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| Empirical Study on Power Compensation Effect of Private Companies’ Leadership Separation |
| LI Weian，DING Zhensong，SUN Lin |
| 1. Nankai University, Tianjin, China; 2. Tianjin University of Finance and Economics, Tianjin, China; 3. Dalian Nationalities University, Dalian, Liaoning，China; 4. Collaborative Innovation Center for China Economy, Tianjin, China |
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Abstract Based on the panel data of Chinese A-share private listed companies from 2005 to 2014, this study explores whether the weaken power originated from leadership separation will result in salary compensation. It is found that only previous executives will receive compensation when there is high level weakened power, and there will be no compensation when little power is weakened. Furthermore we find that companies with power compensation experience worse operation performance, which suggests that power compensation might be a kind of efficiency loss. This research proves the power compensation effect of leadership separation process, also enriches the research on the private companies’ leadership change.
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Received: 28 October 2016
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2017, Vol. 14 
