Top executive compensation,regional institutions and Chinese OFDI |
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| Affiliation: | 1. School of International Economics and Trade, Nanjing University of Finance and Economics,No. 3 Wenyuan Road, Nanjing, Jiangsu, China;2. School of Economics, Nankai University, No.94 of Weijin Road, Tianjin, China;1. Dolinks School of Economics and Management, University of Science and Technology Beijing, Beijing, China;2. Academy of Mathematics and Systems Science, Chinese Academy of Sciences, Beijing, China;3. School of Economics and Management, University of Chinese Academy of Science, Beijing, China;4. Post-Doctoral Research Center, Industrial and Commercial Bank of China Limited, Beijing, China |
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| 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. |
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| Keywords: | Top-executive pay Executive equity ownership Regional institutions OFDI China |
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