We thank the ESRC (grant RES-538-25-0029) and NSFC (grant 71161130175) for funding. We also thank participants at workshops at Brunel, London School of Economics and Political Science, and Zhejiang University, along with an anonymous reviewer, for useful comments.
Same or Different? The CEO Labour Market in China's Public Listed Companies
Version of Record online: 24 FEB 2014
© 2013 The Authors. The Economic Journal published by John Wiley & Sons Ltd on behalf of Royal Economic Society.
This is an open access article under the terms of the Creative Commons Attribution License, which permits use, distribution and reproduction in any medium, provided the original work is properly cited.
The Economic Journal
Volume 124, Issue 574, pages F90–F108, February 2014
How to Cite
Bryson, A., Forth, J. and Zhou, M. (2014), Same or Different? The CEO Labour Market in China's Public Listed Companies. The Economic Journal, 124: F90–F108. doi: 10.1111/ecoj.12107
Correction Note: This article was first published online on the 24th of February 2014, under a subscription publication licence. The article has since been made OnlineOpen, and the copyright line and licence statement was therefore updated in September 2014.
- Issue online: 24 FEB 2014
- Version of Record online: 24 FEB 2014
- Accepted manuscript online: 18 NOV 2013 11:26AM EST
- Manuscript Accepted: 2 OCT 2013
- Manuscript Received: 18 APR 2012
- ESRC. Grant Number: RES-538-25-0029
- NSFC. Grant Number: 71161130175
Using linked employer–employee data for all China's public listed firms over the period 2001–10, we find top executive compensation exhibits many of the traits familiar in the Western literature, although sometimes in a more muted way, and with some clear exceptions. We also find a role for managerial power in executive pay setting which may reflect the recency of the stock market and regulations underpinning corporate governance. Nevertheless, there appear to be some elements of executive compensation which transcend national economic, political and cultural differences. The implication is that the Western model is not as idiosyncratic as critics suggest.