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IFRS and the use of accounting-based performance measures in executive pay

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Voulgaris, Georgios, Stathopoulos, Konstantinos and Walker, Martin (2014) IFRS and the use of accounting-based performance measures in executive pay. The International Journal of Accounting , 49 (4). pp. 479-514. doi:10.1016/j.intacc.2014.10.001 ISSN 1094-4060 .

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Official URL: http://dx.doi.org/10.1016/j.intacc.2014.10.001

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Abstract

We examine the effect of IFRS (International Financial Reporting Standards) on the type of performance measures firms use to evaluate and reward their managers. We show that post-IFRS firms decrease the weight of Earnings-per-Share (EPS)-based performance measures in CEO pay contracts. We argue that IFRS add “noise” to accounting numbers which, based on optimal contracting theory, makes reported earnings less useful for evaluating managerial performance. Our findings suggest that while under IFRS accounting earnings could be more informative for valuation purposes, this might be achieved at the expense of other purposes that accounting serves, i.e., stewardship/performance contracting.

Item Type: Journal Article
Subjects: H Social Sciences > HF Commerce > HF5601 Accounting
H Social Sciences > HG Finance
Divisions: Faculty of Social Sciences > Warwick Business School > Accounting
Faculty of Social Sciences > Warwick Business School
Journal or Publication Title: The International Journal of Accounting
Publisher: Pergamon Press
ISSN: 1094-4060
Official Date: 31 October 2014
Dates:
DateEvent
31 October 2014Available
October 2014Accepted
24 April 2013Submitted
Volume: 49
Number: 4
Page Range: pp. 479-514
DOI: 10.1016/j.intacc.2014.10.001
Status: Peer Reviewed
Publication Status: Published
Access rights to Published version: Restricted or Subscription Access

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