3.10德勤－复旦会计论坛系列讲座之五十二

时间：2014年3月10日（周一）下午14：00

地点：史带楼503室

主持人：张新 博士

演讲嘉宾：Xia, Yifei  (The University of Hong Kong)

Title：The effect of presentation format of bonus scheme on investors’ judgments and voting decisions 

Abstract: This study investigates the effect of presentation format of bonus scheme on investors’ compensation-and investment- related judgments. I propose that presentation format works through readability effect and halo effect, and assess the two mechanisms by comparing bonus scheme presented in a table format versus in a formula format. Both high readability of table format (versus less readable formula format) and scientific appearance of formula format (versus less scientific table format) positively affect investors’ judgments. I also find an interaction effect between outcome favorability (target-beaten versus target-missed) and presentation format (table versus formula). Specifically, when actual performance beats the performance target, investors are more likely to approve the bonus awards presented in a formula format relative to that presented in a table format. When the performance target is missed, investors’ approval rating does not differ between table and formula formats. The study improves our understanding of how presentation format affects investors’ evaluations and voting decisions on executive compensation scheme. It extends compensation disclosure research by exploring information communication effectiveness, as well as psychological research by demonstrating halo effect in numerical information interpretation.

会计学系

2014-3-4