References
- Bae, K. H., Z. Gong, and W. Tong 2020. “Restricting CEO Pay Backfires: Evidence from China.” European Corporate Governance Institute–Finance Working Paper, (670).
- Bai, C. E., J. Lu, and Z. Tao 2006. “The Multitask Theory of State Enterprise Reform: Empirical Evidence from China.” The American Economic Review 96 (2): 353–357.
- Bortolotti, B., F. De Jong, G. Nicodano, and I. Schindele 2007. “Privatization and Stock Market Liquidity.” Journal of Banking & Finance 31 (2): 297–316. doi:10.1016/j.jbankfin.2006.04.008.
- Boubakri, N., J. C. Cosset, and W. Saffar 2013. “The Role of State and Foreign Owners in Corporate Risk-Taking: Evidence from Privatization.” Journal of Financial Economics 108 (3): 641–658.
- Cao, X., M. Lemmon, X. Pan, M. Qian, and G. Tian 2019. “Political Promotion, CEO Incentives, and the Relationship Between Pay and Performance.” Management Science 65 (7): 2947–2965. doi:10.1287/mnsc.2017.2966.
- Chaigneau, P., A. Edmans, and D. Gottlieb 2018. “Does Improved Information Improve Incentives?” Journal of Financial Economics 130 (2): 291–307. doi:10.1016/j.jfineco.2018.05.002.
- Chen, G., M. Firth, and O. Rui 2006. “Have China’s Enterprise Reforms Led to Improved Efficiency and Profitability?” Emerging Markets Review 7 (1): 82–109.
- Chen, G., M. Firth, Y. Xin, and L. Xu 2008. “Control Transfers, Privatization, and Corporate Performance: Efficiency Gains in China’s Listed Companies.” Journal of Financial and Quantitative Analysis 43 (1): 161–190.
- Conyon, M. J., and L. He 2011. “Executive Compensation and Corporate Governance in China.” Journal of Corporate Finance 17 (4): 1158–1175. doi:10.1016/j.jcorpfin.2011.04.006.
- Conyon, M. J., and L. He 2012. “Ceo Compensation and Corporate Governance in China.” Corporate Governance: An International Review 20 (6): 575–592. doi:10.1111/j.1467-8683.2012.00935.x.
- Core, J. E., R. W. Holthausen, and D. F. Larcker 1999. “Corporate Governance, Chief Executive Officer Compensation, and Firm Performance.” Journal of Financial Economics 51 (3): 371–406.
- Cosset, J. C., H. Y. Somé, and P. Valéry 2016. “Credible Reforms and Stock Return Volatility: Evidence from Privatization.” Journal of Banking & Finance 72: 99–120.
- Edmans, A., X. Gabaix, and D. Jenter 2017. “Executive Compensation: A Survey of Theory and Evidence.” The Handbook of the Economics of Corporate Governance 1: 383–539.
- Fang, Y., M. Hu, and Q. Yang 2018. “Do Executives Benefit from Shareholder Disputes? Evidence from Multiple Large Shareholders in Chinese Listed Firms.” Journal of Corporate Finance 51: 275–315. doi:10.1016/j.jcorpfin.2018.06.008.
- Fang, L. H., J. Lerner, and C. Wu 2017. “Intellectual Property Rights Protection, Ownership, and Innovation: Evidence from China.” The Review of Financial Studies 30 (7): 2446–2477. doi:10.1093/rfs/hhx023.
- Firth, M., P. M. Fung, and O. M. Rui 2006. “Corporate Performance and CEO Compensation in China.” Journal of Corporate Finance 12 (4): 693–714.
- Firth, M., P. M. Fung, and O. M. Rui 2007. “How Ownership and Corporate Governance Influence Chief Executive Pay in China’s Listed Firms.” Journal of Business Research 60 (7): 776–785.
- Frydman, C., and R. E. Saks 2010. “Executive Compensation: A New View from a Long-Term Perspective, 1936–2005.” The Review of Financial Studies 23 (5): 2099–2138. doi:10.1093/rfs/hhp120.
- Gan, J., Y. Guo, and C. Xu 2018. “Decentralized Privatization and Change of Control Rights in China.” The Review of Financial Studies 31 (10): 3854–3894. doi:10.1093/rfs/hhx100.
- Gao, H., and K. Li 2015. “A Comparison of Ceo Pay–performance Sensitivity in Privately-Held and Public Firms.” Journal of Corporate Finance 35: 370–388. doi:10.1016/j.jcorpfin.2015.10.005.
- Graham, J. R., S. Li, and J. Qiu 2012. “Managerial Attributes and Executive Compensation.” The Review of Financial Studies 25 (1): 144–186. doi:10.1093/rfs/hhr076.
- Habib, M. A., and A. Ljungqvist 2005. “Firm Value and Managerial Incentives: A Stochastic Frontier Approach.” The Journal of Business 78 (6): 2053–2094. doi:10.1086/497040.
- Himmelberg, C. P., R. G. Hubbard, and D. Palia 1999. “Understanding the Determinants of Managerial Ownership and the Link Between Ownership and Performance.” Journal of Financial Economics 53 (3): 353–384. doi:10.1016/S0304-405X(99)00025-2.
- Holmström, B. 1979. “Moral Hazard and Observability.” Bell Journal of Economics 10 (1): 74–91.
- Huang, Z., L. Li, G. Ma, and L. C. Xu 2017. “Hayek, Local Information, and Commanding Heights: Decentralizing State-Owned Enterprises in China.” The American Economic Review 107 (8): 2455–2478. doi:10.1257/aer.20150592.
- Hui, Z., and H. Fang 2022. “Does Non-Controlling Large Shareholder Monitoring Improve CEO Incentives?” Emerging Markets Finance and Trade 58 (5): 1262–1275.
- Jensen, M. C., and K. J. Murphy 1990. “Performance Pay and Top-Management Incentives.” The Journal of Political Economy 98 (2): 225–264. doi:10.1086/261677.
- Jiang, F., W. Cai, X. Wang, and B. Zhu 2018. “Multiple Large Shareholders and Corporate Investment: Evidence from China.” Journal of Corporate Finance 50: 66–83. doi:10.1016/j.jcorpfin.2018.02.001.
- Jiang, F., and K. A. Kim 2015. “Corporate Governance in China: A Modern Perspective.” Journal of Corporate Finance 32 (3): 190–216. doi:10.1016/j.jcorpfin.2014.10.010.
- Jiang, F., and K. A. Kim 2020. “Corporate Governance in China: A Survey.” Review of Finance 24 (4): 733–772. doi:10.1093/rof/rfaa012.
- Jiang, F., B. Zhu, and Y. Wang. 2014. ”Do CEO Incentive Contracts of Soes Pay Less Attention to Performance?” Management World 9: 143–159. in Chinese.
- Jin, L. 2002. “Ceo Compensation, Diversification, and Incentives.” Journal of Financial Economics 66 (1): 29–63. doi:10.1016/S0304-405X(02)00150-2.
- Kim, E. H., and Y. Lu 2011. “Ceo Ownership, External Governance, and Risk-Taking.” Journal of Financial Economics 102 (2): 272–292. doi:10.1016/j.jfineco.2011.07.002.
- Kornai, J. Á. N. O. S. 1986. “The Soft Budget Constraint.” Kyklos 39 (1): 3–30. doi:10.1111/j.1467-6435.1986.tb01252.x.
- Li, K., T. Wang, Y. L. Cheung, and P. Jiang 2011. “Privatization and Risk Sharing: Evidence from the Split Share Structure Reform in China.” The Review of Financial Studies 24 (7): 2499–2525.
- Liao, L., B. Liu, and H. Wang 2014. “China׳ S Secondary Privatization: Perspectives from the Split-Share Structure Reform.” Journal of Financial Economics 113 (3): 500–518.
- Lin, J. Y., F. Cai, and Z. Li 1998. “Competition, Policy Burdens, and State-Owned Enterprise Reform.” The American Economic Review 88 (2): 422–427.
- Lin, J. Y., and G. Tan 1999. “Policy Burdens, Accountability, and the Soft Budget Constraint.” The American Economic Review 89 (2): 426–431. doi:10.1257/aer.89.2.426.
- Luo, W., Y. Zhang, and N. Zhu. 2011. “Bank Ownership and Executive Perquisites: New Evidence from an Emerging Market.” Journal of Corporate Finance 17 (2): 352–370. doi:10.1016/j.jcorpfin.2010.09.010.
- Megginson, W. L., and J. M. Netter 2001. “From State to Market: A Survey of Empirical Studies on Privatization.” Journal of Economic Literature 39 (2): 321–389. doi:10.1257/jel.39.2.321.
- Megginson, W. L., and N. L. Sutter 2006. “Privatisation in Developing Countries.” Corporate Governance: An International Review 14 (4): 234–265. doi:10.1111/j.1467-8683.2006.00505.x.
- Pan, L., and X. Zhou 2018. “Ceo Compensation in Japan: Why so Different from the United States?” Journal of Financial & Quantitative Analysis 53 (5): 2261–2292.
- Sun, Q., and W. H. Tong. 2003. “China Share Issue Privatization: The Extent of Its Success.” Journal of Financial Economics 70 (2): 183–222.
- Wang, X., G. Fan, and L. Hu. 2019. China’s Provincial Marketization Index Report. Beijing: Social Science Academic Press in Chinese.
- Wang, Q., T. J. Wong, and L. Xia 2008. “State Ownership, the Institutional Environment, and Auditor Choice.” Journal of Accounting and Economics 46 (1): 112–134.
- Xue, Y., and Y. Bai. 2008. ”State Ownership, Redundant Employees and Corporate Performance.” Management World 10: 96–105. in Chinese.
- Yang, J., D. Lu, and D. Yang. 2010. ”The Study on the Transfer of Government Control Right of Soes.” Economic Research Journal 2: 69–82. in Chinese.
- Zhang, M., F. Wang, and H. Liu. 2013. ”Redundancy Burden and CEO Pay-Performance Sensitivity of Soes.” Journal of Financial Research 5: 140–151. in Chinese.