CEO and Outside Director Equity Compensation: Substitutes or Complements for Management Earnings Forecasts?

被引：8

作者：

Kim, Hyung Tae ^{[1
]}

Kwak, Byungjin ^{[2
]}

Lee, Jaywon ^{[3
]}

Suk, Inho ^{[4
]}

机构：

[1] Calif State Univ Fresno, Craig Sch Business, Dept Accountancy, Fresno, CA 93740 USA

[2] Korea Adv Inst Sci & Technol, Coll Business, Seoul, South Korea

[3] Sejong Univ, Coll Business Adm, 209 Neungdong Ro, Seoul 05006, South Korea

[4] SUNY Buffalo, Sch Management, Accounting & Law, Buffalo, NY USA

来源：

EUROPEAN ACCOUNTING REVIEW | 2019年 / 28卷 / 02期

关键词：

DISCRETIONARY DISCLOSURE; INFORMATION ASYMMETRY; CORPORATE DISCLOSURE; OPTION COMPENSATION; CAPITAL-MARKETS; INCENTIVES; OWNERSHIP; COST; FIRM; ASSOCIATION;

D O I：

10.1080/09638180.2018.1473159

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This study examines how the equity compensation of chief executive officers (CEO) and that of outside directors affect management earnings forecasts (MFs) and the relationship between these two positions in terms of compensation. Our evidence reveals that CEO (director) equity compensation is positively associated with MF likelihood, frequency, and accuracy when director (CEO) equity compensation is not high. However, an increase in director (CEO) equity compensation is not effective in improving disclosure quality when the level of CEO (director) equity compensation is already high. These results suggest that the two incentive mechanisms act as substitutes when both are intensively used in the context of MF disclosure.

引用

页码：371 / 393

页数：23

共 30 条

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