【研究發展處訊】

企業管理學系黃弘毅助理教授發表最新期刊論文

Does managerial compensation influence price efficiency?

作者：Huang, HY (Huang, Hung-Yi); Yan, C (Yan, Cheng); Ho, KC (Ho, Kung-Cheng)

PACIFIC-BASIN FINANCE JOURNAL (SSCI)

卷冊：74

文獻號碼：101794

DOI：10.1016/j.pacfin.2022.101794

出版日期：SEP 2022

Abstract

We examine the effects of managerial compensation (i.e., inside debt holdings of chief executive officer, CEO) on price efficiency, proxied by the measures of stock price delay. Based on a sample of 2617 firm-year observations for the 2006–2017 period, we find that CEO inside debt holdings have a significant positive effect on price efficiency. Furthermore, we find that stock liquidity plays a critical role in the effect of inside debt on price efficiency. Moreover, our study underscores the importance of CEO characteristics for understanding the relationship between CEO inside debt holdings and price efficiency. Consistent with our expectation, additional analyses show that this positive association is stronger for firms managed by CEOs who are male, older, and have longer tenure. Our study deepens the understanding of how managerial compensation shapes managerial incentives and offers insights to policymakers interested in enhancing price efficiency in shaping managerial incentives.

Keywords:

Price efficiency; Inside debt; Stock liquidity; Price delay; Managerial compensation

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【文圖/研究事務組謝明秀專員】