This study investigates the impact of excluding stock options for non-executive directors (NEDs) on the relationship between executive pay and firm performance. The research focuses on accounting measures and market performance. Using a sample of 220 non-financial firms, including 110 listed...

This paper provides a brief review of the state of knowledge in the field of agency theory. The managerial power approach assumes that a chief executive officer is able to affect the scale of his or her pay. However, Kaplan (2012) and others see a different picture of the corporate-governance...

Governance improvement measures often demand more financial experts on corporate boards. Directors from the lending bank require particular attention because the conflicts of interest between shareholders and debtholders would be severe. Hence, we examine whether commercial banker directors work...

Given the vital role of independent directors in determination of executives' compensation, we explore how independent directors view the CEO pay disparity. Using the data of all companies listed on the Shenzhen and Shanghai stock exchanges for the period 2005 to 2015, we find that the...