CLAWBACK PROVISIONS IN REAL ESTATE INVESTMENT TRUSTS

被引：5

作者：

Cashman, George D. ^{[1
]}

Harrison, David M. ^{[2
]}

Panasian, Christine A. ^{[3
]}

机构：

[1] Marquette Univ, Milwaukee, WI 53233 USA

[2] Univ Cent Florida, Orlando, FL 32816 USA

[3] St Marys Univ, San Antonio, TX USA

来源：

JOURNAL OF FINANCIAL RESEARCH | 2016年 / 39卷 / 01期

关键词：

FIRM VALUE; FUNDS; OPERATIONS; MANAGERS; STOCK;

D O I：

10.1111/jfir.12090

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Using a sample of 195 unique real estate investment trusts (REITs), we examine factors related to the adoption of clawback provisions within managerial compensation contracts. In general, we find strong and consistent empirical evidence that clawback provision are directly related to firm size, complexity, leverage, growth options, monitoring incentives, and CEO performance incentives. We also find that clawbacks are associated with enhanced market and accounting performance, with stronger performance relations observed for adoption decisions tied directly to regulatory mandates. In sum, we conclude compensation clawback provisions represent a value-relevant, strategic governance mechanism for REITs.

引用

页码：87 / 114

页数：28

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