Please use this identifier to cite or link to this item: https://hdl.handle.net/2440/128707
Citations
Scopus Web of Science® Altmetric
?
?
Full metadata record
DC FieldValueLanguage
dc.contributor.authorBai, M.en
dc.contributor.authorWang, R.en
dc.contributor.authorYu, C.en
dc.contributor.authorZheng, J.en
dc.date.issued2019en
dc.identifier.citationPacific Basin Finance Journal, 2019; 55:206-221en
dc.identifier.issn0927-538Xen
dc.identifier.issn1879-0585en
dc.identifier.urihttp://hdl.handle.net/2440/128707-
dc.description.abstractBy employing the mandatory pay ceiling regulation for top executives in Chinese state-owned enterprises (SOEs) as a quasi-natural experiment, we investigate how limits on executive pay affect firm-specific stock price crash risk. We find that executive pay restriction has an asymmetric impact on crash risk for different types of SOEs. Specifically, while this regulation has no significant impact on crash risk for central SOEs, it significantly increases crash risk for local SOEs. Further, this positive relationship is more pronounced for firms with weaker corporate governance, for firms with CEOs having longer tenure, older ages, and political positions, and for firms with executives losing more salary from this regulation. Overall, our findings identify a novel and unintended consequence in curbing executive remuneration and highlight the importance of distinguishing between different state ownership types.en
dc.description.statementofresponsibilityMin Bai, Renxiang Wang, Chia-Feng (Jeffrey) Yu, Jianming Zhengen
dc.language.isoenen
dc.publisherElsevieren
dc.rights© 2019 Elsevier B.V. All rights reserved.en
dc.subjectExecutive pay restriction; stock price crash risk; state-owned enterprises; political ranksen
dc.titleLimits on executive pay and stock price crash risk: evidence from a quasi-natural experimenten
dc.typeJournal articleen
dc.identifier.doi10.1016/j.pacfin.2019.04.003en
pubs.publication-statusPublisheden
dc.identifier.orcidYu, C. [0000-0003-4579-9621]en
Appears in Collections:Business School publications

Files in This Item:
There are no files associated with this item.


Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.