管理人员薪酬控制和公司现金持有量
Peiqiong Wang1, Xianhua Zhang1, Taozhi Wang1
1School of Accounting, Lanzhou University of Finance and Economics, Lanzhou City, Gansu Province, China.
PloS one
|September 8, 2023
概括
监管的高管薪酬控制减少了公司的现金持有量. 这项研究使用了中国.
科学领域:
- 公司治理 公司治理
- 金融经济学 金融经济学
- 行为金融是行为金融.
背景情况:
- 薪酬控制是公司治理的关键,可能会影响公司现金持有量.
- 在薪酬控制和现金持有之间建立因果关系是具有挑战性的.
研究的目的:
- 调查管理人员薪酬控制与公司现金持有之间的因果关系.
- 为了利用中国2007年"中央企业主管薪酬监管指南"作为一个准自然实验.
主要方法:
- 对上市公司 (2007-2012) 使用差异差异方法.
- 雇佣的稳定性检查包括并行趋势测试,变量替换,倾向性得分匹配和安慰剂测试.
- 进行了机制测试,以检查调解效应和异质性分析.
主要成果:
- 有受监管的高管薪酬的公司显示现金持有量较低.
- 管理人员薪酬控制可以降低内部机构的成本.
- 在具有高质量的内部控制,强有力的监督和低信息不对称的公司中,这种影响更为强烈.
结论:
- 管理人员薪酬控制显著降低企业的现金持有量.
- 内部机构成本的降低调解了这种关系.
- 影响取决于特定公司的治理和信息环境.
相关概念视频
Compensation Mechanisms
400
The human body employs intricate mechanisms to counteract changes in blood pH, preventing conditions like acidosis (pH < 7.35) and alkalosis (pH > 7.45). These compensatory responses aim to restore normal arterial blood pH by engaging respiratory or renal systems, depending on the source of the imbalance.
Respiratory Compensation
This mechanism addresses metabolic-induced pH imbalances by adjusting breathing rates. Respiratory compensation begins within minutes of detecting a pH...
Respiratory Compensation
This mechanism addresses metabolic-induced pH imbalances by adjusting breathing rates. Respiratory compensation begins within minutes of detecting a pH...
400
Controller Configurations
118
Controller configurations are crucial in a car's cruise control system because they manage speed over time to maintain a consistent pace regardless of road conditions, thereby meeting design goals. In traditional control systems, fixed-configuration design involves predetermined controller placement. System performance modifications are known as compensation.
Control-system compensation involves various configurations, most commonly series or cascade compensation, in which the controller...
Control-system compensation involves various configurations, most commonly series or cascade compensation, in which the controller...
118
Correlation and Causation
37.7K
Statistical tests can calculate whether there is a relationship, or correlation, between independent and dependent variables. An indirect relationship of the variables signifies a correlation, while a direct relationship shows causation. If it is determined that no connection exists between the variables, then the correlation is a coincidence.
Correlation versus Causation
If the dependent variable increases or decreases when the independent variable increases, there is a positive or negative...
Correlation versus Causation
If the dependent variable increases or decreases when the independent variable increases, there is a positive or negative...
37.7K
Types of Biopharmaceutical Studies: Controlled and Non-Controlled Approaches
147
Biopharmaceutical studies constitute a vital field aiming to enhance drug delivery methods and refine therapeutic approaches, drawing upon diverse interdisciplinary knowledge. In research methodologies, the choice between controlled and non-controlled studies significantly influences the study's reliability and accuracy.
Non-controlled studies, commonly employed for initial exploration, lack a control group, rendering them susceptible to biases and external influences. In contrast,...
Non-controlled studies, commonly employed for initial exploration, lack a control group, rendering them susceptible to biases and external influences. In contrast,...
147
Control Systems
1.2K
Control systems are everywhere in contemporary society, influencing diverse applications from aerospace to automated manufacturing. These systems can be found naturally within biological processes, such as blood sugar regulation and heart rate adjustment in response to stress, as well as in man-made systems like elevators and automated vehicles. A control system is essentially a network of subsystems and processes that collaboratively convert specific inputs into desired outputs.
At the heart...
At the heart...
1.2K
Drug Control Governance: Regulatory Bodies and Their Impact
183
Drug control governance involves the oversight and regulation of pharmaceuticals to ensure their safety and efficacy while preventing illegal drug use and trafficking. Regulatory bodies, including the US Food and Drug Administration (FDA) and the European Union's European Medicines Agency (EMA), play a central role in this process. These agencies evaluate the safety and efficacy of drugs before they can be marketed. They fund clinical trials and assess the benefits and risks associated with...
183


