
    fullname: Gibbons Robert
– ident: rf25
  doi: 10.1086/261826
– ident: rf14
  doi: 10.1016/S0167-7187(96)01032-6
– ident: rf18
  doi: 10.1287/mnsc.48.4.453.205
– volume-title: Designing Financial Systems for East Asia and Japan, J. P. H. Fan, M. Hanazaki, and J. Teranishi.
  ident: rf49
  contributor:
    fullname: Kubo Katsuyuki
– ident: rf31
  doi: 10.1111/j.1475-6803.2001.tb00827.x
– volume-title: Annual World Bank Conference on Development Economics
  year: 1996
  ident: rf74
  contributor:
    fullname: Stiglitz Joseph E
– volume-title: Working paper
  ident: rf57
  contributor:
    fullname: Liu Yufang
– ident: rf45
  doi: 10.1016/0889-1583(92)90017-X
– ident: rf77
  doi: 10.1017/S0022109000001757
– volume-title: The Reform, Adjustment, and Development of China’s State‐Owned Enterprises
  ident: rf80
  contributor:
    fullname: Xiao Fengtong
– volume: 66
  start-page: 682
  year: 1976
  ident: rf9
  publication-title: American Economic Review
  contributor:
    fullname: Bonin John P
– volume: 85
  start-page: 847
  year: 1995
  ident: rf65
  publication-title: American Economic Review
  contributor:
    fullname: Perotti Enrico C
– volume-title: China’s Unfinished Economic Revolution
  ident: rf51
  contributor:
    fullname: Lardy Nicholas R
– volume: 88
  start-page: 422
  year: 1998
  ident: rf54
  publication-title: American Economic Review
  contributor:
    fullname: Lin Justin Yifu
– ident: rf35
  doi: 10.1086/261677
– ident: rf56
  doi: 10.1086/420904
– ident: rf23
  doi: 10.1257/0895330027139
– ident: rf71
  doi: 10.1006/jcec.1993.1026
– ident: rf12
  doi: 10.1016/S1042-444X(00)00047-5
– volume-title: Corporate Governance in China: Then and Now
  ident: rf70
  contributor:
    fullname: Schipani Cindy A
– ident: rf27
  doi: 10.1111/j.1468-0351.2005.00221.x
– ident: rf40
  doi: 10.1086/261944
– ident: rf43
  doi: 10.1016/j.jjie.2004.05.003
– ident: rf52
  doi: 10.1080/13504850410001674911
– volume-title: The Future Road of State Owned Enterprises, F. Dong, Y. Li, and Z. Han.
  ident: rf83
  contributor:
    fullname: Yang Qixian
– ident: rf30
  doi: 10.1046/j.1540-6261.2003.00608.x
– ident: rf15
  doi: 10.1016/S0304-405X(98)00058-0
– volume-title: Unpublished manuscript
  ident: rf63
  contributor:
    fullname: Nam Sang‐Woo
– volume-title: Princeton
  ident: rf48
  contributor:
    fullname: Kornai Janos
– ident: rf1
  doi: 10.1016/0014-2921(94)90079-5
– ident: rf21
  doi: 10.1016/S0378-4266(02)00274-1
– volume-title: Growing Out of the Plan: Chinese Economic Reform
  year: 1978
  ident: rf64
  contributor:
    fullname: Naughton Barry
– volume: 17
  start-page: 2001
  year: 2001
  ident: rf76
  publication-title: People's Daily
  contributor:
    fullname: Tao Liu
– ident: rf32
  doi: 10.2307/2555552
– volume: 88
  start-page: 428
  year: 1998
  ident: rf33
  publication-title: American Economic Review
  contributor:
    fullname: Jefferson G.
– ident: rf47
  doi: 10.1016/S0929-1199(03)00046-4
– ident: rf37
  doi: 10.1016/S0927-5371(96)00015-2
– ident: rf73
  doi: 10.1111/j.1540-6261.1997.tb04820.x
– volume-title: Handbook of Labor Economics
  ident: rf62
  contributor:
    fullname: Murphy Kevin J
– ident: rf20
  doi: 10.1016/S0147-5967(02)00012-4
– ident: rf69
  doi: 10.1162/003465398557537
– ident: rf7
  doi: 10.1016/S1566-0141(01)00012-7
– volume-title: A Theory of Incentives in Procurement and Regulation
  ident: rf50
  contributor:
    fullname: Laffont Jean‐Jacques
– volume: 6
  volume-title: Advances in Pacific Basin Financial Markets
  ident: rf13
  contributor:
    fullname: Chen Yea‐Mow
– ident: rf41
  doi: 10.1016/S0167-7187(96)01030-2
– volume-title: 2004 Allied Social Science Association meetings
  ident: rf22
  contributor:
    fullname: Eriksson Tor
– volume-title: Executive Compensation, Firm Performance, and State Ownership in China: Evidence from New Panel Data
  year: 2004
  ident: rf44
  contributor:
    fullname: Kato Takao
SSID ssj0000333
Score 2.2645128
Snippet This article provides evidence on how executive compensation relates to firm performance in firms listed in the Shanghai and Shenzhen Stock Exchanges in China....
Examines China's state-owned enterprises (SOEs) reform and how firms in China provide incentives to their top executives. As executive compensation is a major...
SourceID proquest
crossref
jstor
SourceType Aggregation Database
Publisher
StartPage 945
SubjectTerms Business conditions
Business executives
Business structures
Cash
China
China (People's Republic)
Compensation
Corporate governance
Corporations
Correlation analysis
Development studies
Economic change
Economic development
Economic models
Economic reform
Executive compensation
Executives
Financial incentives
Financial performance
Government business enterprises
Government sponsored enterprises
Nationalized industries
Organizational structure
Pay
Private sector
Privatization
Reforms
Shareholder value
Stock exchanges
Stock markets
Studies
Transition economies
Wages & salaries
Title Executive Compensation, Firm Performance, and Corporate Governance in China: Evidence from Firms Listed in the Shanghai and Shenzhen Stock Exchanges
URI https://www.jstor.org/stable/10.1086/503583
https://www.proquest.com/docview/236519481
https://search.proquest.com/docview/36492001
https://search.proquest.com/docview/57070400
https://search.proquest.com/docview/58739292
Volume 54
hasFullText 1
inHoldings 1
isFullTextHit
isPrint
link http://utb.summon.serialssolutions.com/2.0.0/link/0/eLvHCXMwnV3db9MwELfKeIAXxMcQZXz4gbctUxrHjsMbTEUTErzQSnuLbMfRqrEULa009mcg_mDu7NhNN74fmkaJbbW5X3y-8939CHmlU16DmtBJ2TQcDBSmEtkwk4hSa85Sw1SB2cgfPorjef7-hJ-MRt8GUUvrlT40Vz_NK_kfqcI1kCtmyf6DZOOgcAHOQb5wBAnD8a9kPL20Zu1if_C1BoPUh2rgenRxcY7R7SEpIARphsLFtifZdQkDmPiHNNroHQgsoz7vBIfpwG5Hn2iIiPyELuZTtfBBn6e2vYIPFvU2Z_vTS59I3G05_Pvc55CgFcPaY9UPE1Ic_NyvHLXT_kydqWUMGOpDh48AY18_X_dVFMFX0c-_yCWRevqYQxum3DLJSk_uF-ZkX1i6x14-mGBLX3yy19WlJ8G5oQZStyvFU8Z9g-0629f0X4xKdPvxUlS-3y1yG4srIh_D9O18o90ZY5EVA_7JgK_K99ta4PgY1xt63i1eZvfJvd7qoG88hB6QkW0fkjtBMN0j8j1CiQ6hdEARAXQApAMKkqMRRnQDI7poqYPRaxpARBFEboiOehBhIwARDSByowUQUQciGkG0S-bvprOj46Qn7EgMz_JVYutGKpvVqSw0N6I0E_gubaOziVayMcLK3DR5UaqJmtTQJ7VSitqmBn0imrHHZKddtvYJoWld51KDtSCKOtdMlGnNUyEzW9umEcyMycvwlKsvvi5LtS2_Mdl1Dz_eZsg-yfiY7AVhVP273FUZE2DK5HIC48a7MNHi7plq7XLdVUzkJQYg_roFL0B_gk78TQtZoD2SPf3jr98jdzcv0DOys7pY2-ew_F3pFw6PPwDwXLTG
link.rule.ids 314,780,784,27924,27925
linkProvider EBSCOhost
openUrl ctx_ver=Z39.88-2004&ctx_enc=info%3Aofi%2Fenc%3AUTF-8&rfr_id=info%3Asid%2Fsummon.serialssolutions.com&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=Executive+Compensation%2C+Firm+Performance%2C+and+Corporate+Governance+in+China%3A+Evidence+from+Firms+Listed+in+the+Shanghai+and+Shenzhen+Stock+Exchanges&rft.jtitle=Economic+development+and+cultural+change&rft.au=Kato%2C+Takao&rft.au=Long%2C+Cheryl&rft.date=2006-07-01&rft.issn=0013-0079&rft.eissn=1539-2988&rft.volume=54&rft.issue=4&rft.spage=945&rft.epage=983&rft_id=info:doi/10.1086%2F503583&rft.externalDBID=n%2Fa&rft.externalDocID=10_1086_503583
thumbnail_l http://covers-cdn.summon.serialssolutions.com/index.aspx?isbn=/lc.gif&issn=0013-0079&client=summon
thumbnail_m http://covers-cdn.summon.serialssolutions.com/index.aspx?isbn=/mc.gif&issn=0013-0079&client=summon
thumbnail_s http://covers-cdn.summon.serialssolutions.com/index.aspx?isbn=/sc.gif&issn=0013-0079&client=summon