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Tekijä:McConaughy, D. L.
Mishra, C. S.
Otsikko:Debt, performance-based incentives and firm performance
Lehti:Financial Management
1996 : SUMMER, VOL. 25:2, p. 37-51
Asiasana:COMPANY PERFORMANCE
DEBT
SHARE PRICES
Kieli:eng
Tiivistelmä:We identify conditions of prior performance and pay-performance sensitivity under which an increase in incentives is associated with improved performance. We find that increasing sensitivity increases risk-adjusted performance in firms with poor prior performance, but has little impact on high-performance firms. We also observe that firms choose higher pay-performance sensitivity when the probability of wealth transfers to bondholders is high. Pay-performance sensitivity to stock prices is important. If carefully implemented under the appropriate conditions, it can provide effective incentives for improving firm performance.
SCIMA tietueen numero: 164043
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