The aim of this paper is to examine how concentrated ownership structures affect the positive association between industry competitions and pay-performance sensitivities. This is an empirical study to analyze the data from four East Asian markets (China, Hong Kong, Singapore and Taiwan) during 2001-2006. According to the literature review, this is the first paper to find that industry competitions do not play governance role when firms are controlled by families or states. These findings enhance our understandings on the association between industry- and firm-level governance mechanisms.
|Journal||Journal of Accounting, Finance and Economics|
|Publication status||Published - Jul 2014|
- Corporate Governance
- Pay-Performance Sensitivity
- Industry Concentration
- Ownership Structure