Post‐IFRS Revaluation Adjustments and Executive Compensation
研究了香港采用国际财务报告准则后，投资性房地产重估损益成为高管薪酬的重要决定因素，且该关联在治理较弱的公司中更显著。
Abstract International Financial Reporting Standards ( IFRS ) allow firms to record adjustments (gains or losses) from the revaluation of investment properties in their income statements. After Hong Kong adopted IFRS in 2005, property companies were required to move their revaluation gains and losses ( RGL ) from equity to income. We find RGL to be a significant determinant of executive compensation in these firms after 2005, but not before. We further find evidence that the RGL ‐compensation association is driven by firms with relative weak corporate governance structure, such as firms in which the controlling shareholders own a relatively small percentage of shares, firms in which the controlling shareholders have control rights that exceed ownership rights, and firms that are no longer run by their founders.