Corporate Financial Control Mechanisms and Firm Performance: The Case of Value‐Based Management Systems
研究84家采用价值管理系统的公司在1984-1997年间的表现，发现采用后企业调整后剩余收入显著改善，但大企业改善幅度小于小企业，且将薪酬与价值管理挂钩反而与绩效负相关。
Abstract: We examine the performance of 84 firms that adopt value‐based management (VBM) systems during the period 1984‐1997. The typical firm significantly improves matched‐firm‐adjusted residual income after adopting VBM. This improvement persists for the five post‐adoption years studied. After controlling for possible sample bias, we find that large firms show less improvement than small firms. We find a negative relation between tying compensation to VBM and post‐adoption performance. We also find that firms reduce capital expenditures following VBM adoption, but that the reductions in spending do not differ based on the firms' growth opportunities. Overall, the evidence suggests that VBM improves economic performance and the efficient use of capital.