CEO promotion, relative performance measures, and institutions in an emerging market: evidence from China’s listed state-owned enterprise

Edited book (chapter)

Hu, Fang and Zhang, Yahua. 2016. "CEO promotion, relative performance measures, and institutions in an emerging market: evidence from China’s listed state-owned enterprise." Choi, J. Jay, Powers, Michael R. and Zhang, Tina Xiaotian (ed.) The political economy of Chinese finance. United Kingdom. Emerald. pp. 115-148
Chapter Title

CEO promotion, relative performance measures, and institutions in an emerging market: evidence from China’s listed state-owned enterprise

Book Chapter CategoryEdited book (chapter)
ERA Publisher ID5694
Book TitleThe political economy of Chinese finance
AuthorsHu, Fang (Author) and Zhang, Yahua (Author)
EditorsChoi, J. Jay, Powers, Michael R. and Zhang, Tina Xiaotian
Volume17
Page Range115-148
SeriesInternational Finance Review
Number of Pages34
Year2016
PublisherEmerald
Place of PublicationUnited Kingdom
ISBN9781785609589
ISSN1569-3767
Digital Object Identifier (DOI)https://doi.org/10.1108/S1569-376720160000017011
Web Address (URL)http://www.emeraldinsight.com/doi/pdfplus/10.1108/S1569-376720160000017011
Abstract

This paper investigates CEO turnover and the usefulness of relative performance evaluation (RPE) as a management incentive in an emerging economy lacking market-based competition. In a sample of China’s listed state-owned enterprises (SOEs) from the period 2001-2005, we find that 41% of departing CEOs in SOEs is being promoted. The promotion is positively associated with preceding firm performance relative to peers in the same region and this association is more significant than that between the promotion and firm’s specific performance. Furthermore, the promotion outperforms other incentive schemes such as CEO demotions by 5%-8% in terms of subsequent Tobin’s Q in three years. These consequences persist in undeveloped regions where there are fewer firms listed on the stock market, a lower stock market capitalization, or a higher regional Herfindahl-Hirschman Index. The findings imply that promotion based on RPE provides a critical incentive by creating competitions.

Keywordsincentive scheme, promotion, Relative Performance Evaluation (RPE), market competition, China’s SOEs
ANZSRC Field of Research 2020380107. Financial economics
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Byline AffiliationsGriffith University
School of Commerce
Institution of OriginUniversity of Southern Queensland
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