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-financial performance of state-owned enterprises (SOEs) in China: the increase in compensation and the stickiness of this compensation for … financial performance based on corporate awards in SOEs are both stronger than in non-SOEs. Moreover, when managers cannot fully … obtain other forms of incentives (such as perk consumption or equity incentives), the effect of corporate awards on managers …
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We examine the effect of agency cost on the relation between top executives' overconfidence and investment-cash flow sensitivity using the data from Chinese listed companies. We find that on average top executives' overconfidence leads to increased investment-cash flow sensitivity. However, this...
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