Skip to main content

2013 | OriginalPaper | Buchkapitel

The Private Listed Company Executive Compensation and Company Performance: Based on Moderation Effect of Stock Rights

verfasst von : Yong-dong Wang, Lie-jin Lu

Erschienen in: Proceedings of 20th International Conference on Industrial Engineering and Engineering Management

Verlag: Springer Berlin Heidelberg

Aktivieren Sie unsere intelligente Suche um passende Fachinhalte oder Patente zu finden.

search-config
loading …

Abstract

This paper is study on executive compensation and company performance in Chinese private listed company. We use panel data multiple regression to analysis the data, which is from 2006 to 2010. The results indicate the number of man getting salaries in board of directors and board of supervisors is uncorrelated to company performance. Compensation of board of directors is positive correlation to revenue, net income and total assets. Compensation of executive is negative correlation to operation revenue and total assets, but is not significant to net income. In addition, the relationship between executive compensation and performance is non-liner. Further this study found that voting right of controlling stockholder and the quantity of CEO’s stocks had moderation effect to the compensation and performance.

Sie haben noch keine Lizenz? Dann Informieren Sie sich jetzt über unsere Produkte:

Springer Professional "Wirtschaft+Technik"

Online-Abonnement

Mit Springer Professional "Wirtschaft+Technik" erhalten Sie Zugriff auf:

  • über 102.000 Bücher
  • über 537 Zeitschriften

aus folgenden Fachgebieten:

  • Automobil + Motoren
  • Bauwesen + Immobilien
  • Business IT + Informatik
  • Elektrotechnik + Elektronik
  • Energie + Nachhaltigkeit
  • Finance + Banking
  • Management + Führung
  • Marketing + Vertrieb
  • Maschinenbau + Werkstoffe
  • Versicherung + Risiko

Jetzt Wissensvorsprung sichern!

Springer Professional "Technik"

Online-Abonnement

Mit Springer Professional "Technik" erhalten Sie Zugriff auf:

  • über 67.000 Bücher
  • über 390 Zeitschriften

aus folgenden Fachgebieten:

  • Automobil + Motoren
  • Bauwesen + Immobilien
  • Business IT + Informatik
  • Elektrotechnik + Elektronik
  • Energie + Nachhaltigkeit
  • Maschinenbau + Werkstoffe




 

Jetzt Wissensvorsprung sichern!

Springer Professional "Wirtschaft"

Online-Abonnement

Mit Springer Professional "Wirtschaft" erhalten Sie Zugriff auf:

  • über 67.000 Bücher
  • über 340 Zeitschriften

aus folgenden Fachgebieten:

  • Bauwesen + Immobilien
  • Business IT + Informatik
  • Finance + Banking
  • Management + Führung
  • Marketing + Vertrieb
  • Versicherung + Risiko




Jetzt Wissensvorsprung sichern!

Literatur
Zurück zum Zitat Aiken LS, West SG (1991) Multiple regression: testing and interpreting interactions [M]. Sage, Newbury Park Aiken LS, West SG (1991) Multiple regression: testing and interpreting interactions [M]. Sage, Newbury Park
Zurück zum Zitat Bin Liu, Xing Liu, Shigu Li, Shunwen He (2003) An empirical test of interactive effect between CEO payment and company performance [J]. Account Res 3:45–49 (in Chinese) Bin Liu, Xing Liu, Shigu Li, Shunwen He (2003) An empirical test of interactive effect between CEO payment and company performance [J]. Account Res 3:45–49 (in Chinese)
Zurück zum Zitat Carroll T, Ciscel D (1982) The effects of regulation on executive compensation. Rev Econ Stat 64:505–509CrossRef Carroll T, Ciscel D (1982) The effects of regulation on executive compensation. Rev Econ Stat 64:505–509CrossRef
Zurück zum Zitat Claessens S, Djankov S, Lang LHP (2000) The separation of ownership and control in east [J]. Asian Corp J Financ Econ 58(1–2):81–112 Claessens S, Djankov S, Lang LHP (2000) The separation of ownership and control in east [J]. Asian Corp J Financ Econ 58(1–2):81–112
Zurück zum Zitat Hirschey M, Pappas JL (1981) Regulatory and life cycle influences on managerial incentives [J]. South Econ J 48(2):327–334CrossRef Hirschey M, Pappas JL (1981) Regulatory and life cycle influences on managerial incentives [J]. South Econ J 48(2):327–334CrossRef
Zurück zum Zitat Honglin Yu (2006) An empirical test of effect of manager stock incentive in state owned listed company [J]. Econ Sci 01:108–116 (in Chinese) Honglin Yu (2006) An empirical test of effect of manager stock incentive in state owned listed company [J]. Econ Sci 01:108–116 (in Chinese)
Zurück zum Zitat Jackson S, Lopez T, Reitenga A (2008) Accounting fundamental and CEO bonus compensation. J Account Public Policy 27:374–393CrossRef Jackson S, Lopez T, Reitenga A (2008) Accounting fundamental and CEO bonus compensation. J Account Public Policy 27:374–393CrossRef
Zurück zum Zitat Jensen MC (1998) Foundations of organizational strategy [M]. Harvard University Press, Cambridge Jensen MC (1998) Foundations of organizational strategy [M]. Harvard University Press, Cambridge
Zurück zum Zitat Jensen MC, Meckling WH (1976) Theory of the firm: managerial behavior, agency costs and ownership structure [J]. J Financ Econ 3(4):305–360CrossRef Jensen MC, Meckling WH (1976) Theory of the firm: managerial behavior, agency costs and ownership structure [J]. J Financ Econ 3(4):305–360CrossRef
Zurück zum Zitat Jensen M, Murphy KJ (1990) Performance pay and top-management incentives. J Polit Econ 98(2):225–264CrossRef Jensen M, Murphy KJ (1990) Performance pay and top-management incentives. J Polit Econ 98(2):225–264CrossRef
Zurück zum Zitat Junxiong Fang (2009) Is there any stickiness of compensation in Chinese listed company? [J]. Econ Res 3:110–124 (in Chinese) Junxiong Fang (2009) Is there any stickiness of compensation in Chinese listed company? [J]. Econ Res 3:110–124 (in Chinese)
Zurück zum Zitat Morck R, Shleifer A, Vishny RW (1988) Management ownership and market valuation: an empirical analysis [J]. J Financ Econ 20:293–315CrossRef Morck R, Shleifer A, Vishny RW (1988) Management ownership and market valuation: an empirical analysis [J]. J Financ Econ 20:293–315CrossRef
Zurück zum Zitat Murphy KJ (1985) Corporate performance and managerial remuneration: an empirical analysis. J Account Econ 7(1–3):11–42CrossRef Murphy KJ (1985) Corporate performance and managerial remuneration: an empirical analysis. J Account Econ 7(1–3):11–42CrossRef
Zurück zum Zitat Sigler KJ, Haley JP (1995) CEO pay and company performance [J]. Manag Financ 21(2):31–42 Sigler KJ, Haley JP (1995) CEO pay and company performance [J]. Manag Financ 21(2):31–42
Zurück zum Zitat Smith CW, Watts RL (1992) The investment opportunity set and corporate financing, dividend and compensation policies. J Financ Econ 32:263–292CrossRef Smith CW, Watts RL (1992) The investment opportunity set and corporate financing, dividend and compensation policies. J Financ Econ 32:263–292CrossRef
Zurück zum Zitat Xiangyi Xu, Zhenhua Wang, Zhen Gong (2007) A study on top managers compensation and corporate governance performance [J]. China Ind Econ 02:32–39 (in Chinese) Xiangyi Xu, Zhenhua Wang, Zhen Gong (2007) A study on top managers compensation and corporate governance performance [J]. China Ind Econ 02:32–39 (in Chinese)
Zurück zum Zitat Xingqiang Du, Wang Lihua (2007) An empirical test of the correlation between top managers compensation and listed company performance [J]. Account Res 1:58–65 (in Chinese) Xingqiang Du, Wang Lihua (2007) An empirical test of the correlation between top managers compensation and listed company performance [J]. Account Res 1:58–65 (in Chinese)
Metadaten
Titel
The Private Listed Company Executive Compensation and Company Performance: Based on Moderation Effect of Stock Rights
verfasst von
Yong-dong Wang
Lie-jin Lu
Copyright-Jahr
2013
Verlag
Springer Berlin Heidelberg
DOI
https://doi.org/10.1007/978-3-642-40072-8_18