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Tournament Incentives vs. Equity Incentives of CFOs: The Effect on Firms' Risk Taking and Earnings Management

Description: My dissertation consists of two essays on CFOs' promotion-based tournament incentives and performance-based equity incentives. The first essay examines the joint implications of CFOs' tournament incentives and equity incentives for firms' risk-taking. With the pay gap between the CEO and the CFO as the proxy for the CFO's tournament incentives, I find that the relationship between a firm's risk taking and the CFO's tournament incentives is non-monotonic. In particular, I show that below a certain level, increase in pay gap is associated with increase in firm risk taking (e.g., higher leverage, lower cash holding balance and higher R&D intensity). However, after reaching a certain level, the CEO-CFO pay gap negatively impacts risk-taking, as increase in pay gap is associated with lower leverage, higher cash holding balance and lower R&D intensity. With the CFO's pay-performance sensitivity as the proxy for the CFO's equity incentives, I find that the CFO's equity incentives negatively impact firm's R&D intensity, but have no significant impact on broader financial decisions such as capital structure and cash policy. Collectively, my findings indicate that CFO incentives play an important role in firm's risk-taking behaviors, and the effect of the CFO's tournament incentives is more pronounced. The second essay studies the impact of tournament incentives and equity incentives for CFOs on firms' earnings management, including accrual-based earnings management (e.g., total accruals, abnormal accruals) and real activities manipulation (e.g., abnormal discretionary expenditures, abnormal production costs). Measuring the CFO's tournament incentives as the pay gap between the CEO and the CFO, I show that the CFO's tournament incentives positively influence total accruals and abnormal accruals. Meanwhile, the CFO's equity incentives, measured as the CFO's pay-performance sensitivity, are found positively related to real activities manipulation proxies and total accruals. My findings show a consistent pattern before and after the passage of SOX ...
Access: This item is restricted to UNT Community Members. Login required if off-campus.
Date: May 2017
Creator: Han, Feng
Partner: UNT Libraries

An Evaluation of the Effects of a Pay for Performance Plan on Productivity of Employees of a Professional Services Firm

Description: This study examined the effects of a productivity-indexed pay for performance plan in a professional services firm. The new plan was implemented after productivity decreased under an existing plan. Performance of staff and senior level accountants was analyzed across three departments under a three-year baseline and a two-year intervention period. Several measures of productivity indicated that the intervention was effective in improving production, especially for employees with full annual workloads. Percentage of salaries earned in incentives was comparable for both the baseline and intervention periods. Possible explanations for trends in the data, weaknesses in the plan, and implications for future research are also discussed.
Date: December 2002
Creator: Porter, Melanie
Partner: UNT Libraries

Brownfields Tax Incentive Extension

Description: This report discusses the brownfields tax incentive, which expires on December 31, 2007. Enacted in 1997, the provision allowed a taxpayer to fully deduct the costs of environmental cleanup in the year the costs were incurred, rather than spreading the costs over a period of years.
Date: January 19, 2007
Creator: Reisch, Mark
Partner: UNT Libraries Government Documents Department

Energy Tax Incentives in the 108th Congress: A Comparison of the House and Senate Versions of H.R. 6 and the Senate Finance Committee Amendment

Description: This report discusses energy taxes incentives, which have long been an integral component of this nation’s energy policy. Efforts to significantly expand existing energy tax subsidies have been undertaken since the 106th Congress, but controversy over various non-tax energy policy provisions — corporate average fuel economy standards, the Alaskan National Wildlife Refuge, etc. — have helped stall the legislation.
Date: August 19, 2003
Creator: Lazzari, Salvatore
Partner: UNT Libraries Government Documents Department

Business/it Alignment: the Impact of Incentive Plans on the Development of Shared Vision

Description: This study, utilizing Preston and Karahanna’s framework for shared vision development and Agency Theory, explores the impact of vision development factors and factors associated with incentive plans on shared vision and alignment. Results of the study confirm the strong relationship between shared vision and alignment, and indicate that having an effective management team is important with respect to developing and maintaining shared vision and alignment within the organization. Several vision development factors such as using the language of the business, participation on the top management team (TMT), and having knowledge of the business impact shared vision through their influence on teamwork. Also, results of this study suggest that participation on the TMT by the CIO/IT leader is more important than the individual’s position in the organizational hierarchy. In addition, attributes associated with incentive plans such as achievable and clear measures, measures linked to organizational goals, measures that align the interests of the individual with those of the organization, regular plan reviews, and using a balanced scorecard approach with respect to incentive plan design positively impact teamwork and shared vision. For practitioners, this highlights the importance of incentive plans as powerful tools that can be used to reinforce shared vision, effective teamwork, and alignment within the organization. Also, the CIO/IT leader needs to be knowledgeable of the business and must fill the role of both a technologist as well as an enterprise leader. This person must be an evangelist communicating the value and benefits of IT to the rest of the organization.
Access: This item is restricted to UNT Community Members. Login required if off-campus.
Date: December 2014
Creator: Johnson, Vess L.
Partner: UNT Libraries

Clean Coal Loan Guarantees and Tax Incentives: Issues in Brief

Description: This report discusses certain federal financial incentive mechanisms for "clean coal" commercial projects; namely, loan guarantees and tax incentives. At issue for Congress is the extent to which the private sector has used these financial toolsto develop the technology needed for reducing carbon dioxide (CO2) emissions while continuing to use available domestic coal reserves for electricity generation.
Date: August 19, 2014
Creator: Folger, Peter & Sherlock, Molly F.
Partner: UNT Libraries Government Documents Department

Learning by doing: The evolution of state support for photovoltaics

Description: Fifteen states have established ''clean energy funds'' that will collect more than $3 billion in aggregate from ratepayers over the next decade. The general mission of these funds is to support the development of renewable energy technologies and markets; all of the funds target the installation of photovoltaics (PV) in one way or another. So-called ''buy-down'' programs--i.e., programs that offset the high up-front costs of PV through capital grants or rebates--have been the most popular approach taken to date in supporting PV. At present, however, state clean energy funds appear to be evolving into a new phase of supporting PV--one that draws upon lessons learned from the past few years' experience with the first round of buy-down programs. This paper briefly discusses these lessons from the past and describes how various states are tweaking, rearranging, or crafting new programs to incorporate those lessons.
Date: June 1, 2003
Creator: Bolinger, Mark & Wiser, Ryan
Partner: UNT Libraries Government Documents Department

Analyzing the Effects of a Performance Pay Plan on Manager Performance in an Accounting Firm

Description: This study examined the effect of a score card¬-based performance pay plan in a professional services firm. The plan was implemented in response to a decreasing trend in productivity and a desire for a formal incentive compensation plan. Performance of manager and senior manager accountants were analyzed across two departments over a five year period. A definitive account of the effects of the intervention is limited by the case-¬study design, but the data does suggest that the performance pay plans used did not adversely affect performances. Design limitations of the plan and future research are also discussed.
Date: May 2007
Creator: McDaniel, Sarah Curran
Partner: UNT Libraries

Final Scientific Report - Wind Powering America State Outreach Project

Description: The goal of the Wind Powering America State Outreach Project was to facilitate the adoption of effective state legislation, policy, finance programs, and siting best practices to accelerate public acceptance and development of wind energy. This was accomplished by Clean Energy States Alliance (CESA) through provision of informational tools including reports and webinars as well as the provision of technical assistance to state leaders on wind siting, policy, and finance best practices, identification of strategic federal-state partnership activities for both onshore and offshore wind, and participation in regional wind development collaboratives. The Final Scientific Report - Wind Powering America State Outreach Project provides a summary of the objectives, activities, and outcomes of this project as accomplished by CESA over the period 12/1/2009 - 11/30/2011.
Date: February 1, 2012
Creator: Sinclair, Mark & Margolis, Anne
Partner: UNT Libraries Government Documents Department

Designing PV Incentive Programs to Promote Performance: A Reviewof Current Practice

Description: Increasing levels of financial support for customer-sited photovoltaic (PV) systems, provided through publicly-funded incentive programs, has heightened concerns about the long-term performance of these systems. Given the barriers that customers face to ensuring that their PV systems perform well, and the responsibility that PV incentive programs bear to ensure that public funds are prudently spent, these programs should, and often do, play a critical role in ensuring that PV systems receiving incentives perform well. To provide a point of reference for assessing the current state of the art, and to inform program design efforts going forward, we examine the approaches to encouraging PV system performance used by 32 prominent PV incentive programs in the U.S. We identify eight general strategies or groups of related strategies that these programs have used to address performance issues, and highlight important differences in the implementation of these strategies among programs.
Date: June 1, 2007
Creator: Barbose, Galen; Wiser, Ryan & Bolinger, Mark
Partner: UNT Libraries Government Documents Department