Family Ownership, Corporate Governance, and Top Executive Compensation

被引：34
|
作者：
Cheng, Suwina [1 ]
Firth, Michael [2 ]
机构：
[1] Univ Bath, Bath, Avon, England
[2] Hong Kong Polytech Univ, Sch Accounting & Finance, Kowloon, Hong Kong, Peoples R China
来源：
MANAGERIAL AND DECISION ECONOMICS | 2006年 / 27卷 / 07期
关键词：
D O I：
10.1002/mde.1273
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
In this study we investigate how top management pay is determined in a family firm environment where even listed firms are effectively controlled by a single individual or a single family. Using data from Hong Kong, we find that executive directors' pay is reduced if the directors have substantial stockholdings. Moreover, pay is related to profits but not to stock returns. Our results are consistent with external blockholders and independent non-executive directors persuading firms to base top management compensation on a firm's profitability. Copyright (C) 2006 John Wiley & Sons, Ltd.
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页码：549 / 561
页数：13
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