Characteristics Associated with the Corporate Decision to Adopt Long‐term Performance Plans
研究企业采用长期绩效计划的原因，发现采用该计划的企业风险更高、管理层持股比例更低、研发投入更多，且采用后研发和资本支出增加。
This study investigates why firms adopt long‐term performance plans. The results provide evidence that firms that adopt long‐term performance plans have higher risk as measured by Beta, have lower percentages of managerial stockholdings, have higher levels of investment in research and development expenditures two years prior to adoption of a long‐term performance plan, and experience increases in the ratio of debt to total assets in the two year period prior to long‐term performance plan adoption. Also, firms increase their investments in research and development and capital expenditures following adoption of long‐term performance plans.