This paper investigates the relationship between industrial diversification and firm valuation in a sample of 816 publicly listed firms in China. It contributes to the literature in three ways. First, it is one of the first studies of diversification and firm value in an emerging market...

This article tests several predictions of tournament theory on executive compensation in the context of a transition economy. Using an unbalanced panel which consists of a total of 34701 executives in 450 publicly listed firms in China during 1999 and 2006, we find that (1) pay increases as...

<title>Abstract</title> Using data for 1203 publicly listed firms in China during 1999--2002, this paper empirically investigates whether and to what extent state control affects managerial incentives, including managerial compensation and CEO turnover. The paper finds that CEO turnover is negatively related...

This article explores the executive compensation structure in China. Using unbalanced panel data on 17,178 executives in 1,386 publicly listed firms in China during 1999–2006, we find that (1) both executive pay and the pay gap between executive ranks increased over time; (2) pay distribution...