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Full-Text Articles in Social and Behavioral Sciences
Venture Capital And Executive Incentives In China, Jerry Cao, Qigui Liu, Gary G. Tian
Venture Capital And Executive Incentives In China, Jerry Cao, Qigui Liu, Gary G. Tian
Faculty of Commerce - Papers (Archive)
This paper examines the effect that venture capital (VC) has on the pay-performancerelationship in listed Chinese firms. We find that VC has a significantly positive effect onCEO compensation and the pay-performance relationship, such effect particularly stronger infirms needing more managerial efforts and discretions (higher growth opportunity or higherlevels of capital expenditure). In addition, we show that VC-backed firms with moremanagerial discretions are more likely to use stock options. The evidence suggests thatventure capital investors use more sensitive compensation contract for top executives inChinese when the need for managerial discretion is greater. Such compensation schemes byVCs enhance firm performance subsequently.
The Relation Of Intellectual Capital Disclosure Strategies And Market Value In Two Political Settings, Indra Abeysekera
The Relation Of Intellectual Capital Disclosure Strategies And Market Value In Two Political Settings, Indra Abeysekera
Faculty of Commerce - Papers (Archive)
Purpose – The purpose of this paper is to investigate whether the political setting (civil war versus temporary truce) in a country has an influence on firms' current narrative, visual, and numerical intellectual capital disclosure being included in the current market value of equity. Design/methodology/approach – Using content analysis for data generation, this study identifies narrative, visual, and numerical intellectual capital disclosure in firms' annual reports. Financial data were obtained from firms' annual reports and the stock exchange. Fixed effect panel regression was conducted separately for the civil war period and temporary truce period. Findings – The paper finds that …