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September 17, 2025Corporate Ownership and ControlOpen Access

Asymmetric pay-for-performance in Chinese enterprises: Insights from firm-specific and cross-sectional analyses

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Authors

XCXiaoying ChenHDHe DanJYJasmine Yur‐Austin

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Overview

Cross-sectional analysis reveals differentiated CEO compensation in state-owned and non-state-owned enterprises.

Key Points

  • Asymmetric effects of gains and losses in CEO compensation highlight disparities between state-owned and non-state-owned enterprises.
  • The study found that Chinese CEOs are rewarded for profits but shielded from losses, indicating wage rigidity.
  • This cross-sectional analysis included 33,166 observations in Shanghai and Shenzhen stock exchanges from 2005-2021.
  • Findings call for a closer look at corporate governance mechanisms and their implications on CEO compensation.

Cite This Study

Chen et al. (2025) studied this question.

synapsesocial.com/papers/68d45b1b31b076d99fa5d674https://doi.org/10.22495/cocv22i3art7
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