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1、DOI:10.1111/j.1475-679X.2006.00194.xJournalofAccountingResearchVol.44No.1March2006PrintedinU.S.A.IsThereaLinkbetweenExecutiveEquityIncentivesandAccountingFraud?MERLEERICKSON,∗MICHELLEHANLON,†ANDEDWARDL.MAYDEW‡Received8April2004;accepted3August2005ABSTRACTWecompareexecut
2、iveequityincentivesoffirmsaccusedofaccountingfraudbytheSecuritiesandExchangeCommission(SEC)duringtheperiod1996–2003withtwosamplesoffirmsnotaccusedoffraud.Wemeasureequityincentivesinavarietyofwaysandemployabatteryofempiricaltests.Wefindnoconsistentevidencethatexecutiveequit
3、yincentivesareassociatedwithfraud.Theseresultsstandincontrasttoassertionsbypolicymakersthatincentivesfromstock-basedcompensationandtheresultingequityholdingsincreasethelikelihoodofaccountingfraud.1.IntroductionSomeofthelargestaccountingfraudsinhistoryoccurredinthelastse
4、v-eralyears,leadingtothewell-knownupheavalintheaccountingindustry∗UniversityofChicago;†UniversityofMichigan;‡UniversityofNorthCarolina.WehavebenefitedfromcommentsfromRayBall(editor),RobertBushman,IliaDichev,ArthurKraft,MarkLang,ShivaRajgopal,JohnRobinson,SteveRock,PhilSh
5、ane,TerryShevlin,JoelSlemrod;workshopparticipantsatLondonBusinessSchool,MichiganStateUniversity,UC-Berkeley,UCLA,theUniversityofColorado,theUniversityofFlorida,theUniversityofNorthCarolina,theUniversityofOregon,theUniversityofTexasatAustin,andWashingtonUniversity;andana
6、nonymousreferee.JudsonCaskey,ScottDyreng,andBradLindseyprovidedvaluableresearchassistance.WeappreciatefundingfromtheUniversityofChicagoGraduateSchoolofBusiness,theRossSchoolofBusinessattheUniversityofMichiganandanErnst&YoungFacultyFellowship,andtheUniversityofNorthCarol
7、inaKenan-FlaglerBusinessSchool,respectively.113CopyrightC,UniversityofChicagoonbehalfoftheInstituteofProfessionalAccounting,2006114M.ERICKSON,M.HANLON,ANDE.L.MAYDEWandsweepinglegislativeandregulatorychanges.Theseeventshaveleftlegis-lators,regulators,practitioners,andac
8、ademicssearchingforcausesofthesefrauds.Understandingtheunderlyingforcesthatgaverisetothesefraudsisanecessarypr
