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https://hdl.handle.net/10356/106048| Title: | Compensation committee and executive compensation in Asia | Authors: | Lee, Kin-Wai | Keywords: | DRNTU::Business | Issue Date: | 2014 | Source: | Lee, K.-W. (2014). Compensation committee and executive compensation in Asia. International journal of business, 19(3), 213-236. | Series/Report no.: | International journal of business | Abstract: | Using a sample of firms in East Asian economies, we find that level of CEO compensation is positively associated with CEO power. The positive association between the level of CEO compensation and CEO power is attenuated by the proportion of independent directors on the compensation committee and the equity ownership held by external block-holders. Furthermore, CEO pay-performance sensitivity is lower in firms with powerful CEOs. In the sub-sample of firms with powerful CEOs, CEO payperformance sensitivity is higher in firms with higher compensation committee independence and higher proportion of equity held by block-holders. Additional tests indicate that excessive CEO compensation in firms with more powerful CEO is associated with lower subsequent operating performance and lower future stock returns. The negative association between excessive CEO compensation and future firm performance is attenuated by stronger corporate structures. | URI: | https://hdl.handle.net/10356/106048 http://hdl.handle.net/10220/26236 |
URL: | http://www.craig.csufresno.edu/IJB/Volumes.htm#V19 | ISSN: | 1083-4346 | Schools: | Nanyang Business School | Rights: | © 2014 International Journal of Business. This paper was published in International Journal of Business and is made available as an electronic reprint (preprint) with permission of International Journal of Business. The published version is available at: [http://www.craig.csufresno.edu/IJB/Volumes.htm#V19]. One print or electronic copy may be made for personal use only. Systematic or multiple reproduction, distribution to multiple locations via electronic or other means, duplication of any material in this paper for a fee or for commercial purposes, or modification of the content of the paper is prohibited and is subject to penalties under law. | Fulltext Permission: | open | Fulltext Availability: | With Fulltext |
| Appears in Collections: | NBS Journal Articles |
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