政府向首席执行官颁奖

IF 2.2 3区管理学 Q2 BUSINESS, FINANCE

Journal of Business Finance & Accounting Pub Date : 2024-06-26 DOI:10.1111/jbfa.12813

François Belot, Timothée Waxin

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引用次数: 0

摘要

本文以被授予国家荣誉军团勋章（Légion d'honneur）的法国首席执行官为样本，研究了政府奖励的价值和公司治理后果。围绕授勋公告的短期市场反应显著为正，而获得授勋的首席执行官所在公司的估值高于未获得授勋的首席执行官所在（匹配）公司的估值。我们探讨了政府奖励创造价值的渠道，发现有证据表明，政府奖励为获奖首席执行官及其公司提供了更多的政治机会。我们还发现，政府奖励与更好的公司治理有关，因为获得奖励的首席执行官更有可能因业绩不佳而被解雇。媒体奖项的负面影响以及与首席执行官的超级明星地位相关的负面影响似乎并不适用于国家奖项。

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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Government awards to CEOs

This paper investigates the value and corporate governance consequences of government awards for a sample of French CEOs appointed to the national Order of the Legion of Honor (Légion d'honneur). Short‐term market reactions surrounding award announcements are significantly positive, whereas the valuation of firms with awarded CEOs is greater than that of (matched) firms with nonawarded CEOs. We explore the channels through which government awards create value and find evidence that they provide awarded CEOs and their firms with increased political access. We also observe that government awards are associated with better corporate governance in that awarded CEOs are more likely to be fired for poor performance. The negative effects that have been documented for media awards and are associated with CEOs’ superstar status do not seem to apply to state awards.

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来源期刊

Journal of Business Finance & Accounting BUSINESS, FINANCE-

CiteScore

4.40

自引率

17.20%

发文量

期刊介绍： Journal of Business Finance and Accounting exists to publish high quality research papers in accounting, corporate finance, corporate governance and their interfaces. The interfaces are relevant in many areas such as financial reporting and communication, valuation, financial performance measurement and managerial reward and control structures. A feature of JBFA is that it recognises that informational problems are pervasive in financial markets and business organisations, and that accounting plays an important role in resolving such problems. JBFA welcomes both theoretical and empirical contributions. Nonetheless, theoretical papers should yield novel testable implications, and empirical papers should be theoretically well-motivated. The Editors view accounting and finance as being closely related to economics and, as a consequence, papers submitted will often have theoretical motivations that are grounded in economics. JBFA, however, also seeks papers that complement economics-based theorising with theoretical developments originating in other social science disciplines or traditions. While many papers in JBFA use econometric or related empirical methods, the Editors also welcome contributions that use other empirical research methods. Although the scope of JBFA is broad, it is not a suitable outlet for highly abstract mathematical papers, or empirical papers with inadequate theoretical motivation. Also, papers that study asset pricing, or the operations of financial markets, should have direct implications for one or more of preparers, regulators, users of financial statements, and corporate financial decision makers, or at least should have implications for the development of future research relevant to such users.