英语翻译4.Research method4.1.SampleThe sample consists of non-fi

英语翻译4.Research method4.1.SampleThe sample consists of non-financial companies that are listed on the Shanghai and Shenzhen stock exchanges throughout the years 1998 to 2000.The start date is the first year that listed companies are required to disclose top management compensation.Financial companies are excluded because their financial characteristics are far different from other firms.In addition,financial firms are subject to more regulation and this may have an impact on CEO pay.Company annual reports provide the source of information for executive compensation,ownership,non-executive directors,board size,and CEO/chairman characteristics.As the independent variables are lagged values from year t−1,the data are collected for the period 1997 to 2000.Accounting and stock market data are obtained from the CSMAR Database.Missing annual reports and missing observations on the CSMAR Database reduce the sample size.The final sample consists of 549 companies and 1647 firm-year observations.4.3.ModelThe model uses regression analysis to test the relation between pay,performance,ownership,and boardroom variables.The general model is:CEO PAY = α + β1 PERFORMANCE+ β2 OWNERSHIP+ β3 BOARD STRUCTURE+ β4 OPERATING CHARACTERISTICS+ β5 CONTROL FACTORS + ε希望12小时之内有答案,