Incentives and Investment Efficiency: The Evidence From Listed Family Firms
- 10.2991/aebmr.k.210218.023How to use a DOI?
- listed family firm, stock incentives, payment incentives, investment of efficiency
In the process of the economy in China, listed family firms have a large proportion of all the listed companies, which plays an important role in China. By selecting the statistics in the recent five years from CSMR and Wind, OLS model is used to investigate the efficiency investment. After distincting the groups of overinvestment and underinvestment, we present the figures for stock and payment incentive and exam regression with residuals respectively, as well as exploring the relationship between incentive and efficient investment. The results indicate that the level of payment and stock incentive has a negative impact on the inefficiency investment. Therefore, if family firms carry out the incentive, it could be helpful to alleviate the inefficiency, grasp a good chance, relieve information asymmetry and reduce the agency issues. The results recommend that listed family firms could implement stock and payment incentive plans, like other listed companies to motivate the managers.
- © 2021, the Authors. Published by Atlantis Press.
- Open Access
- This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).
Cite this article
TY - CONF AU - Yun Sun AU - Haomin Zhang AU - Tong Zhou AU - Xiaosong Bi AU - Shaosong Wang PY - 2021 DA - 2021/02/19 TI - Incentives and Investment Efficiency: The Evidence From Listed Family Firms BT - Proceedings of the 5th Asia-Pacific Conference on Economic Research and Management Innovation (ERMI 2021) PB - Atlantis Press SP - 119 EP - 124 SN - 2352-5428 UR - https://doi.org/10.2991/aebmr.k.210218.023 DO - 10.2991/aebmr.k.210218.023 ID - Sun2021 ER -