Academic SeminarDo Clawback Adoptions Influence Capital Investment Mix?
- 2018-09-18 ~ 2018-09-18
회계 분야 세미나를 아래와 같이 개최하오니, 관심 있는 분들의 많은 참석 부탁 드립니다.
1. 일시: 2018년 9월 18일 (화), 16:00~17:30
2. 장소: 9호관 7층, 9701호 강의실
3. 강사: 주정환 교수 (University of Hong Kong)
4. 주제: Do Clawback Adoptions Influence Capital Investment Mix?
5. 연구분야: 회계
We present evidence that voluntary clawback provision adoptions influence capital investment mix and efficiency consistent with managerial compensation incentives. Specifically, we predict and find that for firms with higher proportions of performance-linked annual pay, capital investments shift away from R&D and toward capital expenditures. For firms with higher levels of equity incentives, we predict and find that clawback adoptions increase capital expenditures without significant R&D reductions consistent with longer-term share-value incentives. We further find capital investment mix shifts toward acquisitions for firms with enabling liquidity and that clawback adoptions are associated with capital over-investment. This evidence extends prior findings regarding the effects of clawback adoptions and is timely given a pending SEC rule that would mandate clawback provisions for all firms listing on US exchanges and that explicitly requests comments on its potential effects.