Delegation and sensitivity of CEO turnover to firm performance within business groups: Evidence from China

doi:10.1016/j.jaccpubpol.2012.09.003

CORC > 上海财经大学 > 上海财经大学

	Delegation and sensitivity of CEO turnover to firm performance within business groups: Evidence from China
	Chen, Charles J. P.1; Li, Zengquan 2; Su, Xijia ; Yao, Yiwei 3
刊名	JOURNAL OF ACCOUNTING AND PUBLIC POLICY
	2012-11-01
卷号	31 期号:6 页码:553-574
ISSN号	0278-4254
DOI	10.1016/j.jaccpubpol.2012.09.003
英文摘要	In emerging markets, companies are often organized into corporate groups in which the controlling shareholders control the member firms through stock pyramids and cross-shareholdings. We examine how the incentive for these controlling shareholders to maximize the value of groups results in less delegation of decision rights to the CEO of the member firm and, in turn, how such delegation affects the rate of CEO turnover in response to the financial performance measures reported by member firms. Our results suggest that delegation, measured as the extent to which controlling owners control the board of directors, is negatively associated with the interdependence of member firms. We also find that delegation weakens the sensitivity of the CEO-turnover rate to financial performance measures. These findings extend the literature by providing evidence on how delegation and management-incentive arrangements are jointly determined at the firm level. (C) 2012 Elsevier Inc. All rights reserved.
WOS研究方向	Business & Economics ; Public Administration
语种	英语
出版者	ELSEVIER SCIENCE INC
WOS记录号	WOS:000314255100001
内容类型	期刊论文
源URL	[http://10.2.47.112/handle/2XS4QKH4/2085]
专题	上海财经大学
通讯作者	Su, Xijia
作者单位	1.China Europe Int Business Sch, Execut MBA Program, Shanghai, Peoples R China; 2.Shanghai Univ Finance & Econ, Shanghai, Peoples R China; 3.Hong Kong Polytech Univ, Sch Accounting & Finance, Hong Kong, Hong Kong, Peoples R China
推荐引用方式 GB/T 7714	Chen, Charles J. P.,Li, Zengquan,Su, Xijia,et al. Delegation and sensitivity of CEO turnover to firm performance within business groups: Evidence from China[J]. JOURNAL OF ACCOUNTING AND PUBLIC POLICY,2012,31(6):553-574.
APA	Chen, Charles J. P.,Li, Zengquan,Su, Xijia,&Yao, Yiwei.(2012).Delegation and sensitivity of CEO turnover to firm performance within business groups: Evidence from China.JOURNAL OF ACCOUNTING AND PUBLIC POLICY,31(6),553-574.
MLA	Chen, Charles J. P.,et al."Delegation and sensitivity of CEO turnover to firm performance within business groups: Evidence from China".JOURNAL OF ACCOUNTING AND PUBLIC POLICY 31.6(2012):553-574.