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Book part

Hao Liang, Luc Renneboog and Sunny Li Sun

We take a state-stewardship view on corporate governance and executive compensation in economies with strong political involvement, where state-appointed managers act as…

Abstract

Purpose

We take a state-stewardship view on corporate governance and executive compensation in economies with strong political involvement, where state-appointed managers act as responsible “stewards” rather than “agents” of the state.

Methodology/approach

We test this view on China and find that Chinese managers are remunerated not for maximizing equity value but for increasing the value of state-owned assets.

Findings

Managerial compensation depends on political connections and prestige, and on the firms’ contribution to political goals. These effects were attenuated since the market-oriented governance reform.

Research limitations/implications

Economic reform without reforming the human resources policies at the executive level enables the autocratic state to exert political power on corporate decision making, so as to ensure that firms’ business activities fulfill the state’s political objectives.

Practical implications

As a powerful social elite, the state-steward managers in China have the same interests as the state (the government), namely extracting rents that should adhere to the nation (which stands for the society at large or the collective private citizens).

Social implications

As China has been a communist country with a single ruling party for decades, the ideas of socialism still have a strong impact on how companies are run. The legitimacy of the elite’s privileged rights over private sectors is central to our question.

Originality/value

Chinese executive compensation stimulates not only the maximization of shareholder value but also the preservation of the state’s interests.

Details

The Political Economy of Chinese Finance
Type: Book
ISBN: 978-1-78560-957-2

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Article

Xiaohong Zhang, Gaowen Tang and Zhaohong Lin

Based on the theory of “optimal contracting approach” and “the managerial power approach”, this paper aims to investigate whether senior executives of listed companies in…

Abstract

Purpose

Based on the theory of “optimal contracting approach” and “the managerial power approach”, this paper aims to investigate whether senior executives of listed companies in China make use of their power to gain their own private benefits. The paper also compares compensation contracts between state- and private-owned enterprises to test whether there is a significant difference between senior executives from different ownership types of enterprises in terms of compensation contracts.

Design/methodology/approach

The paper raises four hypotheses based on the theories of “company agency”, “optimal contracting approach” and “managerial power approach”. After that, 5,680 A-share-listed companies of stock market in Shanghai and in Shenzhen Stock Market from 2008 to 2012 were taken as research samples to conduct a series of research analysis, including t-test, reliability analysis and regression analysis, with the help of SPSS 18.0.

Findings

The senior executives of listed companies in China could make use of their power to increase their own salary to gain power pay and, at the same time, company performance, company size and other factors that are important to influence the executive compensation. This paper further argues that senior executives of private-owned listed companies are more likely to use their power to obtain power pay and increase their own compensation. Additionally, the agency costs of Chinese listed companies are negatively related to the performance pay of senior executives, whereas there is no obvious negative correlation with the power pay of senior executives.

Practical implications

This paper takes multiple, in-depth approaches to study the relationship among managerial power, agency cost and executive compensation and to find out the differences in compensation contracts of senior executives between private-owned listed companies and state-owned companies. It also provides necessary suggestions to ensure the interests of stockholders, such as: optimizing the management structure of listed companies; improving the transparence of information disclosure of listed companies; establishing effective mechanism of incentive and constraint; and improving and standardizing the market of professional managers.

Social implications

The compensation contract of senior executives in China is critical to enhance enterprises’ performance, and it will become an important factor that will facilitate the interests of stockholders and management. However, this paper argues that some phenomena of over-payment of senior executives in listed companies cannot be explained by the theory of “optimal contracting approach”, but it is necessary and important to compare the differences of compensation contract of senior executives between private-owned listed companies and state-owned companies. A series of findings are proposed in this paper.

Originality/value

This paper made use of a principal analysis to extract the main factors that could represent the managerial power from different angles. In addition, this paper also compared the differences between compensation contracts of senior executives between private-owned listed companies and state-owned companies. Additionally, in this paper, the compensation of senior executives was divided into “power compensation” and “performance compensation”, which were used to test the relationship with the management cost of companies.

Details

Chinese Management Studies, vol. 10 no. 1
Type: Research Article
ISSN: 1750-614X

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Article

P.S. Ogedengbe

The purpose of this paper is to focus on the problems of compensation for compulsory acquisition of oil exploration fields in Delta State with particular reference to the…

Abstract

Purpose

The purpose of this paper is to focus on the problems of compensation for compulsory acquisition of oil exploration fields in Delta State with particular reference to the oil field acquired by Agip Oil Company for gas pipeline way leave in Irri and Okpai towns of Delta State.

Design/methodology/approach

A survey was conducted in which questionnaires were administered on some residents whose lands were acquired compulsorily on one hand and some estate surveying and valuation firms who are professionals in the fields of compensation on the other hand. The data collected were analyzed and presented using simple statistical methods.

Findings

The findings in this paper show that the compensation paid to residents whose lands were acquired is grossly inadequate, since professionals are not always involved in the process.

Practical implications

The paper shows that the issue of compensation for compulsory acquisition for oil exploration is very central in the oil‐rich Niger‐Delta, and if this is not handled carefully, it can lead to uncontrollable crisis.

Originality/value

This paper empirically examined the process involved in compulsory acquisition and compensation of land in the Niger‐Delta for oil exploration with a view to determining the adequacy or otherwise of the compensation paid.

Details

Journal of Property Investment & Finance, vol. 25 no. 1
Type: Research Article
ISSN: 1463-578X

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Article

Christopher Oghenegweke Odudu and Patience Osaiwie Iruobe

The purpose of this paper is to examine issues of compulsory acquisition, evaluating the quantum of compensation paid to natives of communities whose farmlands are…

Abstract

Purpose

The purpose of this paper is to examine issues of compulsory acquisition, evaluating the quantum of compensation paid to natives of communities whose farmlands are acquired and issues that must be dealt with to provide adequate compensation to claimants.

Design/methodology/approach

Using an oil well acquisition base in Boboroku, Jesse in Ethiope-West local government area of Delta State as a case study, various compensation claims were examined vis-à-vis market value claims in compulsory acquisition.

Findings

It was found that many claimants received N1,000.00 (naira) or less as full compensation claims for their crops while families lucky to own lands received more reasonable payments. It was also found that 40 of the 142 claimants in Boboroku community received only N4,146,120.00 as opposed to N8,802,750.00 they should have received under market values. Similarly, 39 claimants in Okuno should have received a market value of N3,195,920.00 as against N1,370,609.00 that was actually paid by the acquiring authority confirming that the rates applied were grossly inadequate.

Practical implications

It was established that there was no statutory provision for disturbance losses from revocation of land interests. Also, the productivity of economic crops and trees was not considered nor was the computation of claims based on market values. The paper further established that claims should be compensated on the basis of productivity value and life span of interests being acquired and not on arbitrary rates supplied by the acquiring authorities.

Originality/value

The case study methodology used in this paper enabled contribution to the body of studies which hitherto highlighted the issues of compulsory acquisition and quantum of compensation. It, therefore, adds to the problem-solving framework on compulsory purchase matters in Nigeria.

Details

Property Management, vol. 35 no. 5
Type: Research Article
ISSN: 0263-7472

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Book part

Alexander Klein

This paper presents estimates of total personal income for every U.S state in 1880, 1890, 1900, and 1910. The series includes new figures for 1890 and 1910, and revisions…

Abstract

This paper presents estimates of total personal income for every U.S state in 1880, 1890, 1900, and 1910. The series includes new figures for 1890 and 1910, and revisions of Richard Easterlin's (1960) figures for 1880 and 1900 based on recent economic history research. The new estimates allow better examination of U.S. interregional income differences and cyclical behavior of U.S. states’ total personal income.

Details

Research in Economic History
Type: Book
ISBN: 978-1-78190-557-9

Keywords

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Article

Elizabeth Toomey

On 12 November 2018, New Zealand's Land Transfer Act 2017 came into force. The purpose of this paper is to pinpoint some of the significant changes in the Act that…

Abstract

Purpose

On 12 November 2018, New Zealand's Land Transfer Act 2017 came into force. The purpose of this paper is to pinpoint some of the significant changes in the Act that challenge the fundamental concepts of the Torrens system of registration.

Design/methodology/approach

The paper addresses three significant reforms: a definition of land transfer fraud; the concept of immediate indefeasibility with limited judicial discretion and its impact on volunteers and the Gibbs v. Messer anomaly; and the compensation regime. Case studies illustrate the effect of these changes.

Findings

The limited legislative definition of fraud reflects the common law and allows for any necessary flexibility. The new Act reiterates the principle of immediate indefeasibility but qualifies it with the introduction of some judicial discretion. This is a novel concept for the courts and will undoubtedly be dealt with cautiously. The author voices some disquiet with regard to some of the guidelines set out in s 55(4) of the Act. The compensation provisions introduce an element of an owner's culpability. An owner now runs the risk of reduced compensation if there has been a lack of proper care.

Research limitations/implications

The implications of this research are fundamental for New Zealand's land transfer system.

Practical implications

The limited judicial discretion will challenge the courts of New Zealand. The new compensation provisions will ensure that an owner's carelessness will be accountable.

Originality/value

This study is one of the first to analyse the Land Transfer Act 2017 (New Zealand). Its value extends beyond New Zealand shores as it has implications for global land transfer systems.

Details

Journal of Property, Planning and Environmental Law, vol. 11 no. 2
Type: Research Article
ISSN: 2514-9407

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Article

Walt Schubert

This article focuses on a set of issues concerning unemploymentinsurance costs. The effect on unemployment insurance costs of variablesunder the control of the state

Abstract

This article focuses on a set of issues concerning unemployment insurance costs. The effect on unemployment insurance costs of variables under the control of the state legislature, such as the maximum benefit amount paid per week to unemployed workers, is analysed, as are the problems of abusing the system through “lay‐off” management and the topic of underemployment. The main policy thrust of the article is to argue that there are likely to be important trade‐offs between liberal benefit policies which typically increase business costs, and long‐term employment opportunities. Therefore, liberal policies towards the unemployed need to be offset by other business cost reductions in order to allow individual states to remain desirable locations for new business capacity. The legislature′s role in this process is argued to be of crucial importance.

Details

International Journal of Social Economics, vol. 16 no. 8
Type: Research Article
ISSN: 0306-8293

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Book part

John O. Ward

All of the above proposals are realities in Western Europe, and it is suggested that the adoption of such “reforms” would substantially reduce the transaction costs of…

Abstract

All of the above proposals are realities in Western Europe, and it is suggested that the adoption of such “reforms” would substantially reduce the transaction costs of providing compensation to deserving plaintiffs, improve the efficiency of the tort system, and provide manufacturers and service providers with greater predictability and “fairness” in potential tort damages in the United States.

Details

Personal Injury and Wrongful Death Damages Calculations: Transatlantic Dialogue
Type: Book
ISBN: 978-1-84855-302-6

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Article

Tamela D. Jerrell

Between 1900 and 1950 most of today’s legally required employee benefits were developed. Political and social forces influenced a transformation of individual and societal…

Abstract

Between 1900 and 1950 most of today’s legally required employee benefits were developed. Political and social forces influenced a transformation of individual and societal value systems, including a shift of substantial personal welfare responsibility from the individual to governments and businesses. Workers’ compensation, America’s first social insurance, ushered in legally required strategies designed to provide for workers’ particular needs. In addition, the Social Security Act of 1935 provided old age retirement payments and created an unemployment insurance program, among other things. Each of these came into being amid much debate, and America’s political, economic, social, and business structures were changed forever with their passage.

Details

Journal of Management History, vol. 3 no. 2
Type: Research Article
ISSN: 1355-252X

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Article

Roger A. McCain

Reviews some recent neoclassical‐economic writing on equitable allocation of resources and inquires whether this approach to equity might lead to a case for a right to…

Abstract

Reviews some recent neoclassical‐economic writing on equitable allocation of resources and inquires whether this approach to equity might lead to a case for a right to access, particularly with respect to medical care. The common logic of this literature is that equal access to all goods and services is fair, but inefficient, so that a fairness‐preserving shift to an efficient allocation could produce an allocation that is both efficient and fair. It seems, however, that this supports “rights to access” only where the person deprived of access would lack information necessary to determine whether compensation for the deprivation might be due. Medical care does seem to be a case in point.

Details

International Journal of Social Economics, vol. 28 no. 10/11/12
Type: Research Article
ISSN: 0306-8293

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