Top Management Team Power in China: Measurement and Validation
提出并验证了中国上市公司高管团队权力的综合测量指标，发现其与美国及亚洲相关权力维度正相关，且优于基于薪酬的权力代理变量，对理解中国企业治理有重要价值。
We propose and validate a comprehensive measure of power for the top management teams (TMTs) of publicly listed Chinese firms. We show that our measure is positively associated with the four power dimensions developed by prior research for U.S. firms as well as three Asia-relevant power dimensions, including political capital, seniority, and gender. We find that our TMT power measure is a valid proxy for TMT power for both state-controlled firms and non-state-controlled firms. We also compare our TMT power measure with one alternative TMT power proxy based on executive compensation and find no evidence that the alternative proxy is better than our measure in capturing TMT’s true power. Further, we provide evidence that the divergence between our power proxy and the power proxy based on executive compensation reflects nonmarket institutional forces in China and has important implications for corporate outcomes. This paper was accepted by Brian Bushee, accounting.