Weitere Artikel dieser Ausgabe durch Wischen aufrufen
This paper examines the design of managerial performance measures based on accounting information. The owners of the firm seek to create goal congruence for a better informed manager who is to decide on capacity investments and subsequent production levels. Managerial incentives are shaped by the performance metric and the depreciation schedule for capacity assets. Earlier literature has made the distinction between capacity assets whose degradation is primarily usage-driven as opposed to time-driven. Our analysis also distinguishes between two plausible scenarios in which an inherent lumpiness in the efficient scale of investments necessitates one upfront investment as opposed to a sequence of incremental capacity additions over time. For each of the four resulting scenarios, we obtain a complete characterization of the entire class of goal congruent performance metrics and depreciation schedules. The final part of our analysis also explores goal congruence in settings where the decline of asset productivity is a function of both time and usage.
Bitte loggen Sie sich ein, um Zugang zu diesem Inhalt zu erhalten
Sie möchten Zugang zu diesem Inhalt erhalten? Dann informieren Sie sich jetzt über unsere Produkte:
Arrow, K. (1964). Optimal capital policy, the cost of capital and myopic decision rules. Annals of the Institute of Statistical Mathematics, 16(1), 21–30. CrossRef
Balakrishnan, R., & Sivaramakrishnan, S. (2002). A critical overview of full-cost data for planning and pricing. Journal of Management Accounting Research, 14, 3–31. CrossRef
Baldenius, T., Nezlobin, A., & Vaysman, I. (2014). Managerial performance evaluation under uncertain demand. Working paper, New York University.
Baldenius, T., & Reichelstein, S. (2005). Incentives for efficient inventory management: The role of historical cost. Management Science, 51(7), 1032–1045. CrossRef
Baldenius, T., & Ziv, A. (2003). Performance evaluation and corporate income taxes in a sequential delegation setting. Review of Accounting Studies, 8, 283–309. CrossRef
Baldenius, T., Dutta, S., & Reichelstein, S. (2007). Cost allocation for capital budgeting decisions. The Accounting Review, 82(4), 837–867. CrossRef
Bareket, M., & Mohnen, A. (2007). Performance measurement for investment decisions under capital constraints. Review of Accounting Studies, 10, 527–552.
Campbell, M. (2008). The drivers of the levelized cost of electricity for utility-scale photovoltaics. White paper. Sunpower Corporation. http://us.sunpower.com/form/redirect/?media_id=1293431098686.
Carlton, S., & Perloff, J. (2005). Advanced industrial organization (4th ed.). New York, NY: Pearson/Addison Wesley.
Christensen, P., Feltham, G., & Wu, M. (2002). Cost of capital in residual income measurement under moral hazard. The Accounting Review, 77(1), 1–23. CrossRef
Dixit, S., & Pindyck, R. (2002). Investment under uncertainty. Princeton, NJ: Princeton University Press.
Dutta, S., & Reichelstein, S. (2002). Controlling investment decisions: Depreciation and capital charges. Review of Accounting Studies, 7, 253–281. CrossRef
Dutta, S., & Reichelstein, S. (2005). Accrual accounting for performance evaluation. Review of Accounting Studies, 10, 527–552. CrossRef
Dutta, S., & Reichelstein, S. (2010). Decentralized capacity management and internal pricing. Review of Accounting Studies, 15(3), 442–478. CrossRef
Ehrbar, A. (1998). EVA: The real key to creating wealth. New York, NY: Wiley.
Ehrbar, A., & Stewart, B. (1999). The EVA revolution. Journal of Applied Corporate Finance, 12(2), 18–31. CrossRef
Friedl, M. G. (2005). Incentive properties of residual income when there is an option to wait. Schmalenbach Business Review, 57, 3–21.
Hotelling, H. (1931). The economics of exhaustible resources. Journal of Political Economy, 39, 137–75. CrossRef
Johnson, N. (2010). Deferred taxes in residual income compensation schemes. Journal of Management Accounting Research, 22, 103–114. CrossRef
Johnson, N., Pfeiffer, T., & Schneider, G. (2013). Multistage capital budgeting decisions for shared investments. Management Science, 59(5), 1213–1228. CrossRef
Kaplan, R. (2006). Activity-based costing and capacity. Harvard Business School Case # 9–105-059.
NETL. (2007). Cost and performance baseline for fossil energy plants-Volume 1: Bituminous coal and natural gas to electricity final report. http://www.netl.doe.gov/energy-analyses/pubs/Bituminous%20Baseline-Final%20Report.pdf
Nezlobin, A. (2012). Accrual accounting, informational sufficiency, and equity valuation. Journal of Accounting Research, 50(1), 233–273. CrossRef
Pittman, B. (2009). Whom are you calling irrational? Marginal costs, variable costs, and the pricing practices of firms. Working paper, Department of Justice, Washington, DC.
Poterba, J., & Summers, L. (1992). Time horizons of American firms: New evidence from a survey of CEOs. In M. E. Porter (Ed.), Capital choices: Changing the way America invests in industry. Boston, MA: Harvard Business School Press.
Pfeiffer, T., & Schneider, G. (2007). Residual income based compensation schemes for controlling investment decisions under sequential private information. Management Science, 53(3), 495–507. CrossRef
Plambeck, E., & Taylor, T. (2007). Implications of breach remedy and renegotiation design for innovation and capacity. Management Science, 53(12), 1859–1871. CrossRef
Rajan, M., & Reichelstein, S. (2009). Depreciation rules and the relation between marginal and historical cost. Journal of Accounting Research, 47(3), 1–43. CrossRef
Reichelstein, S. (1997). Investment decisions and managerial performance evaluation. Review of Accounting Studies, 2, 157–180. CrossRef
Reichelstein, S. (2000). Providing managerial incentives: Cash flows versus accrual accounting. Journal of Accounting Research, 38(2), 243–269. CrossRef
Rogerson, W. (1997). Inter-temporal cost allocation and managerial investment incentives: A theory explaining the use of Economic Value Added as a performance measure. Journal of Political Economy, 105, 770–795. CrossRef
Rogerson, W. (2008). Inter-temporal cost allocation and investment decisions. Journal of Political Economy, 116, 931–950. CrossRef
Rogerson, W. (2011). On the relationship between historic cost, forward looking cost and long run marginal cost. Review of Network Economics, 10(2), 1–31. CrossRef
Solomons, D. (1965). Divisional performance measurement and control. Homewood, IL: Irwin.
Stewart, B. (1991). The quest for value. New York, NY: Harper Collins Publishers.
Van Mieghem, J. (2003). Capacity management, investment and hedging: Review and recent developments. Manufacturing and Service Operation Management, 5(4), 269–302. CrossRef
Wei, D. (2004). Interdepartmental cost allocation and investment incentives. Review of Accounting Studies, 9, 97–116. CrossRef
Young, D., & O’Byrne, S. (2000). EVA and value-based management: A practical guide. New York, NY: McGraw-Hill Press.
- Managerial performance evaluation for capacity investments
- Springer US
Neuer Inhalt/© Stellmach, Neuer Inhalt/© Maturus, Pluta Logo/© Pluta, Frankfurt School