We investigate the effects of accounting conservatism and business life cycle on the future earnings informativeness of the firms adopting clawback provisions. Clawback policies are designed to the recovery of incentive compensation due to trigger events such as an executive misconduct. Prior studies have found that restatements are decreased after adopting clawback provisions. Based on this finding, we further explore whether clawback provisions can increase the future earnings informativeness in the future stock market or not.
First, we investigate whether the clawback provision will affect the future earnings informativeness. Second, we examine if the accounting conservatism can improve the earnings informativeness of the firms adopting clawback provisions. Finally, we investigate the earnings informativeness of clawback adopters from business life cycle view.
The empirical results show that the firms adopting clawback provisions can increase the future earnings informativeness, and if the accounting is more conservative, the clawback adopters will have more future earnings informativeness. Furthermore, the earnings informativeness of clawback adopters vary in different business life cycle stages. The mature firms and decline firms are expected to have more positive future earnings informativeness by adopting clawback provisions than the growth firms. Therefore, the effect of adopting clawback provisions on future earnings informativeness depends on which business life cycle stage the firm is currently in. We conclude that the accounting conservatism and business life cycle will significantly impact the future earnings informativeness of clawback adopters.
本文探討會計穩健性與企業生命週期，對於採用薪酬索回條款之公司的未來盈餘資訊性的影響。薪酬索回政策的設計是用於管理階層做出對公司有損害的行為時，可以向其索回之前的獎勵薪酬。之前的研究發現，公司在採用薪酬索回條款條款後，財務報表重編的情形明顯減少。基於這樣的發現，我們進而探討薪酬索回條款是否能增加盈餘資訊性或是正面的市場反應。
首先，我們探討薪酬索回條款是否會影響公司的未來盈餘資訊性。接著，我們探討會計穩健性是否能增進採用薪酬索回條款之公司的未來盈餘資訊性。最後，我們探討採用薪酬索回條款之公司的未來盈餘資訊性是否因為所處的企業生命週期階段而異。
實證結果顯示，公司採用薪酬索回條款可以增加未來盈餘資訊性。並且採用薪酬索回條款的公司會計越穩健，其未來盈餘資訊性越顯著增加。近一步分析發現，未來盈餘資訊性的變化，也會因為公司所處的企業生命週期階段而有所不同。相較於成長期公司採用薪酬索回條款，成熟期及衰退期公司採用薪酬索回條款，顯著較具有正向未來盈餘資訊性。因此公司的未來盈餘資訊性，會因為公司所處的企業生命週期階段而有所不同。綜合以上，會計穩健性與企業生命週期會顯著影響有採用薪酬索回條款之公司的未來盈餘資訊性。
