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《Commercial Research》 2010-09
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The Relation of Manager Characteristics and Corporate Performance Based on Perspective of Managerial Entrenchment

HUANG Guo-liang, DONG Fei,LI Han-qiao (School of Management, China University of Mining and Technology, Xuzhou 221116, China)  
In the information asymmetry and incomplete contracts case, manager-shareholder interest conflict leads to managerial entrenchment behavior,which is that managers stick to their own positions and maximize the effectiveness of their own. Based on managerial entrenchment perspective, this paper selects 5 manager-feature variables of age, tenure, education, ownership and compensation, and uses panel data of A-share companies which listed six consecutive years between 2003 and 2008 to examine the relationship between manager characteristics and corporate performance. The study finds that company performance positively associates with manager age, education and compensation, while managerial tenure and ownership have negative impact on performance.
【CateGory Index】: F224;F272.91
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