发推求酬？CEO推特活动与激励薪酬设计
发布时间：2026-04-21
4月
21
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时间和日期
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2026-04-21 (星期二) 10:30 上午
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12:00 下午
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| 标题 | 发推求酬？CEO推特活动与激励薪酬设计 |
| 日期和时间 |
2026年4月21日（周二） 10:30-12:00 |
| 地点 | 会议楼II，102会议室 |
| 主讲人 |
官玉燕 教授
南洋理工大学 |
| 摘要 | Using CEO Twitter engagement as an empirical setting, we analyze whether boards adjust equity-based incentives to balance the potential benefits and risks of CEOs’ social media communication. Drawing on data from S&P 1500 firms between 2010 and 2023, we find a positive association between the intensity of CEO Twitter activity and flow delta, and some evidence of a negative association with flow vega. These results suggest that boards increase pay-for-performance sensitivity to discipline CEOs’ social media behavior, while avoiding additional risk-taking incentives that could encourage speculative or controversial tweeting. The positive relation between Twitter activity and flow delta is more pronounced in well-governed firms, consistent with stronger corporate governance facilitating efficient contracting. Our findings remain robust after controlling firm-by-CEO fixed effects, employing instrumental variable analyses that exploit exogenous variation in Twitter usage, restricting the sample to newly appointed CEOs, and applying entropy balancing. Further analyses show that higher flow delta discourages non-work-related, negative, and uncertain tweets and strengthens the positive relation between CEO Twitter activity and firm value. Overall, the evidence indicates that boards employ traditional incentive mechanisms to govern CEO behavior in the digital era, aligning CEO social media engagement with shareholder value creation. |
| 主讲人简介 | 官玉燕副教授现任南洋理工大学南洋商学院会计学系副系主任。官教授于多伦多大学获得博士学位，并为澳洲注册会计师公会成员。加入南洋理工大学之前，她曾任香港城市大学副教授。官教授目前的研究位于会计、金融与管理的交叉领域，重点关注制度、社会与监管因素如何影响财务报告质量、市场透明度和企业行为，旨在为投资者、实务界人士及监管机构提供经验证据与研究启示。官教授的研究成果发表于 Journal of Accounting Research、Journal of Accounting and Economics、The Accounting Review、Management Science、Review of Accounting Studies、Contemporary Accounting Research、Journal of Corporate Finance、Journal of Business Finance & Accounting、Journal of Accounting and Public Policy 以及 Journal of Accounting, Auditing and Finance 等国际知名期刊。自2017年10月起，官教授担任 Asia-Pacific Journal of Accounting and Economics 副主编；自2024年起，担任 Journal of International Accounting Research 编委会顾问与评审委员会成员；并曾于2012年11月至2017年10月期间担任 The International Journal of Accounting 编委。 |
