The impact of outcome uncertainty on corporate investment compensation peer effects

IF 3.8 3区经济学 Q1 BUSINESS, FINANCE

North American Journal of Economics and Finance Pub Date : 2025-01-01 DOI:10.1016/j.najef.2024.102349

Yu-En Lin , Yu-Xin Xu , Bo Yu , Keith S.K. Lam

引用次数: 0

Abstract

This study investigates the compensation peer effect of investments and the moderate effect of outcome uncertainty on the compensation peer effect in the US stock markets. We document two new findings. Our results suggest a significant positive relation between firms’ own and compensation peers’ investments and a significant negative moderate effect of the outcome uncertainty on the relation. In addition, we also find that the moderate effect is more pronounced in the low information accuracy groups, suggesting that the inaccurate information disclosure of compensation peers’ investments is the main cause of the negative moderate effect. Our results remain sound after various robustness and endogenous tests.

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结果不确定性对企业投资补偿同伴效应的影响

本研究考察了美国股市投资的薪酬同伴效应，以及结果不确定性对薪酬同伴效应的适度影响。我们记录了两个新的发现。我们的研究结果表明，企业自身投资与薪酬同伴投资之间存在显著的正相关关系，结果不确定性对这种关系具有显著的负向调节作用。此外，我们还发现，在信息准确性较低的群体中，调节效应更为明显，这表明薪酬同伴投资信息披露不准确是产生负调节效应的主要原因。经过各种稳健性和内源性测试，我们的结果仍然是合理的。

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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来源期刊

North American Journal of Economics and Finance Multiple-

CiteScore

7.30

自引率

8.30%

发文量

168

期刊介绍： The focus of the North-American Journal of Economics and Finance is on the economics of integration of goods, services, financial markets, at both regional and global levels with the role of economic policy in that process playing an important role. Both theoretical and empirical papers are welcome. Empirical and policy-related papers that rely on data and the experiences of countries outside North America are also welcome. Papers should offer concrete lessons about the ongoing process of globalization, or policy implications about how governments, domestic or international institutions, can improve the coordination of their activities. Empirical analysis should be capable of replication. Authors of accepted papers will be encouraged to supply data and computer programs.