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Top management pay has been the focus of intense scrutiny and debate in many countries. Important issues include how compensation is decided and whether it is a function of performance. The purpose of this study is to examine top management pay in Hong Kong and to investigate how it is affected by firms' ownership and governance characteristics. A distinguishing characteristic of many listed firms in Hong Kong is the large proportion of share capital owned by the directors, and we argue that this moderates top management pay. We also investigate the role of institutional ownership and board composition in the determination of pay. We find that director and institutional ownership moderate compensation but that there is little evidence that they encourage pay-for-performance reward schemes. Copyright Blackwell Publishing Ltd 2005.

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In this study we investigate how top management pay is determined in a family firm environment where even listed firms are effectively controlled by a single individual or a single family. Using data from Hong Kong, we find that executive directors\u27 pay is reduced if the directors have substantial stockholdings. Moreover, pay is related to profits but not to stock returns. Our results are consistent with external blockholders and independent non-executive directors persuading firms to base top management compensation on a firm\u27s profitability

Purpose: The study aims to examine whether city-level investment climate, local government effectiveness and corporate income tax rates influence the spatial distribution of foreign direct investment (FDI) across cities in China. Design/methodology/approach: The study uses regression analysis using city-level data sets. Findings: The study finds that while city-level investment climate and effective local government influence the spatial distribution of FDI across Chinese cities, city-level tax rates have no such influence. Practical implications: The results have implications for the design of policies aimed at enhancing FDI flows into emerging countries. Originality/value: To date, few studies have investigated the investment location choice at the city level in a single country. The study contributes to the literature by examining the role of government in such investment decisions. It also adds to the previously limited research examining the role of investment climate at the micro level