Executive Compensation and Deployment of Corporate Resources: Evidence from Working Capital

Nihat Aktas, E. Croci, O. Ozbas, D. Petmezas
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引用次数: 3

Abstract

Firms provide compensation incentives to executives, primarily in the form of bonus payments, to alleviate slack in the deployment of corporate resources to working capital. Financially constrained firms are heavy users of working capital incentives. So are firms that are less exposed to external takeover threats. Among the different components of working capital, inventories and payables are the main drivers of executive bonuses. Overall, our evidence supports the optimal contracting view of bonus payments in executive compensation.
高管薪酬与公司资源配置:来自营运资金的证据
公司主要以奖金的形式向高管提供薪酬激励,以缓解企业资源在营运资金配置上的懈怠。财政拮据的公司是营运资金激励的大量使用者。那些较少受到外部收购威胁的公司也是如此。在营运资金的不同组成部分中,存货和应付账款是高管奖金的主要驱动因素。总体而言,我们的证据支持高管薪酬中奖金支付的最优契约观点。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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