CEO compensation, incentive alignment, and carbon transparency

IF 0.9 Q3 BUSINESS, FINANCE Journal of International Accounting Research Pub Date : 2021-06-16 DOI:10.2308/JIAR-2020-032
L. Luo, Hongjun Wu, Chuyue Zhang
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引用次数: 7

Abstract

We examine whether chief executive officer compensation aligned with stakeholders’ interests is associated with enhanced corporate carbon transparency. Using an international sample obtained from the CDP, we find that corporate carbon transparency—as measured by both the propensity to voluntarily disclose carbon information and the quality and comprehensiveness of the disclosure—is greater when managers’ compensation contracts are better aligned with stakeholder interests. Further analyses indicate that this positive relationship is stronger in countries or regions with a code law legal system, with an inefficient rule of law, that show strong social norms toward climate change, that feature collectivist societies, and that have a long-term orientation. These findings indicate that the stakeholder agency problem of voluntary carbon disclosure can be addressed through executive incentives that are aligned with stakeholders’ interests.
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CEO薪酬、激励一致性和碳透明度
我们研究了符合利益相关者利益的首席执行官薪酬是否与提高企业碳透明度有关。使用从CDP获得的国际样本,我们发现,当管理者的薪酬合同更好地与利益相关者的利益相一致时,企业的碳透明度(通过自愿披露碳信息的倾向以及披露的质量和全面性来衡量)会更大。进一步的分析表明,这种积极的关系在那些拥有法典法律体系、法治效率低下、对气候变化表现出强烈社会规范、以集体主义社会为特征并具有长期导向的国家或地区更为强烈。这些发现表明,可以通过与利益相关者利益一致的行政激励措施来解决利益相关者自愿披露碳的机构问题。
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来源期刊
CiteScore
1.40
自引率
16.70%
发文量
19
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