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CEO and Outside Director Equity Compensation : Substitutes or Complements for Management Earnings Forecasts?
Kim, Hyung Tae - 2018
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...
Persistent link: https://www.econbiz.de/10012920195
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Internal versus external earnings per share goals and CEO incentives
Armstrong, Christopher; Chau, Jacky; Ittner, Christopher D. - 2017
. We find CEOs frequently achieve analyst forecasts, but rarely achieve bonus goals exceeding the forecast. Despite lower …
Persistent link: https://www.econbiz.de/10011800636
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Management Earnings Forecasts as a Performance Target in Executive Compensation Contracts
Otomasa, Shota - 2017
, we find that the executive cash compensation is positively related to management forecast error (MFE) for a sample of …
Persistent link: https://www.econbiz.de/10012971568
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Are CEOs Compensated for Value Destroying Growth in Earnings?
Balachandran, Sudhakar V. - 2011
Prior research shows that firms generating earnings growth by improving profitability create shareholder value, while firms generating earnings growth through investment destroy value. This paper examines whether compensation committees consider this while determining CEO compensation. We first...
Persistent link: https://www.econbiz.de/10013132985
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Does Equity-based Compensation Cause Firms to Manage Earnings Per Share?
Gao, Xing - 2020
Equity-based compensation causes increases in firms' share count and dilutes Earnings Per Share (EPS), which provides firms with an incentive to raise EPS using either share buybacks or earnings management. We employ a regression discontinuity framework to provide evidence of a causal link...
Persistent link: https://www.econbiz.de/10012853424
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Is Conservatism Demanded by Performance Measurement in Compensation Contracts? Evidence from Earnings Measures Used in Bonus Formulas
Na, Ke - 2020
conservatism to be a desirable feature that helps to alleviate agency conflicts between shareholders and managers, others suggest …
Persistent link: https://www.econbiz.de/10012853360
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Why Do Large Positive Non-GAAP Earnings Adjustments Predict Abnormally High CEO Pay?
Guest, Nicholas M. - 2020
CEOs of S&P 500 firms that report high non-GAAP earnings relative to GAAP earnings receive more than $600 thousand in unexplained pay. The abnormally high pay appears even after controlling for the level of non-GAAP earnings and despite relatively weak GAAP performance and low returns....
Persistent link: https://www.econbiz.de/10012853818
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Real Earnings Smoothing and Managerial Compensation Incentives
Chen, Changling - 2019
We provide empirical evidence that managers smooth earnings using discretionary R&D spending (i.e., real smoothing …
Persistent link: https://www.econbiz.de/10012894937
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Compensation Committees’ Treatment of Earnings Components in CEOs’ Terminal Years
Huson, Mark R. - 2017
non-terminal years, managers' compensation is partially shielded from the negative effects of selling, general, and …
Persistent link: https://www.econbiz.de/10012974379
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The Effect of CEO Stock-Based Compensation on the Pricing of Future Earnings
Choi, Bobae - 2016
earnings. When stock-based compensation motivates managers to share their private information with shareholders, it will … expedite the pricing of future earnings in current stock prices. In contrast, when equity-compensated managers attempt to … management forecast frequency. Overall, our study suggests that on average, equity-based compensation improves the …
Persistent link: https://www.econbiz.de/10012995653