The impact of outcome uncertainty on corporate investment compensation peer effects

被引：0

作者：

Lin, Yu-En ^{[1
]}

Xu, Yu-Xin ^{[2
]}

Yu, Bo ^{[3
]}

Lam, Keith S. K. ^{[4
]}

机构：

[1] Jilin Univ, Ctr Quantitat Econ, Changchun 130015, Jilin, Peoples R China

[2] Chinese Univ Hong Kong, Dept Econ, Hong Kong, Peoples R China

[3] City Univ Macau, Fac Finance, Ave Padre Tomas Pereira Taipa, Macau, Peoples R China

[4] Univ Macau, Fac Business Adm, Macau 999078, Peoples R China

来源：

NORTH AMERICAN JOURNAL OF ECONOMICS AND FINANCE | 2025年 / 76卷

关键词：

Outcome uncertainty; Moderate effect; Compensation peer effect; Firms' own investments; AGENCY COSTS; EARNINGS MANAGEMENT; CASH FLOW; INFORMATION ASYMMETRY; CROSS-SECTION; FIRMS; QUALITY; GOVERNANCE; DISCLOSURE; PERFORMANCE;

D O I：

10.1016/j.najef.2024.102349

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This study investigates the compensation peer effect of investments and the moderate effect of outcome uncertainty on the compensation peer effect in the US stock markets. We document two new findings. Our results suggest a significant positive relation between firms' own and compensation peers' investments and a significant negative moderate effect of the outcome uncertainty on the relation. In addition, we also find that the moderate effect is more pronounced in the low information accuracy groups, suggesting that the inaccurate information disclosure of compensation peers' investments is the main cause of the negative moderate effect. Our results remain sound after various robustness and endogenous tests.

引用

页数：21

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