CEO pay, firm performance and independent directors: Empirical results from Chinese listed companies

被引：0

作者：

Yuan, Ling ^{[1
]}

Liu, Zhao ^{[1
]}

机构：

[1] Hunan Univ, Sch Business Adm, Changsha 410082, Peoples R China

来源：

Fifth Wuhan International Conference on E-Business, Vols 1-3: INTEGRATION AND INNOVATION THROUGH MEASUREMENT AND MANAGEMENT | 2006年

关键词：

CEO compensation; independent directors; firm performance;

D O I：

暂无

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

The publication of the China Securities Regulatory Commission's "Proposed Guidelines on Establishing the Independent Director System in Listed Companies" on August 21, 2001 marked the official beginning of the system of independent directors in the listed companies of China. This paper examines the question of whether independent directors could reduce CEO pay and enhance corporate performance. Using a sample of the Chinese listed companies, we find a positive relationship between CEO compensation and two measures of performance; namely return on assets (ROA) and stock returns (RETURN). Board composition of directors has a significant influence on CEO pay as well.

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页码：2541 / 2551

页数：11

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