Title :
Research on relationship between private benefits of control and top executive compensation in double agent theory — An empirical study of equity transfer in China´s listed companies
Author :
Xiao, Ma ; Gao-Jin, Li
Author_Institution :
Sch. of Manage., China Univ. of Min. & Technol., Xuzhou, China
Abstract :
This paper studied the relationship between PBC and top executive compensation by simultaneous equation. Findings show according to 2SLS estimation that a coefficient between PBC and top executive compensation is 9.461 in PBC equation, and that a coefficient between expropriation and top executive compensation is 0.012 in top executive compensation equation. The results indicate that the impact of the top executive compensation to the PBC is greater than that of the expropriation interests of controlling shareholders to the top executive compensation.
Keywords :
compensation; salaries; 2SLS estimation; China; double agent theory; equity transfer; listed companies; private benefits of control; simultaneous equation; top executive compensation; Educational institutions; Electronic mail; Equations; Force control; Frequency locked loops; Industrial control; Manufacturing industries; Marketing and sales; Mathematical model; Technology management; equity transfer; private benefits of control (PBC); top executive compensation;
Conference_Titel :
Industrial Engineering and Engineering Management, 2009. IE&EM '09. 16th International Conference on
Conference_Location :
Beijing
Print_ISBN :
978-1-4244-3671-2
Electronic_ISBN :
978-1-4244-3672-9
DOI :
10.1109/ICIEEM.2009.5344469
