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Corporate Governance and CEO Compensation in China
Michael Firth Hong Kong Polytechnic University - School of Accounting and Finance; Lingnan University - Department of Accounting and Finance Oliver M. Rui Chinese University of Hong Kong Peter M.Y. Fung Hong Kong Polytechnic University September 2002 Abstract: This paper contributes to the international corporate governance literature by examining factors that affect CEO compensation in China. In particular, we develop models of CEO pay based on an understanding of the unique economic and structural reforms undertaken by the partially privatized state owned Enterprises (SOEs). We find that corporate governance factors have a significant impact on CEO compensation but they do so in ways that differ from those in other countries. Our conclusions are robust across different formulations of the basic model and they have public policy implications for China and other transitional economies that are moving away from state ownership of business enterprises.
Keywords: Compensation, SOEs JEL Classifications: G3, P2 Working Paper SeriesDate posted: January 29, 2003 ; Last revised: January 29, 2003Suggested CitationContact Information
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