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Tournament incentives and reserve management
No full textThis paper examines the impact of internal tournament incentives on reserve management within the property-liability insurance industry. We find a positive relationship between internal tournament incentives and reserve errors, suggesting that a larger tournament prize is associated with more conservative loss-reserve management. In contrast to the literature on nonfinancial firms, we do not observe a positive association between tournament incentives and risk-taking behavior or performance. The overall evidence indicates that vice presidents participating in internal tournaments prioritize strong financial health over performance. Moreover, the positive effect of tournament incentives on conservative reserve management is more pronounced for insurers with more volatile returns and a higher ratio of claim loss reserves to total liabilities. This effect attenuates for larger insurers, those underwriting long-tail lines, and those operating in less competitive environments. Our findings also suggest that the Sarbanes–Oxley Act significantly influences executives' reserve behavior. Finally, we show that stronger board monitoring is associated with more conservative reserve practices in internal tournaments.補正完畢US
Corporate Social Responsibility and Financial Performance: The Role of Managerial Ability
No full textAmerican Accounting Association補正完畢國際AmericanTW
Accounting for Long-Lived Assets and Systematic Risk
No full textAmerican Accounting Association補正完畢國際AmericanTW
企業社會責任績效對財務風險的影響
No full textSince the UN Global Compact was proposed in 1999, entrepreneurs and institutions around the world have placed a steadily increasing emphasis on corporate social responsibility (CSR). Accompanying the increased levels of CSR reporting and activities, researchers raise questions regarding whether the aim of a firm's operations is always to maximize shareholder value regardless of other potential motivating factors, an assumption frequently stated in past literature. The present study infers that a firm with superior CSR performance experiences lower market risk and liquidity risk, from empirically assessing the effect of CSR performance on financial risk. The robustness test also finds that superior CSR performance reduces the cost of capital. Furthermore, the study documents that the performance of corporate governance activities increases the cost of capital. Although there is a positive association between corporate governance performance and the cost of capital, prior research suggests that the corporate governance dimension is distinct from other social and environmental dimensions of CSR. Therefore, if the study excludes the corporate governance dimension from CSR activities, the result supports the hypothesis that CSR performance, in sum, is negatively related to the cost of capital.補正完畢國際台北市，台灣TW
Does the Fair Value Option Mitigate or Motivate Banks’ Reliance on Loan Loss Provisions for Income Smoothing?
No full text補正完畢國際台北市，台灣TW
