This paper examines the relationship between organization capital and promotion-based tournament incentives. Using a sample of 33,618 publicly listed U.S. firm-year observations covering 1992–2020, the results show that firms with high levels of organization capital have relatively more promotion-based tournament incentives, and that tournament incentives in high organization capital firms improve firm value and operating performance.

中文翻译：

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组织资本、锦标赛激励和公司业绩

本文考察了组织资本与基于晋升的锦标赛激励之间的关系。使用涵盖 1992-2020 年的 33,618 家美国上市公司年度观察样本，结果表明，具有高组织资本的公司具有相对更多的基于晋升的锦标赛激励，而高组织资本公司的锦标赛激励提高了公司价值和经营业绩。