Study on executive compensation of private listed companies based on unconditional quantile regression

doi:10.12011/SETP2019-0097

	Study on executive compensation of private listed companies based on unconditional quantile regression
	Cao, Rui1 ; Tian, Maozai1,2,3
	2021-01
发表期刊	Xitong Gongcheng Lilun yu Shijian/System Engineering Theory and Practice
卷号	41 期号:1 页码:24-33
摘要	The executive compensation, as the core problem in the principal-agent relationship of modern enterprises, has always been the focus of the society. Taking private listed companies as samples, this paper first studies the conditional quantile partial effects of company size, earnings per share, taking, current liability and executive shareholding proportion on executive compensation at different quantile levels by using conditional quantile regression, and the results show that their effects are various at different quantile levels. Then, in order to obtain the general marginal effects of these factors, their unconditional quantile partial effects are analyzed by using unconditional quantile regression. We find that company size, earnings per share and taking have diverse positive correlations with executive compensation at different quantile levels, while current liability is negatively correlated. Executive shareholding proportion is positively related to the executive compensation at low quartile levels, but its effects on the middle and high quartile levels are not significant. Finally, the relative results are compared and it is found that the conditional quantile partial effect and unconditional quantile partial effect of every influencing factor are different, and unconditional quantile partial effects have more realistic value. © 2021, Editorial Board of Journal of Systems Engineering Society of China. All right reserved.
关键词	Optimization Earnings Conditional quantiles Earnings per share Executive compensation Marginal effects Positive correlations Principal agents Private listed companies Quantile regression
DOI	10.12011/SETP2019-0097
收录类别	EI
ISSN	1000-6788
语种	中文
出版者	Systems Engineering Society of China
EI入藏号	20211010020886
EI主题词	Regression analysis
原始文献类型	Journal article (JA)
文献类型	期刊论文
条目标识符	http://ir.lzufe.edu.cn/handle/39EH0E1M/34540
专题	工商管理学院统计与数据科学学院
作者单位	1.Center for Applied Statistics, School of Statistics, Renmin University of China, Beijing; 100872, China; 2.School of Statistics, Lanzhou University of Finance and Economics, Lanzhou; 730020, China; 3.School of Statistics and Information, Xinjiang University of Finance and Economics, Urumqi; 830012, China
第一作者单位	统计与数据科学学院
推荐引用方式 GB/T 7714	Cao, Rui,Tian, Maozai. Study on executive compensation of private listed companies based on unconditional quantile regression[J]. Xitong Gongcheng Lilun yu Shijian/System Engineering Theory and Practice,2021,41(1):24-33.
APA	Cao, Rui,&Tian, Maozai.(2021).Study on executive compensation of private listed companies based on unconditional quantile regression.Xitong Gongcheng Lilun yu Shijian/System Engineering Theory and Practice,41(1),24-33.
MLA	Cao, Rui,et al."Study on executive compensation of private listed companies based on unconditional quantile regression".Xitong Gongcheng Lilun yu Shijian/System Engineering Theory and Practice 41.1(2021):24-33.