Will Managers' Confidence Affect Perks?——On the External Corporate Governance Effect of Margin Trading System

Abstract

Abstract:

We investigate the influence of managers' confidence and margin trading on perks, using listed companies from 2008 to 2015 in China. The results show that the relationship between managers' confidence and perks is U shaped. Namely, when managers' confidence level is relatively low, the relationship between managers' confidence and perks is negative. However, when managers' confidence level is relatively high, the relationship between managers' confidence and perks is positive. At the same time, drawing upon the margin trading system that China introduced in 2010, which is a qusi-natural experiment, we use difference-in-differences to study the effect of margin trading on perks and find that after the introduction of margin trading system, compared with the control samples, companies in the treatment group reduce the excess perks. Based on this, under the background of margin trading, we find that the relationship between managers' confidence and perks is weakened. These results suggest that margin trading plays a certain external governance effect, which provides certain theory reference for deepening the financial reform in China.

Key words: margin trading, managers' confidence, perks, corporate governance

Liu Yanxia, Qi Huaijin. Will Managers' Confidence Affect Perks?——On the External Corporate Governance Effect of Margin Trading System[J]. , 2019, 31(4): 187-205.

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