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A Study of Early and Later Compliers with
Section 162(m): Different Firms with Different Motivations?
Peter D. Woodlock,
Youngstown State University
ABSTRACT. This paper addresses the issue of why some firms immediately complied with Section 162(m) when designing their CEO’s annual bonus plan while other firms delayed these efforts. The results of the study are consistent with firms making a conscious trade-off between the tax benefits generated from compliance and the efforts needed to secure compliance with this legislation. The results also indicate that the hazard ratios for certain variables converged overtime, suggesting that these variables had more impact on the earlier compliers than on the later compliers.
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