Hu, Fang; Pan, Xiaofei; Tian, Gary - In: Pacific-Basin Finance Journal 24 (2013) C, pp. 235-255
This paper examines how the institutional features of emerging economies (i.e., government ownership, political connections, and market reform) influence CEO pay-dispersion incentives. Consistent with our expectation, we find that CEO pay dispersion generally provides a tournament incentive in...