The quoted word in "The clerk absconded with the 'company's' payroll" is an example of which part of speech?

In the phrase "the clerk absconded with the 'company's' payroll," the quoted word "company's" functions as a possessive noun. It indicates ownership, showing that the payroll belongs to the company. In this context, the word serves to describe which specific payroll is being referenced, demonstrating its role in modifying the noun "payroll."

Thus, it is neither an adverb, which typically modifies verbs or adjectives, nor a pronoun, which replaces nouns. It’s also not an adjective in the traditional sense since adjectives usually describe qualities of nouns rather than indicate possession. In this case, the word "company's" specifically denotes that the payroll is associated with the company, placing it firmly in the category of a possessive noun.