scholarly journals REGULATING EXECUTIVE COMPENSATION IN CHINA: PROBLEMS AND SOLUTIONS

2014 ◽  
Vol 32 (2) ◽  
pp. 207-254 ◽  
Author(s):  
Lin Lin
Keyword(s):  
United States ◽  
Executive Compensation ◽  
Fundamental Problem ◽  
Essential Element ◽  
Listed Companies ◽  
The United States ◽  
State Ownership ◽  
Primary Role ◽  
Executive Pay ◽  
Chinese Listed Companies

Executive compensation is an essential element of a corporate governance system and an issue of public concern and academic debate. However, the existing literature on executive compensation has primarily focused on the United States, United Kingdom and continental European jurisdictions. This paper presents a comprehensive comparative study of the law and practices of executive pay in China. It critically examines the processes that produce compensation arrangements, as well as the various legal strategies and market forces that act on these processes in the context of China.Based on extensive empirical evidence, it finds that excessive pay in China is less prevalent than that in the United States. Nevertheless, Chinese executive compensation is not optimal in that there are both excessive executive pay and low levels of equity incentives for executives in Chinese listed companies. Meanwhile, executives of state-owned enterprises are largely compensated by on-duty consumption, grey income and political reward. The article argues that the fundamental problem of executive pay in Chinese listed companies lies in the internal defects of its unique governance institutions, as well as the prevalence of concentrated state ownership in listed companies. It concludes that the primary role of Chinese law in regulating executive compensation should not simply be to curb excessive executive pay, but it should be to improve the regulatory structure for setting executive pay in a fairer and more transparent way. To achieve this, regulatory strategies, especially heightened disclosure and strengthening the independence of the compensation committee, must be taken.

scholarly journals “Going Out” and Going In-House: Chinese Multinationals’ Internal Legal Capacity in the United States

2021 ◽  
pp. 1-31
Author(s):  
Ji Li
Keyword(s):  
United States ◽  
Emerging Market ◽  
Legal Profession ◽  
The United States ◽  
State Ownership ◽  
Legal Service ◽  
Legal Capacity ◽  
Service Market ◽  
Business Executives ◽  
Policy Debates

The “in-house counsel movement” of the past few decades, with its far-reaching implications for the legal profession, the legal service market, and corporate governance, has attracted a great deal of academic attention. Few scholars, however, have examined the global expansion of emerging market companies and their in-house legal capacity. To narrow the gap, this article investigates the in-house legal capacity of Chinese firms in the United States. In doing so, it focuses on two important yet underexplored questions: (1) whether and how institutions in China influence the capacity building; and (2) whether the Chinese investors’ ownership structure makes a difference in that regard. By analyzing a unique set of survey data and 122 interviews with lawyers, in-house counsel, and business executives, this article uncovers evidence of both multi-institutional influence and state-ownership effects. The findings contribute to theoretical and policy debates about the legal profession, the legal service market, and the ramifications of expanding Chinese multinational companies.

scholarly journals A Study on the Influence of Institutional Investor Heterogeneity on the Executive Pay Stickiness——Based on the Perspective of Industrial Factor Intensity

2018 ◽  
Vol 10 (9) ◽  
pp. 168
Author(s):  
Qitong Yu ◽  
Shaoyang Fang ◽  
Jianjun Wang
Keyword(s):  
Executive Compensation ◽  
Institutional Investors ◽  
Listed Companies ◽  
Inhibitory Effect ◽  
Executive Pay ◽  
Empirical Results ◽  
Investor Heterogeneity ◽  
Pressure Sensitive ◽  
Pressure Resistance ◽  
Term Performance

Based on the data of Shanghai and Shenzhen A-share listed companies from 2012-2016, this paper empirically studies the influence of heterogeneous institutional investors on executive compensation stickiness of listed companies by using the method of multiple regression. The results show that the pay stickiness is very common in the listed companies. The overall institutional investor’s shareholding is promoting the executive compensation stickiness. The empirical results show that the institutional investors are divided into the pressure resistance institutional investors and the pressure sensitive institutional investors, according to whether the institutional investors have the commercial relationship with the listed companies. The empirical results show that they are compared to the pressure. Sensitive institutions, pressure resistance institutional investors can significantly inhibit the stickiness of executive compensation. However, different types of institutional investors have different preferences for the types of listed companies, and the enthusiasm of participating in corporate governance is different, and the pressure resistance institutional investors pay more attention to labor out of social responsibility. The long-term performance of a force intensive enterprise has a significant inhibitory effect on the stickiness of the executive compensation, while the pressure sensitive institutional investors actively manage and supervise the production and operation of the technology intensive enterprises for the consideration of the investment income, which has a restraining effect on the pay stickiness of the technology intensive enterprises.

scholarly journals Fides Testi’s Use of the Airbrush in Italian Art Textiles in the 1930s

Arts ◽  
2018 ◽  
Vol 7 (4) ◽  
pp. 96
Author(s):  
Lucia Mannini
Keyword(s):  
United States ◽  
Mass Production ◽  
Essential Element ◽  
The United States ◽  
Geometric Shapes ◽  
Textile Design ◽  
The Creation ◽  
Italian Art ◽  
The Ideal

The Modernist aesthetic, which spread all over Europe and in the United States in the 1920s and 1930s, found the airbrush decorating technique to be the ideal instrument for expressing the requirements for an extreme synthesis of form. This was considered an essential element of the style, thanks to the areas of uniform color that shaded lighter tones inside basic, often geometric, shapes. The airbrush was used in that period mainly for graphics and for decorating ceramics, but it was also employed in other fields such as textile design. In Italy, the airbrush technique became popular in various artistic sectors including textiles, both for mass production and in the creation of single artistic pieces and in this latter field, Fides Testi was a leading figure.

scholarly journals Ensuring fair levels of executive directors’ remuneration: Regulation and use of principles against the use of detailed legal rules in determining the most effective approach for setting executive pay levels. A discussion

2012 ◽  
Vol 1 (3) ◽  
pp. 171-176
Author(s):  
Ewgeni Hersonski
Keyword(s):  
United States ◽  
The United States ◽  
Global Scale ◽  
Executive Directors ◽  
Executive Pay ◽  
Legal Rules ◽  
Pros And Cons ◽  
The Uk

The purpose of this paper is to present arguments concerning the fair levels of executive directors’ remuneration. It is argued that principles are a better way to achieve this goal. However, we also find arguments in support of detailed legal rules when dealing with this matter. Since both methods have their pros and cons the paper delivers a balanced discussion and also outlines how the executive pay is currently regulated in the UK, the United States as well as on the global scale.

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