
Yue XuSouth China Normal University · Accounting
Yue Xu
Doctor of Accounting
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12
Publications
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Publications
Publications (12)
Using data from Chinese listed firms, we develop a measure of a firm's reliance on human capital that is based on its demand for highly educated employees. We find that a high reliance on human capital is linked to low corporate leverage, and this effect is more pronounced among firms at a high risk of human capital mobility and those facing high s...
This paper studies whether the corporate governance of the parent company affects the executive compensation contract of its listed subsidiaries. Based on a quasi-natural experiment on the board reforms in the Chinese central state-owned enterprises (CSOEs), which improves the corporate governance in the ultimate parent company, we find the followi...
This article examines whether and how stronger board monitoring in a parent company influences the stock price crash risk of affiliated subsidiary firms. Using a quasi-natural experiment in China, we empirically document that enhanced board monitoring at the parent company helps reduce crash risk in its subsidiary firms. Three channels of this impa...
Research Question/Issue
Few studies have examined the determinants of the compensation gap between managers and workers, despite the significant public attention the issue has received. In particular, few studies have examined how nations' formal systems, such as their institutional and legal arrangements, and informal systems, such as their cultur...
Using government‐led board reform as a quasi‐natural experiment, we find that board reform at Chinese state controlling shareholders significantly alleviates overinvestment at their listed subsidiaries. The positive role of board reform in reducing overinvestment is stronger when state controlling shareholders have weak incentive to expropriate lis...
Starting in 2010, the China Banking Regulatory Commission (CBRC) mandated that between 40% and 50% of the annual variable compensation of senior commercial bank managers be paid over the subsequent 3 years or longer. We examine the implications of the CBRC deferred compensation regulation for bank risk-taking using a sample of 156 bank executives f...
This paper examines whether the strengthening of board monitoring at the level of the ultimate parent company reduces their expropriation from the listed subsidiaries. Using a quasi-natural experiment in China, we find that a high presence of outside directors on the ultimate parent company significantly reduce the parent company's tunneling from l...
We examine the relationships with firm performance of the internal pay gap among individual members of the top management team (TMT) and the compensation level of TMT members relative to their industry peers. We find that pay gap is positively related to firm performance and that this positive relation is stronger when the TMT pay level is higher t...