德勤－复旦会计论坛系列讲座之一百零八
时间：2016年10月25日（周二）下午13：30
地点：史带楼502室
主持人: 陈超 教授
演讲嘉宾：GERALD J. LOBO (University of Houston)
Title：The Use of Nonfinancial Measures for Executive Compensation in High-Technology Industries
Abstract：We examine the relation between innovation, a nonfinancial performance measure, and CEO compensation for high-technology firms. We find that CEO compensation is positively associated with corporate innovation performance, i.e., innovation output(measured by patent count) and innovation output value(measured by patent citations).We also find that CEO equity compensation, particularly option compensation, is more sensitive to these measures of innovation performance than is cash compensation. Overall, our evidence suggests that boards of directors of high-technology firms view innovation performance as an important non-financial performance measure and incorporate this information when determining CEO compensation. We also explore cross-sectional differences in the compensation relevance of innovation performance. We find that the relevance varies according to firm characteristics (noise in financial performance and R&D intensity) and CEO characteristics (CEO horizon and CEO power).
会计学系
2016-10-20
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