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Does analyst coverage curb executives’ excess perks? Evidence from Chinese listed firms

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  • Chong Chen
  • Dequan Jiang
  • Weiping Li
  • Zilong Song

Abstract

In this study, we explore the causal relationship between analyst coverage and executives’ excess perquisites by using manually collected data from Chinese listed firms. Empirical results show that analyst following has a negative effect on excess perks. This result still holds when we use alternative measure of excess perquisites, utilize alternative regression methodology, and address endogenous problems. Furthermore, we find that the analysts’ monitoring effect is more pronounced when corruption is more severe. Finally, we find that the effect substitutes the monitoring function by large shareholders and Big 4 auditors.

Suggested Citation

  • Chong Chen & Dequan Jiang & Weiping Li & Zilong Song, 2022. "Does analyst coverage curb executives’ excess perks? Evidence from Chinese listed firms," Asia-Pacific Journal of Accounting & Economics, Taylor & Francis Journals, vol. 29(2), pages 329-343, March.
    • Handle: RePEc:taf:raaexx:v:29:y:2022:i:2:p:329-343
    DOI: 10.1080/16081625.2020.1770613
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    Cited by:

    1. Li, Weiping & Chen, Xiaoqi & Huang, Jiashun & Gong, Xu & Wu, Wei, 2022. "Do environmental regulations affect firm's cash holdings? Evidence from a quasi-natural experiment," Energy Economics, Elsevier, vol. 112(C).
    2. Die Wu & Hafeezullah Memon, 2022. "Public Pressure, Environmental Policy Uncertainty, and Enterprises’ Environmental Information Disclosure," Sustainability, MDPI, vol. 14(12), pages 1-18, June.

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