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Analyst following and pay-performance sensitivity: evidence from China

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  • Bei Yang
  • Charles P. Cullinan
  • Hui Liu

Abstract

We examine whether analyst following is associated with pay-performance sensitivity in China. Based on our analyses of 17,020 Chinese firm-years from 2007 to 2015, we find that pay-performance sensitivity is higher when companies are followed by financial analysts. We also find that the analyst following/pay-performance sensitivity relationship is stronger for non-state-owned enterprises (SOEs) than for SOEs. Overall, our results indicate that companies followed by financial analysts exhibit more pay-performance-sensitivity, which is consistent the notion that financial analysts can serve an external monitoring role.

Suggested Citation

  • Bei Yang & Charles P. Cullinan & Hui Liu, 2018. "Analyst following and pay-performance sensitivity: evidence from China," Applied Economics, Taylor & Francis Journals, vol. 50(37), pages 4040-4053, August.
    • Handle: RePEc:taf:applec:v:50:y:2018:i:37:p:4040-4053
    DOI: 10.1080/00036846.2018.1441508
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    Cited by:

    1. Xinxin Ma & Ichiro Iwasaki, 2021. "Does communist party membership bring a wage premium in China? a meta-analysis," Journal of Chinese Economic and Business Studies, Taylor & Francis Journals, vol. 19(1), pages 55-94, January.
    2. Kweh, Qian Long & Tebourbi, Imen & Lo, Huai-Chun & Huang, Cheng-Tsu, 2022. "CEO compensation and firm performance: Evidence from financially constrained firms," Research in International Business and Finance, Elsevier, vol. 61(C).

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