The effect of executives' education and compensation on firm value: evidence from China

Donseung Choi, Kevin L. James, Collins Emeka Okafor, Eunho Cho and Md Nazmul Hasan Bhuyan

Applied Economics, 2022, vol. 54, issue 50, 5763-5781

Abstract: In this study, we empirically investigate the relation between firm executives’ education and compensation levels and firm value in non-state-owned Chinese listed firms. We closely examine whether executive compensation moderates the relationship between executives’ education and firm value. Using a sample of 6,674 firm-year observations from 2005–2016, we find that firms with more educated executives have better values. Furthermore, our results show that the executive’s compensation level enhances this positive association. Our findings lend credence to similar studies that suggest that education and compensation levels can enhance firm value.

Date: 2022
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DOI: 10.1080/00036846.2022.2053053

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