Top_executive_pay_and_outward FDI 12-182R3 1 April 2013.pdf (570.53 kB)
Download fileTop executive compensation, regional institutions and Chinese OFDI
journal contribution
posted on 2015-02-12, 09:44 authored by Xiaohui Liu, Jiangyong Lu, Amon ChizemaIntegrating agency and institutional theories, this paper examines the impact of top-executive compensation and regional institutions on the outward FDI(OFDI) of a sample of Chinese-listed firms. The results show that top-executive cash pay and equity ownership have a positive association with OFDI. Differing from previous studies focusing on cross-country institutional variances, we take variations in within-country institutions into account and find that regional institutions in terms of product markets, factor markets and legal systems play an important role in OFDI and positively moderate the governance role of managerial equity ownership.
Funding
Leverhulme Trust (RPG-160)
History
School
- Business and Economics
Department
- Business