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Could CEO stock-based incentive compensation enhance firm earnings? A quantile regression approach Ming-Yuan Leon Li and Shang-En Shine Yu Department of Accountancy and Graduate Institute of Finance and Banking National Cheng Kung University, Taiwan June 2009 JEL classification: G30; J33; M41; C50 Keywords: CEO compensation, quantile regression, business life cycle The authors would like to gratefully acknowledge funding from the National Science Council of Taiwan (NSC96-2416-H-006-023-MY3). Address correspondence to Ming-Yuan Leon Li (corresponding author), Department of Accountancy and Graduate Institute of Finance and Banking, College of Management, National Cheng Kung University, No. 1, University Rd., Tainan, Taiwan. Tel: +886-6-757575 EXT 53421; fax: +886-6-2744104; e-mail: lmyleon@.tw. The same address correspondence to Shang-En Shine Yu except e-mail: shineshine007@.tw. Manuscript Could CEO stock-based incentive compensation enhance firm earnings? A quantile regression approach ABSTRACT This study employs the quantile regression model to reexamine the dynamic relationship between CEO stock-based compensation and earnings in firms across various quantile levels of profitability. The feasibility of the model is tested using data for U.S. non-financial firms from 1993 to 2005. Our empirical results indicate that while a positive relationship between CEO stock-based pay and earnings