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- W4200616705 abstract "Abstract The existing corporate governance literature has mostly focused on micro-level studies of executive compensation, with limited attention paid to influential macro-level factors such as institutions and institutional changes and their impacts on corporate governance and performance. The implementation of the new compensation policy that restricts CEO compensation ceiling in state-owned firms in China offers an ideal context for us to study how institutional changes and firms’ adoption of these changes can influence CEO turnover and firm performance. Our empirical analyses reveal that the positive impact of new compensation policy adoption on CEO turnover is stronger for CEOs with originally higher compensation. The impact of new compensation policy adoption on firm performance, however, is negative, and the negative impact is contingent upon a firm’s market share and tech intensity. Our research contributes to the literature on corporate governance by theorizing and empirically demonstrating the critical role that institutions play in corporate governance." @default.
- W4200616705 created "2021-12-31" @default.
- W4200616705 creator A5003328484 @default.
- W4200616705 creator A5038851564 @default.
- W4200616705 creator A5087123126 @default.
- W4200616705 date "2021-12-02" @default.
- W4200616705 modified "2023-09-30" @default.
- W4200616705 title "Institutional change of compensation policy and its impact on CEO turnover and firm performance" @default.
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