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Title: Top executive compensation, regional institutions and Chinese OFDI
Authors: Liu, Xiaohui
Lu, Jiangyong
Chizema, Amon
Keywords: China
Executive equity ownership
Regional institutions
Top-executive pay
Issue Date: 2014
Publisher: © Elsevier Inc.
Citation: LIU, X., LU, J. and CHIZEMA, A., 2014. Top executive compensation, regional institutions and Chinese OFDI. Journal of World Business, 49 (1), pp. 143 - 155.
Abstract: Integrating agency and institutional theories, this paper examines the impact of top-executive compensation and regional institutions on the outward FDI(OFDI) of a sample of Chinese-listed firms. The results show that top-executive cash pay and equity ownership have a positive association with OFDI. Differing from previous studies focusing on cross-country institutional variances, we take variations in within-country institutions into account and find that regional institutions in terms of product markets, factor markets and legal systems play an important role in OFDI and positively moderate the governance role of managerial equity ownership.
Description: NOTICE: this is the author’s version of a work that was accepted for publication in Journal of World Business. Changes resulting from the publishing process, such as peer review, editing, corrections, structural formatting, and other quality control mechanisms may not be reflected in this document. Changes may have been made to this work since it was submitted for publication. A definitive version was subsequently published in Journal of World Business, 49 (1) (January 2014) DOI:10.1016/j.jwb.2013.04.004
Sponsor: Leverhulme Trust (RPG-160)
Version: Accepted for publication
DOI: 10.1016/j.jwb.2013.04.004
URI: https://dspace.lboro.ac.uk/2134/16713
Publisher Link: http://dx.doi.org/10.1016/j.jwb.2013.04.004
ISSN: 1090-9516
Appears in Collections:Published Articles (Business School)

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