高层管理团队激励分散与管理层盈利预测
IF 2.2
3区 管理学
Q2 BUSINESS, FINANCE
引用次数: 0
摘要
我们研究了高层管理团队（TMT）成员之间薪酬绩效敏感性（PPS）的异质性是否会影响管理层盈利预测（MEF）。现有研究发现，高层管理团队成员之间薪酬绩效敏感度的差异会导致高层管理团队成员之间缺乏协调，并对公司产生重大影响。由于预测的发布是由 TMT 管理者共同决定的，我们认为 TMT 成员之间 PPS 的异质性会影响预测的发布。我们发现，当 TMT 成员之间的 PPS 高度分散时，公司不太可能发布 MEF。此外，这些公司的预测也不那么乐观。最后，我们的分析表明，当首席执行官与其他高管之间的 PPS 差异较大或团队任期较短时，TMT 成员之间的 PPS 分散对 MEF 的影响更为明显。总之，我们的结果表明，TMT 成员间 PPS 的异质性会影响公司的自愿披露。本文章由计算机程序翻译，如有差异，请以英文原文为准。
Top management team incentive dispersion and management earnings forecasts
We investigate whether heterogeneity in pay‐performance sensitivity (PPS) among top management team (TMT) members affects management earnings forecasts (MEFs). Extant studies find that dispersion of PPS among TMT members results in a lack of coordination among TMT members and has a significant consequence for the firm. Since the issuance of forecasts is jointly determined by TMT managers, we argue that heterogeneity in PPS among TMT members will affect forecast issuance. We find that firms are less likely to issue MEFs when PPS dispersion among TMT members is high. Moreover, the forecasts of these firms are less optimistic. Finally, our analyses reveal that the effect of dispersion of PPS among TMT members on MEFs is more pronounced when the difference in PPS between the chief executive officer and other executives is high or team tenure is short. Overall, our results suggest that heterogeneity in PPS among TMT members affects a firm's voluntary disclosures.
求助全文
通过发布文献求助，成功后即可免费获取论文全文。
去求助
来源期刊
Journal of Business Finance & Accounting
BUSINESS, FINANCE-
CiteScore
4.40
自引率
17.20%
发文量
70
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.
求助内容：
应助结果提醒方式：
京公网安备 11010802042870号
