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Explaining temporal orientation: Evidence from the durability of firms' capital investments
In contrast to broad generalizations about the short-termism of managers, this paper explains changes in the temporal orientation of specific firms over time based on performance relative to aspirations and top management team incentives. We gain empirical traction on temporal orientation by measuring the durability of acquired property, plant, and equipment (asset durability) from reported data on depreciation expense. Consistent with predictions, we find that performance relative to aspirations positively influences asset durability. Surprisingly, we find no evidence that stock-based compensation produces the same effect. Instead, we find stock-based compensation lowers asset durability..Printed journal
Ketersediaan
| Call Number | Location | Available |
|---|---|---|
| SMJ3305 | PSB lt.dasar - Pascasarjana | 1 |
| Penerbit | : Wiley Periodicals |
|---|---|
| Edisi | - |
| Subjek | Stock options Capital investments Incentives Pay For Performance studies Materials durability |
| ISBN/ISSN | 1432095 |
| Klasifikasi | - |
| Deskripsi Fisik | - |
| Info Detail Spesifik | - |
| Other Version/Related | Tidak tersedia versi lain |
| Lampiran Berkas | Tidak Ada Data |