The article try to explore the impact of M&A on executive compensation and further study the influence of institutional investors on the relationships between M&A and executive compensation. The study finds that the change in executive compensation has a significant positive correlation with M&A behavior, which reflects the fact that executives may tend to have self-interest in the event while the involvement of institutional Investors will alleviate this problem. This study provides empirical evidence for institutional investor activism theory and the direction for corporate governance in M&A.
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