{"title":"Firm-level political risk and CEO compensation","authors":"Chunmi Jeon, Seung Hun Han, Yunji Hwang","doi":"10.1016/j.ribaf.2024.102614","DOIUrl":null,"url":null,"abstract":"<div><div>This study examines the impact of firm-level political risk (FLPR) on CEO compensation. Firm cash flow and CEO bargaining power are examined to ascertain whether they moderate this relationship. FLPR exposure is measured using a computational linguistic method to analyze the manuscripts of firm earnings conference calls. The findings indicate that FLPR is negatively related to CEO compensation but that firm cash flow and CEO bargaining power positively moderate this relationship. These results are consistent with endogeneity and robustness tests, including alternative measures of FLPR and CEO compensation.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"73 ","pages":"Article 102614"},"PeriodicalIF":6.3000,"publicationDate":"2024-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Research in International Business and Finance","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0275531924004070","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
引用次数: 0
Abstract
This study examines the impact of firm-level political risk (FLPR) on CEO compensation. Firm cash flow and CEO bargaining power are examined to ascertain whether they moderate this relationship. FLPR exposure is measured using a computational linguistic method to analyze the manuscripts of firm earnings conference calls. The findings indicate that FLPR is negatively related to CEO compensation but that firm cash flow and CEO bargaining power positively moderate this relationship. These results are consistent with endogeneity and robustness tests, including alternative measures of FLPR and CEO compensation.
本研究探讨了公司层面的政治风险（FLPR）对首席执行官薪酬的影响。研究还考察了公司现金流和首席执行官的议价能力，以确定它们是否会缓和这种关系。使用计算语言学方法来分析公司收益电话会议的手稿，从而衡量 FLPR 风险。研究结果表明，FLPR 与 CEO 薪酬呈负相关，但公司现金流和 CEO 议价能力对这种关系有正向调节作用。这些结果与内生性和稳健性检验一致，包括 FLPR 和 CEO 薪酬的替代测量方法。
期刊介绍：
Research in International Business and Finance (RIBAF) seeks to consolidate its position as a premier scholarly vehicle of academic finance. The Journal publishes high quality, insightful, well-written papers that explore current and new issues in international finance. Papers that foster dialogue, innovation, and intellectual risk-taking in financial studies; as well as shed light on the interaction between finance and broader societal concerns are particularly appreciated. The Journal welcomes submissions that seek to expand the boundaries of academic finance and otherwise challenge the discipline. Papers studying finance using a variety of methodologies; as well as interdisciplinary studies will be considered for publication. Papers that examine topical issues using extensive international data sets are welcome. Single-country studies can also be considered for publication provided that they develop novel methodological and theoretical approaches or fall within the Journal''s priority themes. It is especially important that single-country studies communicate to the reader why the particular chosen country is especially relevant to the issue being investigated. [...] The scope of topics that are most interesting to RIBAF readers include the following: -Financial markets and institutions -Financial practices and sustainability -The impact of national culture on finance -The impact of formal and informal institutions on finance -Privatizations, public financing, and nonprofit issues in finance -Interdisciplinary financial studies -Finance and international development -International financial crises and regulation -Financialization studies -International financial integration and architecture -Behavioral aspects in finance -Consumer finance -Methodologies and conceptualization issues related to finance
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