Product Market Competition and Managerial Incentives: Evidence from Chinas Publicly Listed Firms
This paper mainly analyzes the relationship between product market competition and managerial incentives. We use three indicators to measure managerial incentives, not only taking into account the executives transparent incentives such as salary and executive equity-based compensation, but also taking into account the executives implicit incentive such as job consumption. Then we use the approach of principal component analysis to calculate the index of managerial incentives. The empirical analysis results show that product market competition is significantly related to managerial incentives intensity. The companies in highly competitive industries provide higher levels of managerial incentives. Product market competition has an important impact on managerial incentives.
product market competition managerial incentives principal component analysis
MA Hongjuan DU Jinmin
Economic College of Jinan University, Guangzhou, P.R.China, 510632
国际会议
威海
英文
462-466
2010-07-24（万方平台首次上网日期，不代表论文的发表时间）