Are Chinese Executives Rewarded or Penalized by the Operation of High-Speed Railways?

Emerging transportation infrastructure (e.g., HSR) is considered to be an important influencing factor of executive compensation. Moreover, information asymmetry is a contextual factor that cannot be ignored in the above relationship. Based on signal theory, this study used the group data from 2371...

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Autores principales:	Yu Chen, Yuandi Wang, Shan Chen
Formato:	article
Lenguaje:	EN
Publicado:	MDPI AG 2021
Materias:	high-speed railway executive compensation information asymmetry signal theory Environmental effects of industries and plants TD194-195 Renewable energy sources TJ807-830 Environmental sciences GE1-350
Acceso en línea:	https://doaj.org/article/83e4430010f843ac990affeabaf94db0
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spelling	oai:doaj.org-article:83e4430010f843ac990affeabaf94db02021-11-11T19:30:20ZAre Chinese Executives Rewarded or Penalized by the Operation of High-Speed Railways?10.3390/su1321117972071-1050https://doaj.org/article/83e4430010f843ac990affeabaf94db02021-10-01T00:00:00Zhttps://www.mdpi.com/2071-1050/13/21/11797https://doaj.org/toc/2071-1050Emerging transportation infrastructure (e.g., HSR) is considered to be an important influencing factor of executive compensation. Moreover, information asymmetry is a contextual factor that cannot be ignored in the above relationship. Based on signal theory, this study used the group data from 2371 Chinese-listed companies between 1999 and 2018 as the research object. This study regarded the operation of HSR as an exogenous shock, using the time-varying difference-in-difference (DID) method to test whether discrepancies exist in the influence of HSR on executive compensation in different contexts. The results show that the operation of HSR positively affects the executive compensation of enterprises in cities along the line. In addition, compared with state-owned enterprises, the impact of a high-speed railway on executive compensation is particularly significant in private enterprises. Furthermore, compared with well-known enterprises, the impact of high-speed railways on executive compensation is particularly significant in enterprises with low visibility. This study reduced the endogeneity problem and made the results more reliable by treating HSR operation as an exogenous variable. The research conclusions are expected to provide a theoretical basis and management implications for companies in cities along high-speed railways to improve their salary system.Yu ChenYuandi WangShan ChenMDPI AGarticlehigh-speed railwayexecutive compensationinformation asymmetrysignal theoryEnvironmental effects of industries and plantsTD194-195Renewable energy sourcesTJ807-830Environmental sciencesGE1-350ENSustainability, Vol 13, Iss 11797, p 11797 (2021)
institution	DOAJ
collection	DOAJ
language	EN
topic	high-speed railway executive compensation information asymmetry signal theory Environmental effects of industries and plants TD194-195 Renewable energy sources TJ807-830 Environmental sciences GE1-350
spellingShingle	high-speed railway executive compensation information asymmetry signal theory Environmental effects of industries and plants TD194-195 Renewable energy sources TJ807-830 Environmental sciences GE1-350 Yu Chen Yuandi Wang Shan Chen Are Chinese Executives Rewarded or Penalized by the Operation of High-Speed Railways?
description	Emerging transportation infrastructure (e.g., HSR) is considered to be an important influencing factor of executive compensation. Moreover, information asymmetry is a contextual factor that cannot be ignored in the above relationship. Based on signal theory, this study used the group data from 2371 Chinese-listed companies between 1999 and 2018 as the research object. This study regarded the operation of HSR as an exogenous shock, using the time-varying difference-in-difference (DID) method to test whether discrepancies exist in the influence of HSR on executive compensation in different contexts. The results show that the operation of HSR positively affects the executive compensation of enterprises in cities along the line. In addition, compared with state-owned enterprises, the impact of a high-speed railway on executive compensation is particularly significant in private enterprises. Furthermore, compared with well-known enterprises, the impact of high-speed railways on executive compensation is particularly significant in enterprises with low visibility. This study reduced the endogeneity problem and made the results more reliable by treating HSR operation as an exogenous variable. The research conclusions are expected to provide a theoretical basis and management implications for companies in cities along high-speed railways to improve their salary system.
format	article
author	Yu Chen Yuandi Wang Shan Chen
author_facet	Yu Chen Yuandi Wang Shan Chen
author_sort	Yu Chen
title	Are Chinese Executives Rewarded or Penalized by the Operation of High-Speed Railways?
title_short	Are Chinese Executives Rewarded or Penalized by the Operation of High-Speed Railways?
title_full	Are Chinese Executives Rewarded or Penalized by the Operation of High-Speed Railways?
title_fullStr	Are Chinese Executives Rewarded or Penalized by the Operation of High-Speed Railways?
title_full_unstemmed	Are Chinese Executives Rewarded or Penalized by the Operation of High-Speed Railways?
title_sort	are chinese executives rewarded or penalized by the operation of high-speed railways?
publisher	MDPI AG
publishDate	2021
url	https://doaj.org/article/83e4430010f843ac990affeabaf94db0
work_keys_str_mv	AT yuchen arechineseexecutivesrewardedorpenalizedbytheoperationofhighspeedrailways AT yuandiwang arechineseexecutivesrewardedorpenalizedbytheoperationofhighspeedrailways AT shanchen arechineseexecutivesrewardedorpenalizedbytheoperationofhighspeedrailways
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Are Chinese Executives Rewarded or Penalized by the Operation of High-Speed Railways?

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