Please use this identifier to cite or link to this item: http://hdl.handle.net/10397/31385
Title: Ownership, corporate governance and top management pay in Hong Kong
Authors: Cheng, S
Firth, M
Keywords: Corporate governance
Executive compensation
Ownership
Issue Date: 2005
Source: Corporate governance, 2005, v. 13, no. 2, p. 291-302 How to cite?
Journal: Corporate Governance 
Abstract: Top management pay has been the focus of intense scrutiny and debate in many countries. Important issues include how compensation is decided and whether it is a function of performance. The purpose of this study is to examine top management pay in Hong Kong and to investigate how it is affected by firms' ownership and governance characteristics. A distinguishing characteristic of many listed firms in Hong Kong is the large proportion of share capital owned by the directors, and we argue that this moderates top management pay. We also investigate the role of institutional ownership and board composition in the determination of pay. We find that director and institutional ownership moderate compensation but that there is little evidence that they encourage pay-for-perf ormance reward schemes.
URI: http://hdl.handle.net/10397/31385
ISSN: 0964-8410
DOI: 10.1111/j.1467-8683.2005.00423.x
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