Top executive compensation, regional institutions and Chinese OFDI

Xiaohui Liu; Jiangyong Lu; Amon Chizema

doi:10.1016/j.jwb.2013.04.004

Top executive compensation, regional institutions and Chinese OFDI

Xiaohui Liu, Jiangyong Lu, Amon Chizema

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Abstract

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. © 2013 Elsevier Inc.

Original language	English
Pages (from-to)	143-155
Number of pages	13
Journal	Journal of World Business
Volume	49
Issue number	1
Early online date	7 May 2013
DOIs	https://doi.org/10.1016/j.jwb.2013.04.004 https://doi.org/10.1016/j.jwb.2013.04.004
Publication status	Published - Jan 2014

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abstract = "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. {\textcopyright} 2013 Elsevier Inc.",

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AB - 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. © 2013 Elsevier Inc.

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Top executive compensation, regional institutions and Chinese OFDI

Abstract

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