首席执行官薪酬是否预测上市公司的财务业绩或不准确的财务报告:系统审查
Denise Rousseau1, Byeong Jo Kim2, Ryan Splenda3
1Heinz College and Tepper School of Business Pittsburgh Pennsylvania USA.
Campbell systematic reviews
|December 13, 2023
概括
首席执行官 (CEO) 奖金对资产回报 (ROA) 产生了微小的积极影响,但无论是奖金还是股票期权都无法预测市场表现或财务重新表述. 这表明当前的CEO激励实践应该谨慎.
科学领域:
- 企业金融公司财务
- 管理人员薪酬 管理人员薪酬
- 商业战略 商业战略
背景情况:
- 对首席执行官 (CEO) 的财务激励措施被广泛用于使执行行动与业务目标保持一致.
- 本系统审查审查了首席执行官金融激励对公司业绩和财务报告准确性的影响.
研究的目的:
- 评估CEO金融激励对公司财务业绩的预测效应.
- 为了确定首席执行官的财务激励是否预测由于错误报告导致的财务重新陈述.
主要方法:
- 从1980年到2023年对同行评审和灰色文献进行系统审查和元分析.
- 包括的研究评估了首席执行官的财务激励作为公司业绩的预测因素,控制了激励前的条件.
- 提取了标准化的回归系数;使用STATA进行的分析.
主要成果:
- 首席执行官奖金对会计计指标资产回报率 (ROA;0.046) 产生了微小的积极影响,但对与市场相关的指标 (股票回报率,Tobin's Q) 没有显著的预测效应.
- 股票期权对ROA,Tobin's Q或股票回报没有显著的预测效应.
- 没有发现首席执行官的财务激励与财务重新陈述有直接关系.
结论:
- 首席执行官奖金对会计业绩 (ROA) 有有限的积极影响,而股票期权则无法预测公司业绩.
- 目前的证据不支持CEO激励和财务重新陈述之间的联系.
- 调查结果表明,在当前的首席执行官金融激励结构和探索替代策略方面,需要谨慎.
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