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    Please use this identifier to cite or link to this item: http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/72583

    Title: Top Management Compensation and the KMV Default Risk in China
    Authors: Yen, Sin-hui;Chiu, Chien-liang;Ting, Wei
    Contributors: 淡江大學財務金融學系
    Keywords: Default risk;top management compensation;Chinese stock market;emerging market;corporate governance
    Date: 2009-09-01
    Issue Date: 2011-10-24 10:35:08 (UTC+8)
    Publisher: New Delhi: Taru Publications
    Abstract: Although the Chinese economy has achieved an extraordinary rate of growth over recent decades, accompanied by the absorption of considerable amounts of foreign investment, the laws pertaining to business in China are clearly failing to keep pace with the country’s market growth. Investors must therefore carefully assess the associated risks in what is now considered to be the most important of all emerging markets. This study examines the relationship between default risk and top management compensation in the Chinese stock market, with the results revealing that lower levels of top management compensation are accompanied by a greater likelihood of default. This result provides investors and debt holders with greater information on the potential default risk of firms and the important role played by top managers in the Chinese stock market.
    Relation: Journal of Statistics and Management System 12(3), pp.499-510
    DOI: 10.1080/09720510.2009.10701403
    Appears in Collections:[Graduate Institute & Department of Banking and Finance] Journal Article

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