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Controlling shareholders' tunneling and executive compensation: Evidence from China

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  • Wang, Kun
  • Xiao, Xing
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    Abstract

    Conflict of interests between controlling shareholders and minority shareholders could affect executive compensation contracts. In this paper, we use data on Chinese listed companies and show that controlling shareholders' tunneling reduces the pay-performance sensitivity of executive compensation. These results suggest that while incentive payment schemes are generally adopted in Chinese listed companies, controlling shareholders who obtain private benefits from listed companies have less incentive to strengthen the relationship between executive pay and firm performance.

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    Bibliographic Info

    Article provided by Elsevier in its journal Journal of Accounting and Public Policy.

    Volume (Year): 30 (2011)
    Issue (Month): 1 (January)
    Pages: 89-100

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    Handle: RePEc:eee:jappol:v:30:y::i:1:p:89-100

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    Web page: http://www.elsevier.com/locate/jaccpubpol

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    Cited by:
    1. Conyon, Martin J. & He, Lerong, 2011. "Executive compensation and corporate governance in China," Journal of Corporate Finance, Elsevier, vol. 17(4), pages 1158-1175, September.
    2. James Cordeiro & Lerong He & Martin Conyon & Tara Shaw, 2013. "Informativeness of performance measures and Chinese executive compensation," Asia Pacific Journal of Management, Springer, vol. 30(4), pages 1031-1058, December.
    3. Hu, Fang & Tan, Weiqiang & Xin, Qingquan & Yang, Sixian, 2013. "How do market forces affect executive compensation in Chinese state-owned enterprises?," China Economic Review, Elsevier, vol. 25(C), pages 78-87.

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