Corporate finance and governance in emerging markets: A selective review and an agenda for future research

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Firm performance, corporate governance and executive compensation in Pakistan (2018, background): “Fan, Wei, and Xu (2011), for instance, note that ‘Until now, we still do not know much about how managers of emerging market firms are paid and promoted and factors that influence these decisions’ (p. 211).”
Varieties in state capitalism and corporate innovation: Evidence from an emerging economy (2021, background): “…controlling shareholder and the minority shareholders because, in China, the divergence between the controlling owners ’ cash flow rights and voting rights is mostly maintained through pyramid structures (Liu and Sun, 2005; Gugler et al., 2008; Fan et al., 2011; Claessens and Yurtoglu, 2013).”
Disproportional Ownership Structure and Pay-Performance Relationship: Evidence from China's Listed Firms (2011, background): “However, Fan et al. (2011), among others, argued that disproportional ownership structure may not always result in 10 expropriation especially when controlling owners need to devote substantial resources to carry out the expropriation.”