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Top_executive_pay_and_outward FDI 12-182R3 1 April 2013.pdf (570.53 kB)

Top executive compensation, regional institutions and Chinese OFDI

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journal contribution
posted on 2015-02-12, 09:44 authored by Xiaohui Liu, Jiangyong Lu, Amon Chizema
Integrating 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

Published in

Journal of World Business

Volume

49

Issue

1

Pages

143 - 155

Citation

LIU, X., LU, J. and CHIZEMA, A., 2014. Top executive compensation, regional institutions and Chinese OFDI. Journal of World Business, 49 (1), pp. 143 - 155.

Publisher

© Elsevier Inc.

Version

  • AM (Accepted Manuscript)

Publisher statement

This work is made available according to the conditions of the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International (CC BY-NC-ND 4.0) licence. Full details of this licence are available at: https://creativecommons.org/licenses/by-nc-nd/4.0/

Publication date

2013-05-07

Notes

NOTICE: this is the author’s version of a work that was accepted for publication in Journal of World Business. Changes resulting from the publishing process, such as peer review, editing, corrections, structural formatting, and other quality control mechanisms may not be reflected in this document. Changes may have been made to this work since it was submitted for publication. A definitive version was subsequently published in Journal of World Business, 49 (1) (January 2014) DOI:10.1016/j.jwb.2013.04.004

DOI

ISSN

1090-9516

Publisher version

Other identifier

S1090951613000229

Language

  • en

Administrator link

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    Loughborough Publications

    Categories

    Keywords

    ChinaExecutive equity ownershipOFDIRegional institutionsTop-executive payBusiness and Management not elsewhere classified

    Licence

    CC BY-NC-ND 4.0

    Exports