高管薪酬的收益和现金流可比性

IF 1.4 4区经济学 Q3 BUSINESS, FINANCE

Asia-Pacific Journal of Accounting & Economics Pub Date : 2021-07-14 DOI:10.1080/16081625.2021.1953389

Sungjin Park, Emeka T. Nwaeze

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引用次数: 2

摘要

摘要:本文研究了公司间盈余和经营性现金流的可比性是否会影响盈余和现金流在CEO薪酬中的有用性。我们发现，盈余(现金流量)可比性与盈余(现金流量)的补偿权重正相关，与现金流量(盈余)的权重负相关，这表明盈余和现金流量度量之间存在替代效应。我们还发现，随着公司盈利可比性的提高，同行公司的股票收益与CEO薪酬的负相关关系减弱，这表明基于股票收益的相对绩效评价的过滤作用随着盈利可比性的提高而减弱。

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Earnings and cash flow comparability in executive compensation

ABSTRACT We examine whether cross-firm comparability of earnings and operating cash flows influence the usefulness of earnings and cash flows in CEO compensation. We find that earnings (cash flow) comparability is positively associated with the compensation weight of earnings (cash flow) and negatively associated with the weight of cash flow (earnings), suggesting a substitution effect between earnings and cash flow measures. We also find that peer firms ‘stock returns get less negatively associated with CEO compensation as a firm’s earnings comparability increases, suggesting that the filtering role of stock return-based relative performance evaluation decreases as earnings comparability increases.

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来源期刊

Asia-Pacific Journal of Accounting & Economics Multiple-

CiteScore

2.40

自引率

9.10%

发文量

期刊介绍： The Asia-Pacific Journal of Accounting & Economics (APJAE) is an international forum intended for theoretical and empirical research in all areas of economics and accounting in general. In particular, the journal encourages submissions in the following areas: Auditing, financial reporting, earnings management, financial analysts, the role of accounting information, international trade and finance, industrial organization, strategic behavior, market structure, financial contracts, corporate governance, capital markets, and financial institutions. The journal welcomes contributions related to the Asia Pacific region, and targets top quality research from scholars with diverse regional interests. The editors encourage submission of high quality manuscripts with innovative ideas. The editorial team is committed to an expedient review process.