股价暴跌的教训：管理者信心和激励机制的变化

IF 5.5 3区管理学 Q1 BUSINESS, FINANCE

British Accounting Review Pub Date : 2025-05-01 DOI:10.1016/j.bar.2024.101499

Hyeong Joon Kim

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引用次数: 0

摘要

本文研究了股价暴跌的后果。我发现，股价暴跌风险会降低管理者的信心水平，这可以用首席执行官的期权和财报电话记录的文本衡量标准来表示。我还发现，股价暴跌风险会降低首席执行官的薪酬和股权激励，这表明公司会在股价暴跌后调整管理层的激励机制，以防止未来再次发生股价暴跌。此外，与其他人相比，高信心的首席执行官在经历股价暴跌后更有可能减少过度投资，从而提升股东价值。总之，本文提供了新的证据，证明首席执行官和公司似乎会从股价暴跌的经历中吸取教训，这表明股价暴跌可能会诱发经验驱动的保守主义，从而影响首席执行官和公司的决策。

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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Lesson from stock price crash: Changes in managerial confidence and incentives

This paper investigates the consequences of stock price crashes. I find that stock price crash risk subsequently reduces managerial confidence levels, as proxied by the CEO's option-based and earnings call transcript's text-based measures. I also find that stock price crash risk reduces CEO compensation and equity incentives, suggesting that a firm seeks to adjust managerial incentives after its stock price crashes to prevent future occurrences. Furthermore, CEOs with high confidence are more likely to curtail overinvestment after their crash experiences relative to others, thereby contributing to shareholder value. Overall, this paper provides novel evidence that CEOs and firms appear to learn from their experiences of stock price crashes, suggesting that stock price crashes may induce experience-driven conservatism that influences CEO and corporate decisions.

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来源期刊

British Accounting Review BUSINESS, FINANCE-

CiteScore

8.60

自引率

3.90%

发文量

审稿时长

76 days

期刊介绍： The British Accounting Review*is pleased to publish original scholarly papers across the whole spectrum of accounting and finance. The journal is eclectic and pluralistic and contributions are welcomed across a wide range of research methodologies (e.g. analytical, archival, experimental, survey and qualitative case methods) and topics (e.g. financial accounting, management accounting, finance and financial management, auditing, public sector accounting, social and environmental accounting; accounting education and accounting history), evidence from UK and non-UK sources are equally acceptable.