The Value of a Finance Journal Publication

Abstract

The empirical analysis examines the salary and publication records of 311 finance professors at public research universities to calculate the worth of a top finance journal article. Within rank, salary regressions provide measures of the direct returns of a journal publication, while probit models consider the indirect returns that result from promotion. Ultimately, the analysis uses a reduced form salary equation to measure both the direct and indirect effects of publishing a journal article. Depending on professorial rank, the present value of the first top finance

The rewards for publishing in accounting in the USA

“…To test this possibility, in Panel B we rerun our model incorporating the square of Tier1Acct, Tier2Acct, etc. While we continue to find positive and statistically significant coefficients on the main effects, consistent with Swidler and Goldreyer (1998) we find negative coefficients on the square terms. However, only the square of Tier1Acct is negative and significant with a coefficient of $113.…”

“…22 Looking across the four regressions, we find that the payoff for publishing in Tier1Acct journals is greatest for assistant and associate professors (the difference with full and endowed professor is statistically significant). This finding, that assistant and associate professors reap greater rewards per top publication, is similar to that found in Swidler and Goldreyer (1998). While the payoffs to Tier1Acct publications are monotonically decreasing in rank, those for the other categories are not.…”

“…In contrast to the extensive literature discussing, debating and explaining CEO compensation 1 or even the literature on academic compensation in other disciplines 2 , we are unaware of any published research on the compensation of academic accountants. Ransom (1993) notes that "academic labor markets are field-specific", thus research on economics (Moore et al, 2001;O'Keefe and Wang, 2013), finance (Swidler and Goldreyer, 1998), management (Gomez-Mejia and Balkin, 1992), or marketing faculty reward schemes may not generalise to accounting faculty. Consequently, this study attempts to fill the gap in the literature.…”

“…Due to data unavailability, we do not examine those universities. 5 Like Swidler and Goldreyer (1998) and Mittal et al (2008) our data is limited to public universities who are required to disclose compensation under state law. We discuss this limitation in our conclusion.…”

The rewards for publishing in accounting in the USA

“…In contrast to the extensive literature discussing, debating and explaining CEO compensation 1 or even the literature on academic compensation in other disciplines 2 , we are unaware of any published research on the compensation of academic accountants. Ransom (1993) notes that "academic labor markets are field-specific", thus research on economics (Moore et al, 2001;O'Keefe and Wang, 2013), finance (Swidler and Goldreyer, 1998), management (Gomez-Mejia and Balkin, 1992), or marketing (Mittal et al, 2008) faculty reward schemes may not generalise to accounting faculty. Consequently, this study attempts to fill the gap in the literature.…”