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The Association between the Use of Long-Term Performance Plans and Corporate Performance
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Journal Article
The Association between the Use of Long-Term Performance Plans and Corporate Performance
2015
Overview
Previous research has shown a positive link between long-term performance plans and critical corporate decisions such as capital investment, acquisitions, and divestitures. However minimal research exists as to whether these plans are associated with overall improved corporate performance. Attribution of performance effects of long-term performance plans is difficult because of systemic differences between firms using plans and firms that do not. We use propensity score matching to control for these systemic differences. Our results provide evidence that firms with long-term performance plans outperform other firms in terms of both fundamental accounting performance and future abnormal stock returns, and suggest that this superior performance is not attributable to other factors.
Publisher
Academy of Business Research
Subject
