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    题名: Asymmetric Sensitivity of CEO Cash Compensation to Restructuring Charges and Restructuring Charge Reversals: The Impacts of Compensation Committee Effectiveness
    高階經理人現金薪酬對重組支出與重組支出迴轉之不對稱敏感度：論薪酬委員會有效性之影響
    作者: 許慧雯
    Hsu, Hui-Wen
    蔡柳卿
    Tsai, Liu-Ching
    贡献者: 會計評論
    关键词: Restructuring charges;Restructuring charge reversals;CEO compensation;Compensation committee effectiveness
    重組支出;重組支出迴轉;高階經理人薪酬;薪酬委員會有效性
    日期: 2018-07
    上传时间: 2019-04-02 09:05:46 (UTC+8)
    摘要: This study examines whether CEO cash compensation is less sensitive to restructuring charges than to the reversals of restructuring charges, i.e., an asymmetric treatment for restructuring charges and the related reversals. In addition, given that executive compensation design itself may be an agency problem, we also examine whether this asymmetric treatment varies with compensation committee effectiveness. Using a US sample of firm-year observations, this study finds that there is an asymmetric compensation sensitivity to restructuring charges and restructuring charge reversals. Furthermore, we find that highly effective compensation committees reduce the compensation weight more on restructuring charges and restructuring charge reversals compared to compensation committees characterized by low effectiveness. The overall results imply that firms with highly effective compensation committees encourage prospective restructuring activities by shielding executive compensation from the effect of restructuring charges, and filter restructuring charge reversals from CEO compensation to avoid opportunistic behavior of rent extraction. However, restructuring charge reversals are rewarded by committees characterized by low effectiveness through the placement of a higher compensation weight, which is consistent with the view of managerial rent extraction.
    關聯: 會計評論, 67, pp.1-40
    数据类型: article
    DOI 連結: https://doi.org/10.6552/JOAR.201807_(67).0001
    DOI: 10.6552/JOAR.201807_(67).0001
    显示于类别:[會計評論] 期刊論文

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