..., and the impacts of equity incentive model. Design/methodology/approach The theoretical analysis is based on the game theory between shareholders and top executives. The empirical analysis is based on the detailed data of equity incentives in China’s listed companies from 2006 to 2017; the logit method...

... process (Y. Y. Liu et al., 2020). These state variables’ dynamic processes are consistent with the Nerlove–Arrow equation (Nerlove et al., 1962). Third, dynamic game theory has achieved desirable results in dealing with the dynamic decisions of two or more participants (Li et al...