Académique Documents
Professionnel Documents
Culture Documents
com
ScienceDirect
Procedia - Social and Behavioral Sciences 219 (2016) 91 – 98
UG*OREDO&RQIHUHQFHRQ%XVLQHVVDQG6RFLDO6FLHQFH*&%66'HFHPEHU
.XDOD/XPSXU0DOD\VLD
,QWHUDFWLRQEHWZHHQ7LPH%XGJHW3UHVVXUHDQG3URIHVVLRQDO
&RPPLWPHQWWRZDUGV8QGHUUHSRUWLQJRIWLPHEHKDYLRU
$QGUHDV
Department of Accounting, Faculty of Economic, Universitas Riau, Indonesia
$EVWUDFW
7KHHVFDODWLRQRIDXGLWRU¶VGLJUHVVEHKDYLRULQFUHDVHGVKDUSO\DVWLPHEXGJHWVZHUHVHHQWRDSSURDFK7KHSXUSRVHRIWKLVVWXG\LV
WR LQYHVWLJDWH WKH PRGHUDWLQJ HIIHFW RI WLPH EXGJHW SUHVVXUH RQ WKH UHODWLRQVKLS EHWZHHQ SURIHVVLRQDO FRPPLWPHQW DQG
XQGHUUHSRUWLQJRIWLPHEHKDYLRU7KLVVWXG\ZDVFRQGXFWHGXVLQJDVXUYH\RQDXGLWRUVZKRZRUNLQWKHVHFRQGWLHURIDFFRXQWLQJ
ILUPLQ,QGRQHVLD7KHILQGLQJVLQGLFDWHGWKDWDOOGLPHQVLRQVRIDXGLWRUV¶SURIHVVLRQDOFRPPLWPHQWVLJQLILFDQWO\JLYHVDSRVLWLYH
HIIHFWRQWKHXQGHUUHSRUWLQJRIWLPHDQGSHUFHLYHGWLPHEXGJHWSUHVVXUHVWUHQJWKHQVWKHLQIOXHQFHRIDOOGLPHQVLRQVRIDXGLWRUV¶
SURIHVVLRQDO FRPPLWPHQW WRZDUGV XQGHUUHSRUWLQJ RI WLPH 7KHVH ILQGLQJV VXJJHVW WKDW ILUP VKRXOG HYDOXDWH WKH DXGLWRU¶V
FRPPLWPHQWWRLPSURYHDXGLWTXDOLW\
7KH$XWKRUV3XEOLVKHGE\(OVHYLHU/WG
© 2016 The Authors. Published by Elsevier Ltd. This is an open access article under the CC BY-NC-ND license
3HHUUHYLHZXQGHUUHVSRQVLELOLW\RIWKH2UJDQL]LQJ&RPPLWWHHRIWKHUG*&%66
(http://creativecommons.org/licenses/by-nc-nd/4.0/).
Peer-review under responsibility of the Organizing Committee of the 3rd GCBSS-2015
Keywords:G\VIXQFWLRQDODXGLWRUEHKDYLRUSURIHVVLRQDOFRPPLWPHQWWLPHEXGJHW
,QWURGXFWLRQ
7KH SUREDELOLWLHV WKDW DXGLWRUV ZLOO ILQG HUURUV DQG LUUHJXODULWLHV LQ WKH DXGLWHG ILQDQFLDO VWDWHPHQWV DIIHFWHG E\
DXGLWRUV¶ WHFKQLFDO FDSDELOLWLHV VXFK DV HGXFDWLRQ H[SHULHQFH SURIHVVLRQDOLVP LQGHSHQGHQFH DQG WKH EHKDYLRURI
DXGLWRUVLQWKHLPSOHPHQWDWLRQRIWKHDXGLWSURJUDP'H$QJHOR$XGLWRUV¶VXFFHVVLQLPSOHPHQWLQJWKHDXGLW
DVVLJQPHQWLVGHWHUPLQHGE\WKHVXSSRUWRUJDQL]DWLRQDQGWKHVLWXDWLRQDWWKHWLPHRIWKHDXGLWZHUHFRQGXFWHG0D\D
+RZHYHUWKLVVLWXDWLRQLVOLPLWHGE\EXGJHWWLPHDQGWKLVFRXOGOHDGDXGLWRUFRQGXFWDG\VIXQFWLRQDODXGLW
EHKDYLRU
&RUUHVSRQGLQJDXWKRU
E-mail address:KDGLEURWRSNX#JPDLOFRP
1877-0428 © 2016 The Authors. Published by Elsevier Ltd. This is an open access article under the CC BY-NC-ND license
(http://creativecommons.org/licenses/by-nc-nd/4.0/).
Peer-review under responsibility of the Organizing Committee of the 3rd GCBSS-2015
doi:10.1016/j.sbspro.2016.04.047
92 Andreas / Procedia - Social and Behavioral Sciences 219 (2016) 91 – 98
'\VIXQFWLRQDODXGLWEHKDYLRUDOZD\VKDVEHHQDFRQVLGHUDWLRQLQDXGLWLQJRFFXSDWLRQ7KHXQGHUO\LQJDVVHUWLRQRI
PDQ\DFDGHPLFUHVHDUFKHVUHYHDOHGWKDWG\VIXQFWLRQDODXGLWEHKDYLRULVPHUHO\DUHDFWLRQWRWKHHQYLURQPHQWLHWKH
FRQWUROV\VWHP'\VIXQFWLRQDO EHKDYLRU PD\ KDYHERWKGLUHFW DQG LQGLUHFW LPSDFWV RQ DXGLW TXDOLW\ 0DQQHUV WKDW
GLUHFWO\DIIHFWDXGLWTXDOLW\FRPSULVHSUHPDWXUHVLJQLQJRIIRIDXGLWVWHSVZLWKRXWFRPSOHWLQJWKHSURFHGXUH2WOH\
DQG3LHUFH5KRGH$OGHUPDQDQG'HLWULFNJDWKHULQJRILQVXIILFLHQWHYLGHQWLDOPDWHULDOV$OGHUPDQ
DQG'HLWULFNSURFHVVLQJLQDFFXUDWHO\0F'DQLHODQGWKHRPLVVLRQRIDXGLWVWHSV0DUJKHLPDQG3DQ\
8QGHUUHSRUWLQJRIDXGLWWLPHKDVDOVREHHQGHPRQVWUDWHGWRKROGDQLQGLUHFWLPSDFWRQDXGLW8QGHUUHSRUWLQJWLPH
RIWHQUHVXOWVLQSRRUSHUVRQQHOGHFLVLRQVREVFXUHVWKHQHHGIRUEXGJHWUHYLVLRQOHDGLQJWRXQUHFRJQL]HGWLPHSUHVVXUHV
RQIXWXUHDXGLWV
3XEOLF 2YHUVLJKW %RDUG SURSRVHV WKDW WLPH SUHVVXUHV DVVRFLDWHG ZLWK DXGLW EXGJHWV FOLHQWLPSRVHG DQG
LQWHUQDOGHDGOLQHVXQH[SHFWHGVWDIIWXUQRYHUDUHOD\LQJVLJQLILFDQWFRQVWUDLQWVRQDXGLWHQJDJHPHQWWHDP$OOWKHVH
SUHVVXUHV UHVXOW LQ UHGXFHG DXGLW TXDOLW\ SDUWLFXODUO\ LQ FLUFXPVWDQFHV ZKHUH LQGLYLGXDO SHUIRUPDQFH LV PHDVXUHG
SULPDULO\E\PHHWLQJWLPHGHDGOLQHVDQGEXGJHWHVWLPDWLRQV'RQQHOO\4XLULQDQG2ெ%U\DQ
$QXPEHURIDFDGHPLFVWXGLHVKDYHDOVRDQDO\VHGWKHLQIOXHQFHWKDWWLPHSUHVVXUHKDVRQG\VIXQFWLRQDOEHKDYLRU
5KRGH .HOOH\ DQG 0DUJKHLP DOVR UHVHDUFKHG WKH PRGHUDWLQJ HIIHFWV RI WKH LQWHUDFWLRQ EHWZHHQ
VXSHUYLVRUOHDGHUVKLSVW\OHDQGDXGLWRUSHUVRQDOLW\
3ULRU OLWHUDWXUH VWDWHG WKDW HQYLURQPHQWDO IDFWRUV HJ WLPH SUHVVXUH VXSHUYLVRU\ VW\OH PDGH D VLJQLILFDQW
FRQWULEXWLRQHQFRXUDJHG\VIXQFWLRQDODXGLWEHKDYLRU+RZHYHULQGLYLGXDOGLIIHUHQFHVDPRQJDXGLWRUVQRWVLJQLILFDQWO\
DIIHFWG\VIXQFWLRQDODXGLWEHKDYLRU7KLVOLWHUDWXUHIDLOVWRVXSSRUWWKHFODLPWKDWSUHGLVSRVLWLRQVWRZDUGG\VIXQFWLRQDO
DXGLW EHKDYLRU PD\ EH D SDUW RI SHUVRQDO FKDUDFWHULVWLFV ,Q RWKHU ZRUGV LW DVVXPHV DOO DXGLWRUV ZLOO KDYH VLPLODU
UHDFWLRQVWRHQYLURQPHQWDOIDFWRUV'RQQHOO\4XLULQDQG2ெ%U\DQ
7LPHEXGJHWFRQVWUDLQWLVDFRQGLWLRQLQZKLFKDXGLWRUVIDFHDOLPLWHGVHWWLPHLQWKHLPSOHPHQWDWLRQRIWKHDXGLW
SURJUDP$XGLWWLPHEXGJHWLVDQHVWLPDWHGWLPHDOORFDWHGWRLPSOHPHQWDWLRQRIDXGLWDVVLJQPHQWVDFFRXQWLQJILUP
VHWDGHDGOLQHFRPSOHWLRQRIDXGLWSURFHGXUHVE\DXGLWWLPHEXGJHW)OHPLQJ0DU[HQ
$WLJKWDXGLWWLPHEXGJHWSHUFHLYHGDVWLPHSUHVVXUHLQSHUIRUPLQJDXGLWSURFHGXUHVOHDGWRWKHLPEDODQFHEHWZHHQ
WKHWLPHDYDLODEOHUHTXLUHGWRFRPSOHWHWKHDXGLWDVVLJQPHQWDQGIXUWKHUPRUHWKHVHFRQGLWLRQVPD\HQFRXUDJHWKH
DXGLWRUSHUIRUPDG\VIXQFWLRQDODXGLW.HOOH\DQG6HLOHU&RRNDQG.HOOH\
7KHLQIOXHQFHRIDXGLWRU¶VLQGLYLGXDOFKDUDFWHULVWLFVWRG\VIXQFWLRQDODXGLWFDQDOVREHEDVHGRQWKHLQWHUDFWLRQDO
PRGHORIGHFLVLRQPDNLQJ7UHYLQRDUJXHVXQHWKLFDOEHKDYLRUE\LQGLYLGXDOVZLWKLQWKHRUJDQL]DWLRQPD\EH
FDXVHG E\ LQGLYLGXDO FKDUDFWHULVWLFV VLWXDWLRQDO DV ZHOO DV WKH LQWHUDFWLRQ EHWZHHQ WKHVH IDFWRUV ,QGLYLGXDO
FKDUDFWHULVWLFV LQFOXGH SHUVRQDOLW\ JHQGHU QDWLRQDOLW\ DQG WKH UHVXOWV RI WKH SURFHVV RI VRFLDOL]DWLRQ DQG WKH
GHYHORSPHQW RI KXPDQ UHVRXUFHV VXFK DV RUJDQL]DWLRQDO FRPPLWPHQW DQG SURIHVVLRQDO FRPPLWPHQW )RUG DQG
5LFKDUGVRQ
7KLVVWXG\LQYHVWLJDWHVWKHFKDUDFWHULVWLFVRILQGLYLGXDODXGLWRULVWKHDXGLWRU
VRZQFRPPLWPHQWWRWKHSURIHVVLRQ
7KHWKHRUHWLFDODQGHPSLULFDODUJXHVWKHDXGLWRU
VSURIHVVLRQDOFRPPLWPHQWLQIOXHQFHGWKHWHQGHQF\RIWKHDXGLWRUWR
SHUIRUP D G\VIXQFWLRQDO DXGLW 3URIHVVLRQDO FRPPLWPHQW LV GHILQHG DV WKH UHODWLYH VWUHQJWK RI LGHQWLILFDWLRQ DQG
LQYROYHPHQW RI LQGLYLGXDOV WR D SURIHVVLRQ $UDQ\D 3ROORFN DQG $PHUQLF $ SHUVRQ¶V FRPPLWPHQW WR WKH
SURIHVVLRQLVPDQLIHVWHGLQWKHIROORZLQJWKUHHFKDUDFWHULVWLFV$UDQ\DDQG)HUULV
• $FFHSWDQFHRIWKHJRDOVDQGYDOXHVRIWKHSURIHVVLRQ
• :LOOLQJQHVVWRPDNHXWPRVWHIIRUWVIRUWKHVDNHRIWKHSURIHVVLRQ
• 'HVLUHWRSUHVHUYHDQGPDLQWDLQPHPEHUVKLSLQWKHSURIHVVLRQ
+DOO 6PLWK ' DQG /DQJILOHG6PLWK . SURSRVHG D PXOWLGLPHQVLRQDO SURIHVVLRQDO FRPPLWPHQW WR WKH
DFFRXQWLQJSURIHVVLRQZKLFKFRQVLVWVRIDIIHFWLYHSURIHVVLRQDOFRPPLWPHQWFRQWLQXDQFHSURIHVVLRQDOFRPPLWPHQW
DQGQRUPDWLYHSURIHVVLRQDOFRPPLWPHQW
7KH REMHFWLYH RI WKLV VWXG\ LV WR LQYHVWLJDWH WKH PRGHUDWLQJ HIIHFW RI WLPH EXGJHW SUHVVXUH RQ WKH UHODWLRQVKLS
EHWZHHQSURIHVVLRQDOFRPPLWPHQWDQGG\VIXQFWLRQDODXGLWRUEHKDYLRU7KLVVWXG\ZDVFRQGXFWHGXVLQJDVXUYH\RQ
DXGLWRUVZKRZRUNLQWKHVHFRQGWLHURIDFFRXQWLQJILUPLQ,QGRQHVLD7KHDQDO\VLVXQLWVDUHWKHDXGLWRULQDOOSRVLWLRQV
LQFOXGLQJMXQLRUVHQLRUPDQDJHURUVXSHUYLVRUDQGSDUWQHUV7KHUHVHDUFKVDPSOHVDUHUHVSRQGHQWV'DWDZHUH
DQDO\VHGXVLQJPXOWLSOHUHJUHVVLRQDQGLQWHUDFWLRQUHJUHVVLRQSXUHPRGHUDWRULQZKLFKWKHPRGHUDWLQJYDULDEOHLVQRW
LQGHSHQGHQWYDULDEOH
Andreas / Procedia - Social and Behavioral Sciences 219 (2016) 91 – 98 93
7KLVSDSHUZLOOILUVWGLVFXVVWKHRUHWLFDOGHYHORSPHQWIROORZHGE\WKHUHVHDUFKPHWKRGLQFOXGLQJGDWDFROOHFWLRQ
DQGPHDVXUHPHQWLQIRUPDWLRQ5HVXOWVZLOOEHSUHVHQWHGHPSLULFDOO\ZLWKGLVFXVVLRQDQGOLPLWDWLRQVHVWDEOLVKWKHILQDO
VHFWLRQRIWKLVSDSHU
7KHRUHWLFDO'HYHORSPHQW
7KHIXOOWKHRUHWLFDOPRGHODSSHDUVLQ)LJXUH(DFKOLQNLQWKHPRGHOLVODEHOHGZLWKLWVUHVSHFWLYHK\SRWKHVLVDQG
GLVFXVVHGVXEVHTXHQWO\
7LPH%XGJHW
3UHVVXUH
$IIHFWLYH3UR
&RPPLWPHQW
&RQWLQXDQFH3UR '\VIXQFWLRQDO
&RPPLWPHQW $XGLW%HKDYLRU
1RUPDWLYH3UR
&RPPLWPHQW
)LJ7KHRUHWLFDO0RGHO
3URIHVVLRQDO FRPPLWPHQW EDVHG RQ D VXSSRVLWLRQ WKDW D SHUVRQ PDGH GXULQJ WKH VRFLDOL]DWLRQ SURFHVV ZKHQ WKH
LQGLYLGXDOHPEHGVYDOXHVDQGQRUPVRIWKHSURIHVVLRQ$SHUVRQ¶VFRPPLWPHQWWRKLVSURIHVVLRQLVDQFUXFLDOIDFWRU
WKDW ZLOO DIIHFW DXGLWRU¶V EHKDYLRU LQ FDUU\LQJ RXW DXGLW WDVNV $UDQ\D DQG )HUULV GHILQHG SURIHVVLRQDO
FRPPLWPHQW DV D UHFLSURFDO VWUHQJWK RI LGHQWLILFDWLRQ DQG LQYROYHPHQW RI LQGLYLGXDOV WR D SURIHVVLRQ 7KH\ DOVR
GHVFULEHVWKDWRQH
VFRPPLWPHQWWRWKHSURIHVVLRQLVEDVHGRQIROORZLQJ
• $QDIILUPDWLRQRIWKHJRDOVDQGYDOXHVRIWKHSURIHVVLRQ
• $WHQDFLRXVHDJHUQHVVWRZRUNIRUWKHIDYRURIWKHSURIHVVLRQ
• $ZLOOLQJQHVVWRUHWDLQPHPEHUVKLSLQWKHSURIHVVLRQ
)XUWKHUPRUHDXGLWRU¶VXQVFUXSXORXVEHKDYLRUPD\UHVXOWIURPGLYHUVLWLHVLQWKHDXGLWRU
VFRPPLWPHQWDVVXPHVDV
D XQLGLPHQVLRQDO SURIHVVLRQDO FRPPLWPHQW 6KDXE +DOO 6PLWK LQWURGXFHV D PXOWLGLPHQVLRQDO
SURIHVVLRQDOFRPPLWPHQW7KHGLPHQVLRQVDUHDIIHFWLYHFRQWLQXDQFHDQGQRUPDWLYHSURIHVVLRQDOFRPPLWPHQW
$IIHFWLYHSURIHVVLRQDOFRPPLWPHQWLVGHILQHGDVDQHPRWLRQDODWWDFKPHQWWRKLVSURIHVVLRQEDVHGRQWKHYDOXHV
DQGJRDOVRIWKHSURIHVVLRQDQGDGHVLUHWRIDFLOLWDWHWKHSURIHVVLRQWRDFKLHYHWKHJRDOV0H\HU&RQWLQXDQFH
SURIHVVLRQDO FRPPLWPHQW LV EDVHG RQ FRQVLGHUDWLRQ RI WKH FRVWV WKDW DURVH ZKHQ VRPHRQH OHIW WKH SURIHVVLRQ
+DOO.1RUPDWLYHSURIHVVLRQDOFRPPLWPHQWLVDQLQGLYLGXDOREOLJDWLRQRUUHVSRQVLELOLW\WRUHPDLQLQRQH¶V
SURIHVVLRQ0H\HU
7KH UHODWLRQVKLS EHWZHHQ SURIHVVLRQDO FRPPLWPHQW DQG G\VIXQFWLRQDO DXGLW EHKDYLRU LV EDVHG RQ VWUHVV FRSLQJ
VWUDWHJLHVWKHRU\/D]DUXV7KLVWKHRU\VWDWHVWKDWWKHFKRVHQVWUDWHJ\DGGUHVVHVWKHSUREOHPRILQGLYLGXDOVDERXW
94 Andreas / Procedia - Social and Behavioral Sciences 219 (2016) 91 – 98
7LPH EXGJHW SUHVVXUH LV D VWUHVVRU WKDW DULVH RU PD\ DULVH IURP WKH ODFN RI DOORFDWHG WLPH WR ILQLVK WKH DXGLW
DVVLJQPHQW'H=RRUWDQG/RUGS7LJKWDXGLWWLPHEXGJHWPD\FDXVHGDQLPEDODQFHEHWZHHQWKHDYDLODEOH
DXGLWWLPHDQGWKHWLPHQHHGHGIRUWKHFRPSOHWLRQRIWKHDXGLWSURJUDP.HOOH\DQG0DUJKHLP
$XGLWWLPHEXGJHWLVDQFUXFLDOFRPSRQHQWRIWKHRSHUDWLQJUHJXODWLRQLQDSXEOLFDFFRXQWLQJILUPV0F1DLU
:DJJRQHUDQG&KDVHOOVWDWHGWKDWEXGJHWHGDXGLWWLPHLVDGYDQWDJHRXVDVDEDVLVIRUHVWLPDWLQJDXGLWFRVWDXGLW
SHUVRQDOWDVNVDQGDVDJURXQGWRHYDOXDWHSHUVRQDODXGLWRUSHUIRUPDQFH,QDGGLWLRQWKHEXGJHWWLPHSURYLGHLQGLUHFW
EHQHILWVWRWKHILUPVWKDWLWVXSSRUWVWKHDYDLODELOLW\RIGRFXPHQWHGHYLGHQFHLQRUGHUWRFRPSO\ZLWKWKHILUVWVWDQGDUGV
RIILHOGZRUNLVWKHSODQQLQJDQGVXSHUYLVLRQRIWKHDXGLWWRIDFLOLWDWHWKHSHHUVUHYLHZKHOSVLQDVLWXDWLRQZKHUHWKHUH
DUHODZVXLWVDJDLQVWWKHILUPVDQGWRDVVLVWDXGLWRUVLQWKHLUSURIHVVLRQDOVNLOOVSHUIRUPDQFH
$XGLWWLPHEXGJHWSUHSDUHGE\WKHHVWLPDWHGWLPHUHTXLUHGIRUH[HFXWLRQRIHDFKVWDJHRIDQDXGLWSURJUDPDWYDULRXV
OHYHOVRIWKHDXGLWRU$XGLWWLPHEXGJHWSUHSDUDWLRQLVJHQHUDOO\SHUIRUPHGWKHDXGLWWHDPFRQVLVWLQJRIWKHDXGLWRULQ
FKDUJHPDQDJHUVDQGSDUWQHUV)OHPLQJ7LPHVLJQLILFDQWO\LQIOXHQFHWKHDXGLWFRVWWKHUHIRUHILUPVRIWHQVHW
DVWULFWDXGLWWLPHEXGJHWWRLPSURYHWKHHIILFLHQF\0F1DLU$NHUVDQG(WRQVWDWHGWKDWWKHDXGLWRUPD\
DFWE\RQHRIWKHIROORZLQJZD\V
• ,PSOHPHQWDXGLWSURFHGXUHVSURSHUO\DQGUHSRUWWLPHXVHGLQWKHDFWXDOH[HFXWLRQRIWKHWDVN,QWKLVFDVH
DXGLWRUVWDFNOLQJWKHEXGJHWDU\FRQVWUDLQWVRIWLPHLQDIXQFWLRQDOZD\
• &DUU\RXWDXGLWSURFHGXUHVDVLWVKRXOGEXWPDQLSXODWLQJUHFRUGVWLPHE\QRWUHSRUWLQJWKHDFWXDODXGLWWLPH
LV XVHG IRU LPSOHPHQWDWLRQ RI DXGLW WDVNV ,Q WKLV FDVH DXGLWRUV RYHUFRPH EXGJHW WLPH FRQVWUDLQWV E\
SHUIRUPLQJWKHXQGHUUHSRUWLQJRIWLPHEHKDYLRU
• 'RQRWSHUIRUPDXGLWSURFHGXUHVDVLWVKRXOGEXWWKHDXGLWRUVFODLPWKDWWKH\KDYHGRQHDXGLWSURFHGXUHV,Q
WKLVFDVHDXGLWRURYHUFRPHEXGJHWWLPHFRQVWUDLQWVSHUFHLYHGZLWKGHSUHFLDWLQJDXGLWTXDOLW\
$XGLWRUZKRKDVDVWURQJSURIHVVLRQDOFRPPLWPHQWWHQGVWRFRSHZLWKWKHWLPHEXGJHWSUHVVXUHEHWWHUWKDQD
ORZSURIHVVLRQDOFRPPLWPHQWDXGLWRUV7KLVUHVXOWVLQWKHVHFRQGK\SRWKHVLV
+D7LPHEXGJHWSUHVVXUHDIIHFWVWKHDVVRFLDWLRQEHWZHHQDIIHFWLYHSURIHVVLRQDOFRPPLWPHQWDQGXQGHUUHSRUWLQJRI
WLPH
+E7LPHEXGJHWSUHVVXUHDIIHFWVWKHDVVRFLDWLRQEHWZHHQFRQWLQXDQFHSURIHVVLRQDOFRPPLWPHQWDQGXQGHUUHSRUWLQJ
RIWLPH
+F7LPHEXGJHWSUHVVXUHDIIHFWVWKHDVVRFLDWLRQEHWZHHQQRUPDWLYHSURIHVVLRQDOFRPPLWPHQWDQGXQGHUUHSRUWLQJ
RIWLPH
5HVHDUFK0HWKRG
'DWDZDVREWDLQHGXVLQJDTXHVWLRQQDLUHFRQVLJQHGWRDXGLWRUVIURPVHFRQGWLHURISXEOLFDFFRXQWLQJILUPVLQ
,QGRQHVLD)URPVXUYH\VDVVLJQHGUHVSRQGHQWVUHWXUQHGDWRWDORIIXQFWLRQDOVXUYH\VIRUDQHIIHFWLYHUHVSRQVH
UDWHRI)URPWKHIXQFWLRQDOUHVSRQVHVWKHUHZHUHQLOSDUWQHUVPDQDJHUVVHQLRUDXGLWRUVDQGMXQLRU
DXGLWRUV5HVSRQGHQWVZKRKDYHDUHJLVWUDWLRQQXPEHURIDFFRXQWDQWVUHSUHVHQWHGDSSUR[LPDWHO\)HPDOHV
UHSUHVHQWHGDSSUR[LPDWHO\RIWKHUHWXUQHGLQVWUXPHQWV
Andreas / Procedia - Social and Behavioral Sciences 219 (2016) 91 – 98 95
3.2. Measures
7KH YDULDEOHV PHDVXUHG LQ WKH TXHVWLRQQDLUH LQFOXGH SURIHVVLRQDO FRPPLWPHQW WLPH EXGJHW SUHVVXUH DQG
G\VIXQFWLRQDO DXGLW EHKDYLRU underreporting of time 7KH SURIHVVLRQDO FRPPLWPHQW PHDVXUHG E\ DGRSWLQJ
LQVWUXPHQWVGHYHORSHGE\0H\HU$OOHQDQG6PLWK 7KLVSDUWLFXODULQVWUXPHQWKDVEHHQXVHGSUHYLRXVO\E\
6PLWK DQG +DOO LQ RUGHU WR PHDVXUH FRPPLWPHQW LQ WKH DFFRXQWLQJ SURIHVVLRQ LQ $XVWUDOLD 7KHLU UHVXOWV
JXDUDQWHHGWKDWWKHDIRUHPHQWLRQHGLQVWUXPHQWLVDUHOLDEOHPHDVXUHPHQWPRGHOGHPRQVWUDWHGWKURXJKWKHYDOXHRI
WKHORDGLQJIDFWRUUHOLDEOHFRQVWUXFWLRQDQGYDULDQFHH[WUDFWHGIURPHDFKGLPHQVLRQRISURIHVVLRQDOFRPPLWPHQWV
7KLVLQVWUXPHQWFRQVLVWVRILWHPVRITXHVWLRQVZLWKVL[TXHVWLRQVIRUHDFKGLPHQVLRQV5HVSRQGHQWVZHUHDVNHG
IRUWKHLURSLQLRQVRQHDFKLWHPLQTXLU\ZLWK/LNHUWVFDOHUDQJLQJIURPSRLQW6WURQJO\'LVDJUHHWRSRLQW6WURQJO\
DJUHH$KLJKVFRUHLQGLFDWHWKHFRPPLWPHQWDWDKLJKHUOHYHODQGYLFHYHUVD
7KHVH LQVWUXPHQWV DUH DOVR XVHG LQ D UHVHDUFK FRQGXFWHG E\ 3LHUFH DQG 6ZHHQH\ ZLWK UHOLDELOLW\ E\
&URQEDFK
VDOSKD7KHLQVWUXPHQWFRQVLVWVRIWKUHHLWHPVRITXHVWLRQ/LNHUWVFDOHRISRLQWVVWDUWLQJIURPSRLQW
DOPRVWQHYHUWRSRLQWVDOPRVWDOZD\V(YHU\UHVSRQGHQWZHUHDVNHGWRLQGLFDWHKRZRIWHQWKH\SHUIRUPHDFK
XQGHUUHSRUWLQJRIWLPHDWWKHLUDWWHPSWWRFRPSOHWHDQDXGLWWDVN
0RGHUDWHGUHJUHVVLRQDQDO\VLVZDVDSSOLHGWRHYDOXDWHWKHSURSRVHGK\SRWKHVHV0RGHUDWHG5HJUHVVLRQ$QDO\VLV
05$ LV D VSHFLILF PXOWLSOH OLQHDU UHJUHVVLRQ LQ WKH UHJUHVVLRQ HTXDWLRQ ZKLFK FRQWDLQ DQ HOHPHQW RI LQWHUDFWLRQ
PXOWLSOLFDWLRQRIWZRRUPRUHLQGHSHQGHQWYDULDEOHV
(PSHULFDO5HVXOWV
7KHGHVFULSWLRQRIWKHUHVSRQGHQWV
DQVZHUVRQWKHUHVHDUFKYDULDEOHVQDPHO\DIIHFWLYHSURIHVVLRQDOFRPPLWPHQW
$3&FRQWLQXDQFHSURIHVVLRQDOFRPPLWPHQW&3&DQGQRUPDWLYHSURIHVVLRQDOFRPPLWPHQW13&WLPHEXGJHW
SUHVVXUH7%3XQGHUUHSRUWLQJRIWLPH857DUHSUHVHQWHGEHORZ
7DEOH'HVFULSWLRQRIUHVHDUFKYDULDEOHV
9DULDEOH 0D[VFRUH 0LQVFRUH 0HDQ 'HYLDWLRQVWG &ULWHULD
$3&
&3&
13&
7%3
857
7DEOH DERYH VKRZV WKDW DOO RI WKH YDULDEOHV UHDFK RI WKH FULWHULD ! WKLV VKRZV WKDW DOO GLPHQVLRQV RI
SURIHVVLRQDO FRPPLWPHQW LV YHU\ KLJK WKH WLPH EXGJHW SUHVVXUH SHUFHLYHG E\ WKH DXGLWRU LQ SHUIRUPLQJ DXGLW
HQJDJHPHQWVDUHDOVRYHU\KLJKIRUFLQJDXGLWRUVWRPDQLSXODWHWKHWLPLQJRIWKHDXGLWRUDXGLWRUGLGQRWUHSRUWWKH
DFWXDODXGLWWLPH
1RUPDOLW\WHVWUHVXOWVIRUHDFKYDULDEOHZLWK.ROPRJRURY6PLUQRYWHVWLQGLFDWHQRUPDOGDWDZLWKDVLJQLILFDQFH
OHYHO!/LQHDULW\WHVWUHVXOWVIRUHDFKYDULDEOHLQGLFDWHDOLQHDUZLWKDVLJQLILFDQFHOHYHOGDWDRXWOLHUWHVW
UHVXOWVIRUHDFKYDULDEOHKDVDVWDQGDUGL]HGYDOXHLQGLFDWHQRGDWDRXWOLHU
96 Andreas / Procedia - Social and Behavioral Sciences 219 (2016) 91 – 98
7HVWYDOLGLW\RIWKHGDWDRQDOOVWXG\YDULDEOHVSURGXFHDFRUUHODWLRQFRHIILFLHQWJUHDWHUWKDQPHDQVWKDWWKH
GDWDLVYDOLGDVZHOODVWKHUHOLDELOLW\WHVWUHVXOWVREWDLQHGE\&URQEDFKDOSKD!ZKLFKPHDQVWKDWWKHGDWDLVUHOLDEOH
7DEOHSUHVHQWVWKHUHVXOWVRIWKHPDLQDQDO\VLV(DFKK\SRWKHVLVLVOLVWHGDORQJZLWKLWVFRUUHVSRQGLQJUHJUHVVLRQ
FRHIILFLHQWZKLFKZHUHSUHGLFWHGXVLQJUHJUHVVLRQDQDO\VLV
7DEOH+\SRWKHVHVWHVWLQJUHVXOWV
'HSHQGHQW ,QGHSHQGHQW $VVRFLDWHG UHJUHVVLRQ WVWDWLVWLF SYDOXH
YDULDEOH YDULDEOH K\SRWKHVLV FRHIILFLHQWV
857 $3& +D
&3& +E
13& +F
857 $3&
7%3 +D
&3&
7%3 +E
13&
7%3 +F
Q
857 8QGHUUHSRUWLQJWLPH$3& $IIHFWLYH3URIHVVLRQDO&RPPLWPHQW
&3& &RQWLQXDQFH3URIHVVLRQDO&RPPLWPHQW13& 1RUPDWLYH3URIHVVLRQDO&RPPLWPHQW
7%3 7LPH%XGJHW3UHVVXUH
+\SRWKHVLVDSUHGLFWVWKDWWKHUHLVDFRXQWHUDFWLYHUHODWLRQVKLSEHWZHHQDIIHFWLYHSURIHVVLRQDOFRPPLWPHQWDQG
XQGHUUHSRUWLQJRIWLPH7KHUHJUHVVLRQFRHIILFLHQWEHWZHHQWKHVHWZRYDULDEOHVLVLVVLJQLILFDQWDWWKHSYDOXH
7KXV DIIHFWLYH SURIHVVLRQDO FRPPLWPHQW LV SRVLWLYHO\ UHODWHG WR XQGHUUHSRUWLQJ RI WLPH LW FRQWUDGLFWV WKH
K\SRWKHVLV
+\SRWKHVLVESUHGLFWVWKDWWKHUHLVDFRXQWHUDFWLYHUHODWLRQVKLSEHWZHHQFRQWLQXDQFHSURIHVVLRQDOFRPPLWPHQWDQG
XQGHUUHSRUWLQJRIWLPH7KHUHJUHVVLRQFRHIILFLHQWEHWZHHQWKHVHWZRYDULDEOHVLVDQGLVVLJQLILFDQWDWWKHSYDOXH
&RQWLQXDQFHSURIHVVLRQDOFRPPLWPHQWLVSRVLWLYHO\UHODWHGWRXQGHUUHSRUWLQJRIWLPHKHQFHGRHVQRWILWZLWKWKH
K\SRWKHVLV
+\SRWKHVLVFSUHGLFWVWKDWWKHUHLVDFRXQWHUDFWLYHUHODWLRQVKLSEHWZHHQQRUPDWLYHSURIHVVLRQDOFRPPLWPHQWDQG
XQGHUUHSRUWLQJRIWLPH7KHUHJUHVVLRQFRHIILFLHQWEHWZHHQWKHVHWZRYDULDEOHVLVDQGLVVLJQLILFDQWDWWKHSYDOXH
OHYHO7KXVQRUPDWLYHSURIHVVLRQDOFRPPLWPHQWLVSRVLWLYHO\UHODWHGWRXQGHUUHSRUWLQJRIWLPHFRQWUDGLFWRU\WR
WKHK\SRWKHVLV
+\SRWKHVLVDVWDWHVWKDWWLPHEXGJHWSUHVVXUHDIIHFWVWKHDVVRLFDWLRQEHWZHHQDIIHFWLYHSURIHVVLRQDOFRPPLWPHQW
DQGXQGHUUHSRUWLQJRIWLPH7KHUHJUHVVLRQFRHIILFLHQWFRQQHFWLQJWKHVHWZRYDULDEOHVLVDQGLVVLJQLILFDQWDWWKH
SYDOXH OHYHO 7KXV WLPH EXGJHW SUHVVXUH SURYHG WR EH DEOH WR PRGHUDWH WKH UHODWLRQVKLS EHWZHHQ DIIHFWLYH
SURIHVVLRQDOFRPPLWPHQWDQGXQGHUUHSRUWLQJRIWLPHEHKDYLRU/DFNRIFRPPLWPHQWDQGSUHVVXUHGE\WLPHEXGJHW
PD\HQFRXUDJHDXGLWRUWRUHSRUWDLQDFXUDWHDXGLWWLPH
+\SRWKHVLVEVWDWHVWKDWWLPHEXGJHWSUHVVXUHDIIHFWWKHDVVRFLDWLRQEHWZHHQFRQWLQXDQFHSURIHVVLRQDOFRPPLWPHQW
DQGXQGHUUHSRUWLQJRIWLPH7KHUHJUHVVLRQFRHIILFLHQWFRQQHFWLQJWKHVHWZRYDULDEOHVLVDQGLVVLJQLILFDQWDWWKH
SYDOXHOHYHO7KXVWLPHEXGJHWSUHVVXUHSURYHGWREHDEOHWRPRGHUDWHWKHUHODWLRQVKLSEHWZHHQFRQWLQXDQFH
SURIHVVLRQDOFRPPLWPHQWDQGXQGHUUHSRUWLQJRIWLPHEHKDYLRU
+\SRWKHVLVFVWDWHVWKDWWLPHEXGJHWSUHVVXUHDIIHFWWKHDVVRFLDWLRQEHWZHHQQRUPDWLYHSURIHVVLRQDOFRPPLWPHQW
DQGXQGHUUHSRUWLQJRIWLPH7KHUHJUHVVLRQFRHIILFLHQWEHWZHHQWKHVHWZRYDULDEOHVLVDQGLVVLJQLILFDQWDWWKHS
YDOXH OHYHO 7KXV WLPH EXGJHW SUHVVXUH SURYHG WR EH DEOH WR PRGHUDWH WKH UHODWLRQVKLS EHWZHHQ QRUPDWLYH
SURIHVVLRQDOFRPPLWPHQWDQGXQGHUUHSRUWLQJRIWLPHEHKDYLRU
Andreas / Procedia - Social and Behavioral Sciences 219 (2016) 91 – 98 97
'LVFXVVLRQ
7KH VWXG\ ZDV GHVLJQHG WR WHVW WKH PRGHO RI LQWHUDFWLRQ EHWZHHQ WLPH EXGJHW SUHVVXUH DQG PXOWLGLPHQVLRQDO
SURIHVVLRQDO FRPPLWPHQW WR WKH EHKDYLRU RI XQGHUUHSRUWLQJ RI WLPH $XGLWRU ZKR KDV D VWURQJ SURIHVVLRQDO
FRPPLWPHQWZLOOVWULYHWRFRPSOHWHLWVZRUNZLWKLQWKHWDUJHWWLPHVHW,ILWVQRWSRVVLEOHWKHQWKHDXGLWRUZLOODVNIRU
DWLPHH[WHQVLRQVRWKDWWKHZRUNFDQEHFRPSOHWHGSURSHUO\2QWKHRWKHUKDQGDXGLWRUVZKRKDYHORZSURIHVVLRQDO
FRPPLWPHQWZLOOVWDUWWRPDQLSXODWHWLPHUHSRUW$VDUHVXOWWKLVVWXG\LQGLFDWHVWKDWDOOGLPHQVLRQVRISURIHVVLRQDO
FRPPLWPHQW WRKDYH D SRVLWLYHUHODWLRQVKLS ZLWK WKH XQGHUUHSRUWLQJRI WLPH FRQWUDGLFWRU\ WR WKH K\SRWKHVLVZKLFK
VWDWHVDQHJDWLYHUHODWLRQVKLS([SODQDWLRQRIWKLVILQGLQJLVWKDWUHVSRQGHQWRIWKLVVWXG\FRQVLGHUVWKHXQGHUUHSRUWLQJ
RIWLPHDWORZULVN
7KLVVWXG\DOVRLQGLFDWHWKDWWKHUHLVDQLQWHUDFWLRQEHWZHHQWLPHEXGJHWSUHVVXUHDQGSURIHVVLRQDOFRPPLWPHQWWKDW
DIIHFWVWKHXQGHUUHSRUWLQJRIWLPH,QRWKHUZRUGVWKHWLPHEXGJHWSUHVVXUHZLOOZHDNHQWKHDXGLWRU
VSURIHVVLRQDO
FRPPLWPHQWVVRWKDWWKHEHKDYLRURIXQGHUUHSRUWLQJRIWLPHLVXQDYRLGDEOH
,PSOLFDWLRQV RI WKHVH UHVXOWV IRU WKH PDQDJHPHQW RI WKH SXEOLF DFFRXQWLQJ ILUP LV WR SHULRGLFDOO\ HYDOXDWH WKH
SURIHVVLRQDOFRPPLWPHQWRIVWDIIDXGLWRUVWRHQVXUHWKHVXVWDLQDELOLW\DQGSHUIRUPDQFHRIWKHILUPV7RUHDOL]HWKH
SURIHVVLRQDOFRPPLWPHQWVWDIIDXGLWRUQHHGVWRKDYHDSRVLWLYHRXWORRNRQWKHILUPV7KHFRPPLWPHQWFDQEHDVVHVVHG
IURPWKHTXDOLW\DQGH[FHOOHQFHLQHYHU\DFWLYLW\
/LPLWDWLRQVDQG,PSOLFDWLRQVIRU)XWXUH5HVHDUFK
,WLVDEVROXWHO\QHFHVVDU\WRXQGHUVWDQGWKDWWKHILQGLQJVDUHVXEMHFWWRDQXPEHURIOLPLWDWLRQV)LUVWPRVWVDPSOHV
RIWKLVVWXG\LVWKHDXGLWRUZKRZRUNVDWWKHILUPORFDWHGLQ-DNDUWDZLWKWKHSRVVLELOLW\RIWKHFRPSOH[LW\RIZRUNORDGV
DQG FRPSHWLWLRQ IDFHG E\ WKH DXGLWRUV WKH UHVXOWV PD\ QRW EH JHQHUDOL]DEOH WR DOO DXGLWRUV ZKR ZRUN LQ SXEOLF
DFFRXQWLQJLQ,QGRQHVLD6HFRQGWKHUHLVDSRWHQWLDOELDVDVVRFLDWHGZLWKVHOIUHSRUWLQJPHWKRGXVHGLQWKLVVWXG\
7KLUG OLPLWDWLRQ LV WKDW WKH VWXG\ IRFXVHG RQO\ LQ WKH DXGLWLQJ DUHD )RXUWK LQGLYLGXDO FKDUDFWHULVWLF WKDW ZHUH
LQYHVWLJDWHGLQWKLVVWXG\PD\EHOLPLWHGWRWKHGLPHQVLRQVRISURIHVVLRQDOFRPPLWPHQWRQO\)XWXUHUHVHDUFKLVQHHGHG
WRGHWHUPLQHZKHWKHUWKHYDULDEOHVH[DPLQHGLQWKLVVWXG\DOVROHDGWRG\VIXQFWLRQDOEHKDYLRULQRWKHUDUHDVXFKDV
DFFRXQWLQJ:HVXJJHVWWKDWIXWXUHUHVHDUFKPD\XWLOLVHGLIIHUHQWPHWKRGVVXFKDVTXDOLWDWLYHPHWKRGVDQGH[SHULPHQWV
DOVRE\DGGLQJVDPSOHVDQGH[SDQGLQJWKHVWXG\VLWHV
5HIHUHQFHV
$UDQ\D1DQG.5)HUULV³$Q([DPLQDWLRQRI$FFRXQWDQWVெ2UJDQL]DWLRQDO3URIHVVLRQDO&RQIOLFW´ 7KH$FFRXQWLQJ5HYLHZ-DQXDU\
SS
BBBBBBBB3ROORFN-DQG$PHUQLF-³$Q([DPLQDWLRQRI3URIHVVLRQDO&RPPLWPHQWLQ3XEOLF$FFRXQWLQJ´$FFRXQWLQJ2UJDQL]DWLRQDQG
6RFLHW\9RO1RSS
$NHUV0'DQG(DWRQ79³8QGHUUHSRUWLQJRI&KDUJHDEOH7LPH7KH,PSDFWRI*HQGHUDQG&KDUDFWHULVWLFRI8QGHUUHSRUWHUV´-RXUQDO
RI0DQDJHULDO,VVXHV9RO;91RSS
$OGHUPDQ&:DQG-:'HLWULFN³6XUYH\RIWKH,PSDFWRI7LPH%XGJHWVRQ$XGLW3HUIRUPDQFH´3URFHHGLQJV$PHULFDQ$FFRXQWLQJ
$VVRFLDWLRQ6RXWKHDVWHUQ5HJLRQDO0HHWLQJ6DUDVRWD)/SS
BBBBBBBBDQGBBBBBBBB³$XGLWRU¶V3HUFHSWLRQVRI7LPH%XGJHW3UHVVXUHVDQG3UHPDWXUH6LJQ2IIV$ 5HSOLFDWLRQ DQG ([WHQVLRQ´
$XGLWLQJ$-RXUQDORI3UDFWLFH 7KHRU\9ROSS
&RRN(DQG.HOOH\7³$XGLWRU6WUHVVDQG7LPH%XGJHWV´7KH&3$-RXUQDO9RO1RSS
&RUDP3-XOLDQD1J-DQG:RRGOLII'³$6XUYH\RI7LPH%XGJHW3UHVVXUHDQG5HGXFHG$XGLW4XDOLW\$PRQJ$XVWUDOLDQ$XGLWRUV´
$XVWUDOLDQ$FFRXQWLQJ5HYLHZ9RO1RSS
'H$QJHOR/(³$XGLWRU6L]HDQG$XGLWRU4XDOLW\´-RXUQDORI$FFRXQWLQJDQG(FRQRPLFV1RUWK+ROODQG3XEOLVKLQJ&RPSDQ\
'H=RRUW)7³7LPH3UHVVXUH5HVHDUFKLQ$XGLWLQJ,PSOLFDWLRQVIRU3UDFWLFH´7KH$XGLWRU¶V5HSRUW 9RO1RSS
'RQQHOO\'34XLULQ--DQG%U\DQ'³$WWLWXGHV7RZDUG'\VIXQFWLRQDO$XGLW%HKDYLRU7KH(IIHFWVRI /RFXV 2I &RQWURO
2UJDQL]DWLRQDO&RPPLWPHQWDQG3RVLWLRQ´7KH-RXUQDORI$SSOLHG%XVLQHVV 5HVHDUFK9ROXPH1XPEHU
)OHPLQJ0.³%XGJHWLQJ3UDFWLFHVLQ/DUJH&3$)LUPV´7KH-RXUQDORI$FFRXQWDQF\0D\SS
)RUG5REHUW&DQG5KLFDUGVRQ'³(WKLFDO'HFLVLRQ0DNLQJ$5HYLHZ2I7KH(PSLULFDO/LWHUDWXUH´ -RXUQDO RI %XVLQHVV (WKLFV 9RO
SS
+DOO06PLWK'DQG/DQJILOHG6PLWK.³$FFRXQWDQW¶V&RPPLWPHQWWR7KHLU3URIHVVLRQ0XOWLSOH 'LPHQVLRQV RI 3URIHVVLRQDO
&RPPLWPHQWDQG2SSRUWXQLWLHVIRU)XWXUH5HVHDUFK´%HKDYLRUDO5HVHDUFKLQ$FFRXQWLQJ9ROSS
98 Andreas / Procedia - Social and Behavioral Sciences 219 (2016) 91 – 98
.HOOH\ 7 DQG / 0DUJKHLP ³7KH ,PSDFW RI 7LPH %XGJHW 3UHVVXUH 3HUVRQDOLW\ DQG /HDGHUVKLS 9DULDEOHV RQ '\VIXQFWLRQDO $XGLWRU
%HKDYLRU´$XGLWLQJ$-RXUQDORI3UDFWLFH 7KHRU\9ROSS
BBBBBBDQG6HLOHU5(³$XGLWRU6WUHVVDQG7LPH%XGJHW´7KH&3$-RXUQDO'HFHPEHUSS
/D]DUXV56DQG)RONPDQ66WUHVV$SSUDLVDODQG&RSLQJ1HZ<RUN6SULQJHU3XEOLVKLQJ&RPSDQ\
/LJKWQHU606-$GDPVDQG.0/LJKWQHU³7KH,QIOXHQFHRI6LWXDWLRQDO(WKLFDODQG([SHFWDQF\ 7KHRU\9DULDEOHV
RQ$FFRXQWDQWVெ8QGHUUHSRUWLQJ%HKDYLRU$XGLWLQJ$-RXUQDORI3UDFWLFH 7KHRU\9ROSS
0DORQH &) DQG 5REHUW 5 : ³)DFWRUV $VVRFLDWHG :LWK WKH ,QFLGHQFH RI 5HGXFHG $XGLW 4XDOLW\ %HKDYLRU´ $XGLWLQJ $ -RXUQDO RI
3UDFWLFHDQG7KHRU\9RO1R SS
0DUJKHLP/DQG.3DQ\´4XDOLW\&RQWURO3UHPDWXUH6LJQRIIDQG8QGHUUHSRUWLQJRI7LPH6RPH(PSLULFDO)LQGLQJV´$XGLWLQJ$
-RXUQDORI3UDFWLFH 7KHRU\9ROSS
0DU[HQ'(³$%HKDYLRUDO,QYHVWLJDWLRQRI7LPH%XGJHW3UHSDUDWLRQLQD&RPSHWLWLYH$XGLW(QYLURQPHQW´$FFRXQWLQJ+RUL]RQ-XQHSS
0D\D)HEULDQWL/DXWDQLD´(IIHFWRI7LPH%XGJHW3UHVVXUH/RFXVRI&RQWURODQG$XGLW'\VIXQFWLRQDO %HKDYLRU RQ 3HUIRUPDQFH
$XGLWRU´WKH$VVHVVLQJ 5HVHDUFK-RXUQDO9RO1R-DQXDU\S
0F'DQLHO/6´7KH(IIHFWVRI7LPH3UHVVXUHDQG$XGLW3URJUDP6WUXFWXUHRQ$XGLW3HUIRUPDQFH´ -RXUQDO RI $FFRXQWLQJ 5HVHDUFK
9ROSS
0F1DLU &- ³3URSHU &RPSURPLVHV 7KH 0DQDJHPHQW &RQWURO 'LOHPPD LQ 3XEOLF $FFRXQWLQJ DQG ,WV ,PSDFW RQ $XGLWRU %HKDYLRU´
$FFRXQWLQJ2UJDQL]DWLRQVDQG6RFLHW\9RO1RSS
0H\HU-3$OOHQ1-DQG6PLWK&$&RPPLWPHQWWR2UJDQL]DWLRQVDQG2FFXSDWLRQV([WHQVLRQVDQG7HVWRID7KUHH&RPSRQHQW
&RQFHSWXDOL]DWLRQ´-RXUQDORI$SSOLHG3V\FKRORJ\9RO1RSS
2WOH\ ' DQG % 3LHUFH ³7KH &RQWURO 3UREOHP LQ 3XEOLF $FFRXQWLQJ )LUPV $Q (PSLULFDO 6WXG\ RI WKH ,PSDFW RI /HDGHUVKLS 6W\OH´
$FFRXQWLQJ2UJDQL]DWLRQVDQG6RFLHW\9ROSS
BBBBBBBDQGBBBBBBD³$XGLW7LPH%XGJHW3UHVVXUH&RQVHTXHQFHDQG$QWHFHQGHQWV´$FFRXQWLQJ$XGLWLQJDQG$FFRXQWDELOLW\-RXUQDO
9RO1RSS
3LHUFH%DQG6ZHHQH\%³&RVW4XDOLW\&RQIOLFWLQ$XGLW)LUPV$Q(PSLULFDO,QYHVWLJDWLRQ´(XURSDQ$FFRXQWLQJ5HYLHZ9RO1R
SS
3XEOLF2YHUVLJKW%RDUG´7KH3DQHORQ$XGLW(IIHFWLYHQHVV5HSRUWDQG5HFRPPHQGDWLRQV´6WDPIRUG &73XEOLF2YHUVLJKW%RDUG
5KRGH-*´6XUYH\RQWKH,QIOXHQFHRI6HOHFWHG$VSHFWVRIWKH$XGLWRU¶V:RUN(QYLURQPHQWRQ 3URIHVVLRQDO 3HUIRUPDQFH RI
&HUWLILHG 3XEOLF $FFRXQWDQWV´ ,VVXHG DV WKH ,QGHSHQGHQW $XGLWRU¶V :RUN (QYLURQPHQW $ 6XUYH\ 1HZ <RUN 1< $PHULFDQ ,QVWLWXWH RI
&HUWLILHG3XEOLF$FFRXQWDQWV
6KDXE0.)LQG':DQG0XQWHU3³7KH(IIHFWVRI$XGLWRUV¶(WKLFDO2ULHQWDWLRQRQ&RPPLWPHQWDQG
(WKLFDO6HQVLWLYLW\´%HKDYLRUDO5HVHDUFKLQ$FFRXQWLQJ9ROSS
6PLWK'DQG+DOO0³$Q(PSLULFDO([DPLQDWLRQRID7KUHH&RPSRQHQW0RGHORI3URIHVVLRQDO&RPPLWPHQWDPRQJ3XEOLF$FFRXQWDQW´
%HKDYLRUDO5HVHDUFKLQ$FFRXQWLQJ9RO1RSS
6PLWK58QGHUUHSRUWLQJ7LPH³$Q$QDO\VLVRI&XUUHQW7D[3UDFWLFH´-RXUQDORI$SSOLHG%XVLQHVV5HVHDUFK9ROSS
7UHYLQR/.³(WKLFDO'HFLVLRQ0DNLQJLQ2UJDQL]DWLRQV$3HUVRQ6LWXDWLRQ,QWHUDFWLRQLVW0RGHO´$FDGHP\RI0DQDJHPHQW5HYLHZ
9RO1RSS
:DJJRQHU-%DQG&DVKHOO-'³7KH,PSDFWRI7LPH3UHVVXUHRQ$XGLWRU¶V3HUIRUPDQFH´&3$-RXUQDO9RO1RSS
:LOOHW&DQG3DJH0³$6XUYH\RI7LPH%XGJHW3UHVVXUHDQG,UUHJXODU$XGLWLQJ3UDFWLFHV$PRQJ 1HZO\ 4XDOLILHG 8. &KDUWHUHG
$FFRXQWDQWV´%ULWLVK$FFRXQWLQJ5HYLHZ9ROSS