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Research on CEO Compensation Stickiness of Chinese Listed Companies

並列摘要


This paper studies the stickiness of CEO compensation by verifying the existence of asymmetric relations between CEO compensation change and corporate performance in Chinese listed companies during 2006 to 2009, the results show that the marginal increase of CEO compensation in the case of corporate earnings is to be significantly greater than the marginal reduction in the case of corporate deficit, which is tantamount to say that the stickiness of CEO compensation exists. Further research finds that the stickiness of CEO compensation in Chinese listed companies has not yet demonstrated significant timevarying trends; but there is sign of increasement. We also find that the stickiness of CEO compensation can be suppressed by improving regional marketization, shareholding system reform and diversified equity of state‐owned companies, supervision of government, media and general public, and matrix control strategy.

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