Managerial characteristics and stock market investment: evidence from China

被引：1

作者：

Yang, Jingjing ^{[1
,2
]}

Xin, Yuan ^{[3
]}

Jun, Xiao ^{[4
]}

机构：

[1] Guangdong Univ Foreign Studies, Sch Finance, Guangzhou, Guangdong, Peoples R China

[2] Guangdong Univ Foreign Studies, Southern China Inst Fortune Management Res, Guangzhou, Guangdong, Peoples R China

[3] Haitong Secur Co Ltd, Investment Banking Dept, Shanghai, Peoples R China

[4] Jiangxi Univ Finance & Econ, Sch Finance, Nanchang, Jiangxi, Peoples R China

来源：

ACCOUNTING AND FINANCE | 2019年 / 59卷

基金：

中国国家自然科学基金;

关键词：

Managerial compensation; Board characteristics; Equity-based compensation; Stock market investment; China; ECONOMIC-POLICY UNCERTAINTY; RISK-TAKING EVIDENCE; CORPORATE GOVERNANCE; CEO COMPENSATION; AGENCY COSTS; OWNERSHIP; FIRM; PERFORMANCE; VOLATILITY; FINANCE;

D O I：

10.1111/acfi.12519

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We examine the effect of managerial characteristics on investment in the stock market by listed firms in China. Our empirical findings suggest that higher levels of cash-based compensation may increase both the propensity of investing in the stock market and the total amount of investment. On the other hand, managerial holdings discourage managers from investing in stock markets and also lead to a decrease in the amount of investment. This study sheds light on managerial risk-taking incentives. Moreover, this study fills the gap in the literature by providing evidence for the determinants of listed firms' stock market investment.

引用

页码：2017 / 2044

页数：28

共 50 条

[1] The Effect of Managerial Ability on Firm Investment Decisions: Evidence from Egyptian Stock Market
Said, Yasmeen
Eissa, Ola Mohamed Shawky
Srour, Heba Mohamed
[J]. EUROPEAN JOURNAL OF SUSTAINABLE DEVELOPMENT, 2024, 13 (02): : 350 - 374
[2] Inefficient Investment and Debt Structure: Evidence from China Stock Market
Ji, Jiajun
Li, Qiang
Ju, Hangyu
[J]. PROCEEDINGS OF THE THIRD SYMPOSIUM OF RISK ANALYSIS AND RISK MANAGEMENT IN WESTERN CHINA, 2013, 40 : 61 - 66
[3] Stock market liberalization and corporate investment revisited: Evidence from China
Li, Zhisheng
Liu, Chun
Ni, Xiaoran
Pang, Jiaren
[J]. JOURNAL OF BANKING & FINANCE, 2024, 158
[4] Financial constraints, corporate characteristics and investment: Evidence from China Stock Market (1995-2006)
Cao Yanming
[J]. PROCEEDINGS OF THE 2007 INTERNATIONAL CONFERENCE ON MANAGEMENT SCIENCE AND ENGINEERING, FINANCE ANALYSIS SECTION, 2007, : 1244 - 1249
[5] Information-based stock trading and managerial incentives: evidence from China's stock market
Firth, Michael
Jin, Man
Zhang, Yuanyuan
[J]. EUROPEAN JOURNAL OF FINANCE, 2014, 20 (7-9): : 637 - 656
[6] Agent Problems in Investment Project Evidence from China's Stock Market
Guo, Yu
Gu, Haiying
[J]. 2008 5TH INTERNATIONAL CONFERENCE ON SERVICE SYSTEMS AND SERVICE MANAGEMENT, VOLS 1 AND 2, 2008, : 378 - 381
[7] Does managerial market timing with stock repurchases exist in stock market? Evidence from Thailand
Kumpamool, Chamaiporn
[J]. INTERNATIONAL REVIEW OF ECONOMICS & FINANCE, 2024, 96
[8] Managerial ability and investment decisions: Evidence from Chinese market
Naheed, Rehana
Jawad, Muhammad
Naz, Munazza
Sarwar, Bushra
Naheed, Rukhsana
[J]. MANAGERIAL AND DECISION ECONOMICS, 2021, 42 (04) : 985 - 997
[9] Investment decisions and managerial discipline: Evidence from the takeover market
Scholten, R
[J]. FINANCIAL MANAGEMENT, 2005, 34 (02) : 35 - 61
[10] Market State and Investment Strategies: Evidence from the Indian Stock Market
Maheshwari, Supriya
Dhankar, Raj S.
[J]. IIM KOZHIKODE SOCIETY & MANAGEMENT REVIEW, 2018, 7 (02) : 154 - 170

← 1 2 3 4 5 →