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Research on the Influence of Excess Perks on Firm Value: Based on the Perspective of Life Cycle Theory

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Proceedings of the Sixteenth International Conference on Management Science and Engineering Management – Volume 2 (ICMSEM 2022)

Part of the book series: Lecture Notes on Data Engineering and Communications Technologies ((LNDECT,volume 145))

Abstract

Since the separation of ownership and control rights, there have been a series of corporate agency problems. As a common agency problem, managerial perks has certain objectivity and inevitability. This paper focused on the influence of excess perks on firm value in different life cycle stages. The research object of this paper was the A-share listed companies in Shanghai and Shenzhen from 2011 to 2020. After empirical analysis, the conclusions were drawn: (1) Executives’ excess perks has a significantly positive impact on firm value in the growth and maturity stages; (2) Executives’ excess perks has a significantly negative impact on firm value in the decline stage. The research conclusions of this paper provide important reference for firm management governance and decision-making in different life cycle stages, aiming to make contributions to enhancing firm value and promoting sustainable development of firms.

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Authors and Affiliations

  1. School of Business, Sichuan University, Chengdu, 610065, People’s Republic of China

    Yuhan Wang, Zhuxian Liu & Chenkai Zhou

  2. School of Economics, Sapienza University of Rome, Rome, Italy

    Aqsa Manzoor

Authors
  1. Yuhan Wang
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  2. Zhuxian Liu
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  3. Chenkai Zhou
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  4. Aqsa Manzoor
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Corresponding author

Correspondence to Zhuxian Liu .

Editor information

Editors and Affiliations

  1. Business School, Sichuan University, Chengdu, Sichuan, China

    Jiuping Xu

  2. Department of Industrial Engineering, Gazi University, Faculty of Engineering, Ankara, Turkey

    Fulya Altiparmak

  3. School of Mathematical Sciences, University of Khartoum, Khartoum, Sudan

    Mohamed Hag Ali Hassan

  4. University of Castilla-La Mancha (UCLM), Ciudad Real, Spain

    Fausto Pedro García Márquez

  5. Institute of Control Systems, Azerbaijan National Academy of Sciences, Baku, Azerbaijan

    Asaf Hajiyev

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Wang, Y., Liu, Z., Zhou, C., Manzoor, A. (2022). Research on the Influence of Excess Perks on Firm Value: Based on the Perspective of Life Cycle Theory. In: Xu, J., Altiparmak, F., Hassan, M.H.A., García Márquez, F.P., Hajiyev, A. (eds) Proceedings of the Sixteenth International Conference on Management Science and Engineering Management – Volume 2. ICMSEM 2022. Lecture Notes on Data Engineering and Communications Technologies, vol 145. Springer, Cham. https://doi.org/10.1007/978-3-031-10385-8_3

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