We present evidence that clawback provision adoptions influence capital investment mix via managerial compensation incentives. Specifically, we find for a propensitymatched sample of 931 voluntary clawback adoptions that capital investments shift away from R&D and toward capital expenditures, and for firms with enabling liquidity toward acquisitions, consistent with clawback effects on earnings-linked compensation. Corroborating evidence confirms that these effects are positively related to performance-based pay, growth opportunities, and invariant to risk-toleration incentives, with firms adopting clawbacks also exhibiting capital over-investment. This evidence is timely given a pending SEC rule that would mandate clawbacks for all firms listing on US exchanges.
BackgroundSongpa District was initially designated as an international safe community in 2008 and re-designated in 2013. Its Injury Surveillance System (ISS) comprises the Web-based ISS, injury yearbook, and infant and child ISS for the high-risk group. An attempt was made to strengthen the ISS by using the U-Health-based Smart Doctor Program, which is being implemented by the Songpa Public Health Centre to more easily and extensively collect citizen injury data.Description of the problemMethods previously used to collect the local community’s injury data include home visits, requests to public and relevant organisations for materials, visits to locations with an injury risk environment, local resident surveys, injury reports of nursery facilities and materials from national statistical institutions. Materials of national statistical institutions were mostly on the entire nation, pointing to the need for more personnel and resource input to obtain local community-level data. There was thus a need to strengthen the ISS using the ubiquitous healthcare.ResultsThe U-Health-based Smart Doctor System is an information technology-based health management system that is customizable for individuals. Songpa District residents use kiosks to easily check their health information (physical data, blood pressure, BMI, etc.). Collected data is interfaced to the website and mobile phone application to enable real-time receipt of help from doctors and nutrition and exercise experts. This system is used by a great number of citizens, and is used to collect injury data along with health data to strengthen the local community’s ISS.ConclusionsThe U-Health-based Smart Doctor System is provided free based on Songpa District’s independently developed program. It is regarded as an effective system for collecting resident health and injury data in the nation’s large cities that have a good ubiquitous mobile environment. Also, system advancements can be made to obtain diverse information using big data.
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