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Executive compensation in family firms: The effect of multiple family members

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  • Cheng, Minying
  • Lin, Bingxuan
  • Wei, Minghai

Abstract

We explore the conflicts between the controlling founder of a firm and her family members by studying how their ownership affects executive compensation differently. Using a sample of family firms in China, we find that the ownership of a controlling family owner is negatively correlated with the level of executive compensation and has a positive effect on pay-for-performance sensitivity. However, the ownership of other family members is positively associated with executive compensation and has a negative effect on pay-for-performance sensitivity. We find that when the quality of corporate governance is low and when other family members hold excess control rights in the firm, the unfavorable effect of other family members is more striking.

Suggested Citation

  • Cheng, Minying & Lin, Bingxuan & Wei, Minghai, 2015. "Executive compensation in family firms: The effect of multiple family members," Journal of Corporate Finance, Elsevier, vol. 32(C), pages 238-257.
    • Handle: RePEc:eee:corfin:v:32:y:2015:i:c:p:238-257
    DOI: 10.1016/j.jcorpfin.2014.10.014
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    More about this item

    Keywords

    Family firms; Ownership structure; Executive compensation; China;
    All these keywords.

    JEL classification:

    • G3 - Financial Economics - - Corporate Finance and Governance
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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