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RSFAS Seminar | Prof Qian | State capitalism

RSFAS Seminar | Prof Qian | State capitalism

Prefecture Tournament Incentives in State Capitalism

Available to CBE staff only.

We empirically examine the prefecture tournament incentives for CEOs in state-owned-enterprises (SOEs), as measured by the compensation gap between the CEO of the firm and the highest paid CEO among all SOEs within the same state administrative prefecture. Consistent with the notion that managerial inefficiency is prevalent in the state capitalism, we find that prefecture tournament incentives move the management towards the efficient frontier: firm performance is positively associated with the pay gap but firm risk is negatively so. This effect is stronger for CEOs at younger ages or in later part of tenures, indicating higher mobility.

Updated:   30 April 2020 / Responsible Officer:  CBE Communications and Outreach / Page Contact:  College Web Team