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1、原文：FinancialControlEffectivecorporategovernanceandfinancialcontrolincludestheuseofmonitoringandincentivemechanismstoaligndivergentinterestsbetweenshareholdersandmanagersandencouragethecreationofshareholdervalue.Value-basedmanagementsystems(VBM)provideanintegratedmanagementstrategyandfinancialcontro
2、lsystemintendedtoincreaseshareholdervaluebymitigatingagencyconflicts.Inconcept,VBMreducesagencyconflictsandhelpscreateshareholdervaluesinceitrevealsvalue-increasingdecisionstoemployees,allowsforeasiermonitoringofmanagers’decisions,andprovidesamethodtotiecompensationtooutcomesthatcreateshareholderva
3、lue.However,thedegreetowhichVBMsystemsactuallyimprovetheeconomicperformanceofpubliclyheldfirmsisanopenquestion.Togaininsightintothisissue,weexaminetheuseandeconomicefficacyofvalue-basedmanagementsystemsby84firmsthatadoptVBMsystemsfrom1984to1997.Weinvestigatetworelatedresearchquestions:(1)Doestheado
4、ptionofaVBMsystemimproveeconomicperformance?And(2)WhatfactorsenhanceorhindertheeffectivenessofVBMsystems?OurprimarygoalistoexaminewhethertheadoptionofaVBMsystemimproveseconomicperformance.WerecognizethatfirmperformanceandthedecisiontotiecompensationtoaVBMmetriccanbeendogenous,whichcreatesapotential
5、sampleselectionbias.Forinstance,firmsthatareperformingpoorlyfacetougherchallengestocreatingeconomicvalueandcouldbemorelikelytotiecompensationtoVBMtoprovidemanagerstheincentivestoovercomethesechallenges.Alternatively,managerswhoexpecttoachieveacertainlevelofperformancecannegotiateacompensationcontra
6、ctbasedontheVBMmetricthatessentiallyassuresabonuspayout.OursampleincludesfirmsthatbasecompensationonVBMmetrics,butalsofirmsthatuseVBMforanalysisandevaluationonly.Thus,wecanexaminewhyfirmschoosetotiecompensationtoVBM,whichallowsustocontrolforpotentialsampleselectionbiasthatresultsfromendogenousrelat
7、ionsbetweencompensationplansandfirmperformance.Withregardtoourfirstresearchquestion,wefindthatfirmperformanceincreasesfollowingtheadoptionofvalue-basedmanagementsystems.Comparedtoamatchedfirmbasedonindustry
