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Are CEOs and CFOs Rewarded for Disclosure Quality

THEACCOUNTINGREVIEWVol.90,No.32015

pp.1013–1047

AmericanAccountingAssociation

DOI:10.2308/accr-50885

AreCEOsandCFOsRewarded

forDisclosureQuality?

KaiWaiHui

TheHongKongUniversityofScienceandTechnology

StevenR.MatsunagaUniversityofOregon

ABSTRACT:ThisstudyprovidesevidenceregardingtheimportancethatboardsofdirectorsplaceoneffectivecommunicationwiththeinvestorcommunitybyexaminingwhetherCEOandCFOcompensationarerelatedtothequalityofthefirm’http://www.wenkuxiazai.cominganindexderivedfromanalystforecastcharacteristicsandmanagementforecastaccuracytomeasuredisclosurequality,wefindchangesintheannualbonusforboththeCEOandCFOtobepositivelyassociatedwithchangesindisclosurequality.Wealsofindthattherelationisstrongerforhigh-growthfirms,firmsthathavestrongergovernancestructures,andforexecutiveswithlowerequityincentives.Overall,ourfindingsprovideinsightintotheimportancethatboardsplaceoneffectivecommunicationwithinvestorsasaresponsibilityoftheCEOandCFOand,therefore,providethemwithcontractualincentivestoaddressthemoralhazardproblemassociatedwithvoluntarydisclosures.

Keywords:executivecompensation;voluntarydisclosure;corporategovernance.JELClassi cations:M41.

I.INTRODUCTION

riorresearchdocumentsthata rm’schiefexecutiveof cer(CEO)andchief nancialof cer(CFO)areresponsibleforthe rm’sinteractionswiththeinvestmentcommunity.1However,investorrelationsisonlyoneoftheCEO’sandCFO’sresponsibilities,andit

couldbearguedthatotheractions,suchasdevelopingstrategic,operating,andinvestmentpolicies,

P

WethankworkshopparticipantsattheUniversityofOregon,TheHongKongUniversityofScienceandTechnology,andNationalChengchiUniversityforhelpfulcomments.SupportfromtheFinanceandSecuritiesAnalysisCenterattheLundquistCollegeofBusinessandtheassistanceofShanWangaregratefullyacknowledged.Editor’snote:AcceptedbyGregoryS.Miller.

Submitted:June2013Accepted:July2014

PublishedOnline:August2014

1

ExamplesincludeFrancis,Nanda,andOlsson(2008),Bowen,Davis,andMatsumoto(2002,2005),RogersandStocken(2005),Anderson,Duru,andReeb(2009),andBamber,Jiang,andWang(2010).

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