Use this URL to cite or link to this record in EThOS: http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.719723
Title: The determination of CEO compensation following mergers and acquisitions in China
Author: Huang, Z.
Awarding Body: Nottingham Trent University
Current Institution: Nottingham Trent University
Date of Award: 2016
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Abstract:
This thesis explores the issue of CEO compensation following mergers and acquisitions (M&As) for Chinese firms. The objectives are presented as follows: First, to explore the relationship between CEO compensation and M&As decisions in Chinese firms. Second, to examine the factors influencing the determination of CEO compensation following M&As in Chinese firms. Based on a sample of 10,249 observations for Chinese listed firms and a quantitative research approach, the thesis finds that CEO compensation in Chinese firms is positively and significantly related to the M&As completion when controlling for factors including firm performance, corporate governance and the CEO political connection. Regarding the determination of CEO compensation following M&As, none of the theories could perfectly explain the determination of CEO compensation following M&As. Some of the results are more consistent with the agency theory that the optimal CEO compensation arrangement is designed to align the interests of shareholders. For example, empirical results show that size and ROA are significantly and positively correlated to CEO compensation following M&As. Some results are more consistent with the managerial power theory. For example, CEO shareholding is significantly positively correlated to CEO compensation. The result of politically connected CEO is consistent with the managerial power theory combined with resource dependency theory. Specifically, a positive relationship exists between CEO compensation and CEO political connection.
Supervisor: Not available Sponsor: Not available
Qualification Name: Thesis (Ph.D.) Qualification Level: Doctoral
EThOS ID: uk.bl.ethos.719723  DOI: Not available
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