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    Executive perks: Compensation and corporate performance in China

    171120_171120.pdf (380.1Kb)
    Access Status
    Open access
    Authors
    Adithipyangkul, Pattarin
    Alon, I.
    Zhang, T.
    Date
    2011
    Type
    Journal Article
    
    Metadata
    Show full item record
    Citation
    Adithipyangkul, Pattarin and Alon, Ilan and Zhang, Tianyu. 2011. Executive perks: Compensation and corporate performance in China. Asia Pacific Journal of Management. 28 (2): pp. 401-425.
    Source Title
    Asia Pacific Journal of Management
    DOI
    10.1007/s10490-009-9162-3
    ISSN
    0217-4561
    School
    School of Accounting
    Remarks

    The final publication is available at: http://www.springerlink.com

    URI
    http://hdl.handle.net/20.500.11937/8357
    Collection
    • Curtin Research Publications
    Abstract

    Many studies have examined CEO compensation in developed countries, where a long tradition of disclosure renders data readily available. In emerging economies, particularly in China, where market-based compensation is a relatively new phenomenon, there are few studies of CEO compensation. In addition, information on the use of non-cash compensation is almost absent. Building on the general literature on CEO compensation, and Chinese economic and management studies, this article singularly contributes to the extant literature by (1) examining the motivational determinants of CEO perk compensation, on the one hand, and (2) exploring the relative contribution of perks to performance. We anticipate that perks can serve two roles in China: (1) to provide incentives to deter managerial shirking, and (2) to facilitate work and improve production. We find that perks are positively associated with current and future returns on assets, supporting the view that some types of perks may improve firm profitability and/or that perks are paid as a bonus to reward performance. Our findings from stratified samples suggest that perks may incentivize managers, even after controlling for firm fundamentals, such as firm size, growth opportunity, and leverage.

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