...' perspective because 104 of the 138 standards examined are associated with no change in shareholder value. Nineteen (15) standards are associated with a decrease (increase) in shareholder value. Surprisingly, 25 standards are associated with an increase in estimation risk. In the cross-section, firms...

... as an incentive alignment device. While many investors contend that state-controlled Chinese firms pursue non-shareholder value-maximizing objectives, views differ on whether Western-style incentive mechanisms such as stock options can help improve state-controlled Chinese firms' incentives to increase...