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1、JournalofBusinessFinance&Accounting,34(1)&(2),111–138,January/March2007,0306-686Xdoi:10.1111/j.1468-5957.2006.00660.xCorporateFinancialControlMechanismsandFirmPerformance:TheCaseofValue-BasedManagementSystemsHarleyE.Ryan,Jr.andEmeryA.Trahan∗Abstract:Weexaminetheperformanceof84firmsthatadoptval
2、ue-basedmanagement(VBM)systemsduringtheperiod1984-1997.Thetypicalfirmsignificantlyimprovesmatched-firm-adjustedresidualincomeafteradoptingVBM.Thisimprovementpersistsforthefivepost-adoptionyearsstudied.Aftercontrollingforpossiblesamplebias,wefindthatlargefirmsshowlessimprovementthansmallfirms.W
3、efindanegativerelationbetweentyingcompensationtoVBMandpost-adoptionperformance.WealsofindthatfirmsreducecapitalexpendituresfollowingVBMadoption,butthatthereductionsinspendingdonotdifferbasedonthefirms’growthopportunities.Overall,theevidencesuggeststhatVBMimproveseconomicperformanceandtheeffici
4、entuseofcapital.Keywords:value-basedmanagement,residualincome,managementcompensation,corporategovernance1.INTRODUCTIONEffectivecorporategovernanceandfinancialcontrolincludestheuseofmonitoringandincentivemechanismstoaligndivergentinterestsbetweenshareholdersandmanagersandencouragethecreationofs
5、hareholdervalue.Value-basedmanagementsystems(VBM)provideanintegratedmanagementstrategyandfinancialcontrolsystemintendedtoincreaseshareholdervaluebymitigatingagencyconflicts.Inconcept,VBMreducesagencyconflictsandhelpscreateshareholdervaluesinceitrevealsvalue-increasingdecisionstoemployees,allow
6、sforeasiermonitoringofmanagers’decisions,andprovidesamethodtotiecompensationtooutcomesthatcreateshareholdervalue.∗TheauthorsarerespectivelyfromRobinsonCollegeofBusiness,GeorgiaStateUniversityandtheCollegeofBusinessAdministration,NortheasternUniversity,USA.TheyappreciatehelpfulcommentsfromOlubu
7、nmiFaleye,SherryJarrell,ShaneJohnson,JayantKale,OmeshKini,JohnMartin,SheilaRyan,JamesWallace,SamWeaver,J.FredWeston,RoyWiggins,theEditor(PetePope)andananonymousreferee.TheyacknowledgetheexcellentresearchassistanceofPingshunHuang,HuihuaL
