Bank Ownership and Executive Perquisites:New Evidence from Emerging Markets
This paper provides comprehensive description of the practice of corporate executive perquisites (perks) in China,a leading emerging economy.We find that expenses and cash payment related to corporate executive perquisites far exceed the monetary payment to top executives,consistent with the notion that perquisites are used more extensively in emerging markets to motivate and reward corporate executives.In addition to common factors known to influence the level of executive perks,we find a significantly positive link between bank ownership of company shares and executive perquisites.Further analyses suggest that higher level of executive perquisites hurt company operating efficiency and may result from the conflict of interests that banks face as both lenders and shareholders in the emerging markets: banks may choose to side with corporate executives and play less effective monitoring if they are concerned with the security of their loans.
Wei Luo Yi Zhang Ning Zhu
Peking University University of California,Davis
国内会议
成都
英文
1-37
2009-10-31（万方平台首次上网日期，不代表论文的发表时间）