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The voice of the silence: does online voting affect corporate internal compensation gap?

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  • Jiming Liu
  • Kai Wu

Abstract

This study investigates the impact of minority shareholder voting participation on executive pay disparities within firms. The research utilised the 2014 introduction of online voting in China as a quasi-natural experiment and conducted a difference-in-differences design. The results revealed that after this shock, minority investors increased their empowerment, which led to a significant widening of the compensation gap between executives and ordinary employees. The impact was more significant for firms with lower external governance, higher industry competition, and lower information opacity. Additional tests reveal that online voting expands pay gaps within executive teams, relaxes constraints, and enables international executive recruitment. Moreover, minority rights increase a firm's operating performance due to the increased compensation gap. Overall, the results provide novel evidence of how empowering minority shareholders reshapes corporate policies in complex ways.

Suggested Citation

  • Jiming Liu & Kai Wu, 2026. "The voice of the silence: does online voting affect corporate internal compensation gap?," Accounting Forum, Taylor & Francis Journals, vol. 50(3), pages 588-617, May.
    • Handle: RePEc:taf:accfor:v:50:y:2026:i:3:p:588-617
    DOI: 10.1080/01559982.2025.2565966
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