Based on the data of a-share private listed companies from 2012 to 2017,this paper investigates the impact of relational transactions represented by customer concentration on incentive contracts for corporate executives.The empirical results show that with the increase of customer concentration,the dismissal performance sensitivity and compensation performance sensitivity of senior executives decrease.Further analysis shows that the low dismissal performance sensitivity and low compensation performance sensitivity are both due to shareholders'desire to cover the loss of risk-averse executives.In addition,only in regions with low trust,clan culture and strong business culture,the executive dismissal performance sensitivity decreases as the customer concentration increases,while the relationship between executive pay performance sensitivity and customer concentration is only affected by the regional clan culture.The research conclusion of this paper has important reference significance to further improving the internal governance structure of Chinese private listed companies and promoting the healthy development of Chinese private economy.
维普
万方数据
