Compensation disclosure in China

Philip Beaulieu, Shujun Ding and Baozhi Qu

Asia-Pacific Journal of Accounting & Economics, 2012, vol. 19, issue 3, 253-277

Abstract: This study examines compensation disclosure and corporate governance in the Chinese stock market. China’s unfolding governance reform and the adoption of western-style disclosure present a quasi-experimental setting to examine the effect of governance mechanisms on levels of disclosure. We code annual reports of Chinese listed companies and use content analysis to obtain a disclosure index. The results are mixed: only two governance mechanisms, audit committees and the proportion of independent directors, affect compensation disclosure. Our results suggest that cultural and social-political factors play a role in compensation disclosure in China. We also find evidence that compensation disclosure is negatively associated with cost of capital of the firm.

Date: 2012
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DOI: 10.1080/16081625.2012.667383

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Asia-Pacific Journal of Accounting & Economics is currently edited by Yin-Wong Cheung, Hong Hwang, Jeong-Bon Kim, Shu-Hsing Li and Suresh Radhakrishnan

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