Executive compensation incentives, risk level and corporate innovation*

被引：56
|
作者：
Zhou, Bing [1 ]
Li, Yu-meng [1 ]
Sun, Fang-cheng [1 ]
Zhou, Zhong-guo [2 ]
机构：
[1] Chongqing Technol & Business Univ, Res Ctr Econ Upper Reaches Yangtse River, Sch Accounting, Chongqing 400067, Peoples R China
[2] Calif State Univ, David Nazarian Coll Business & Econ, Dept Finance Financial Planning & Insurance, Northridge, CA 91330 USA
来源：
EMERGING MARKETS REVIEW | 2021年 / 47卷
关键词：
Executive compensation incentives; Corporate risk level; Corporate innovation; CEO COMPENSATION; ENTREPRENEURIAL ORIENTATION; TAKING EVIDENCE; PERFORMANCE; HOLDINGS; IMPACT; FIRMS; PAY;
D O I：
10.1016/j.ememar.2021.100798
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This paper explores the innovation of Chinese listed companies from the perspectives of CEOs' compensation and corporate risk. We find that executives' salary can effectively promote firms' investment in research and development (R&D), while equity compensation failed to promote corporate R&D investment. Besides, the level of corporate risk has a mediating effect between executives' salary and corporate R&D investment. However, corporate risk level has a moderating effect between equity compensation and corporate R&D investment. When the level of risk is higher than a certain level, the negative impact of executives' equity compensation on innovation input becomes more obvious.
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页数：16
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