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1、JournalofInternationalBusinessStudies(2008)39,833–850&2008AcademyofInternationalBusinessAllrightsreserved0047-2506$30.00www.jibs.netTopexecutivepayandfirmperformanceinChina11TrevorBuck,XiaohuiLiuAbstractandRodionSkovoroda2Thesensitivityofexecutivepaytosharepriceperformancehasbeent
2、hemainfocusofWesternexecutivepaystudies,reflectingshareholders’effortsto1reduceagencyproblemsbybetteraligningtherewardsofexecutiveswiththeirBusinessSchool,LoughboroughUniversity,Loughborough,UK;2BusinessSchool,own.However,thesestudieshaveignoredmotivationaleffectsandpossibleNottin
3、ghamUniversity,Nottingham,UKtwo-waypay–performancecausation.ThispaperreportsChineseexecutivepay–performancesensitivity,withinternationalcomparisons,toexamineCorrespondence:whetherChina’suniqueinstitutionalenvironmenthasproducedoutcomesTBuck,BusinessSchool,Loughboroughconsistentwit
4、hthoseforWesternmarketeconomies.ThissameuniqueUniversity,LeicestershireLE113TU,UK.environmentmakespossiblethefirstestimatesoftwo-waycausationbasedonTel:þ441509223123;paneldataanalysis.TheresultsshowthatexecutivepayandfirmperformanceFax:þ441509263171;mutuallyaffecteachotherthroughb
5、othrewardandmotivation.E-mail:t.w.buck@lboro.ac.ukJournalofInternationalBusinessStudies(2008)39,833–850.doi:10.1057/palgrave.jibs.8400386Keywords:executivepay;causation;ChinaINTRODUCTIONResearchonthepayofmainboardexecutivedirectors(‘‘execu-tives’’)isnowalegitimateIBtopic,sinceitmo
6、tivatesthestrategiesofpeak-tierdecision-makersinavarietyofdifferentinstitutionalenvironmentsaroundtheworld.However,untilrecently,studyingAmericanexecutiveshasbeenthemainconcernofresearchersintheUSA,andthedominantmetricinthisresearchhasbeenthesensitivityofexecutivepaytosharepricepe
7、rformance,relevanttopaypackagessupposedlydesignedtoreduceagencyproblemsbybetteraligningtherewardsofshareholdersandexecutives.However,studiesofthiskindhaveignoredmotivationaleffectsandpossibletwo-waypay–performancecausation,despitethefactthatmotivationisusuallycitedastherationalefo
8、rexecutivepaypackages.Forexample,
