CEOs on the edge: Earnings manipulation and stock-based incentive misalignment

被引：1

作者：

Zhang, Xiaomeng ^{[1
]}

Bartol, Kathryn M. ^{[2
]}

Smith, Ken G. ^{[2
]}

Pfarrer, Michael D. ^{[3
]}

Khanin, Dmitry M. ^{[4
]}

机构：

[1] American Univ, Kogod Sch, Washington, DC 20016 USA

[2] Univ Maryland, Robert H Smith Sch Business, College Pk, MD 20742 USA

[3] Univ Denver, Daniels Coll Business, Denver, CO 80208 USA

[4] Calif State Univ Fullerton, Fullerton, CA 92634 USA

来源：

ACADEMY OF MANAGEMENT JOURNAL | 2008年 / 51卷 / 02期

关键词：

D O I：

暂无

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Synthesizing agency theory and prospect theory, we examined the effects of stock-based incentives on CEO earnings manipulation behaviors. In analyses of data compiled from the public companies listed in Compustat's Executive Compensation Database and a U.S. General Accounting Office restatements database, we found that CEOs were more likely to manipulate firm earnings when they had more out-of-the-money options and lower stock ownership. Firm performance and CEO tenure interacted with out-of-the-money options and ownership to influence CEO earnings manipulation behaviors. Our findings inform agency-based views by providing evidence that, under certain conditions, stock-based managerial incentives lead to incentive misalignment.

引用

页码：241 / 258

页数：18

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