高管过度激励、所有权性质与企业国际化战略
财经研究 2011 年 第 37 卷第 06 期, 页码:80 - 90
摘要
参考文献
摘要
文章采用中国制造业上市公司的数据讨论高管薪酬激励和股权激励对企业国际化程度的影响。研究证实,由于边际递减效应在一定程度上形成所谓的过度激励,中国上市公司高管股权激励与企业国际化程度之间表现为倒"U"形关系;进一步研究发现,国有和民营上市公司薪酬激励和股权激励在促使企业高管开展国际化经营方面的作用迥然相异。
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[3]Baysinger B D,Kosnik R D,Turk T A.Effects of board and ownership structure on cor-porate R&Dstrategy[J].Academy of Management Journal,1991,34(1):205-214.
[4]Beckman C M,Burton M D.Founding the future:Path dependence in the evolution oftop management teams fromfounding to IPO[J].Organization Science,2008,19(1):3-24.
[5]Carpenter M A,Sanders W MG.Top management teamcompensation:The missinglinkbetween CEO pay and firm performance[J].Strategic Management Journal,2002,23(4):367-375.
[6]Hitt M A,Hoskisson R E,Ki m H.International diversification:Effects on innovationand firm performance in product-diversified firms[J].Academy of Management Jour-nal,1997,40(4):767-798.
[7]Hitt M A,Tihanyi L,Miller T,et al.International diversification:Antecedents,out-comes,and moderators[J].Journal of Management,2006,32(6):831-867.
[8]Hymer S H.The international operations of national firms:Astudy of direct foreign ainvest ment[M].Cambridge,MA:MIT Press,1976.
[9]Jensen MC,Meckling W H.Theory of the firm:Managerial behavior,agency costs,andownership structure[J].Journal of Financial Economics,1976,3:305-360.
[10]La Porta R,Lopez-de-Silanes F,Shleifer A.Corporate ownership around the world[J].Journal of Finance,1999,54:471-517.
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[14]Sullivan D.Measuring the degree of internationalization of a firm[J].Journal of Inter-national Business Studies,1994,25:325-342.
[15]Tihanyi L,Ellstrand A E,Daily C M,et al.Composition of the top management teamandfirminternational diversification[J].Journal of Management,2000,26(6):1157-1177.
引用本文
左晶晶, 唐跃军. 高管过度激励、所有权性质与企业国际化战略[J]. 财经研究, 2011, 37(6): 80–90.
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