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Executive Compensation, Firm Performance And Liquidity Under Imperfect Corporate Governance, Yongli Luo
Executive Compensation, Firm Performance And Liquidity Under Imperfect Corporate Governance, Yongli Luo
Theses and Dissertations - UTB/UTPA
This dissertation examines the relationship between executive compensation, firm performance and liquidity under imperfect corporate governance institution by using a novel Chinese dataset over 2001-2010. The first essay examines the determinants of Chinese executive compensation from the agency-based theoretical framework. I find that there is a positive relationship between Chinese executive compensation and firm performance. The weak corporate governance in China exhibits strong liquidity and control effects after the split-share structure reform. It seems that CEO duality, the establishment of compensation committee, and the involvement of state ownership in Chinese public firms may lead executive compensation to a relation-based rather …