메뉴 건너뛰기




Volumn 60, Issue 5, 2007, Pages 482-492

CEO stock option pay and R&D spending: a behavioral agency explanation

Author keywords

Behavioral agency theory; CEO stock option pay; R D spending

Indexed keywords


EID: 33947727380     PISSN: 01482963     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jbusres.2006.12.006     Document Type: Article
Times cited : (136)

References (47)
  • 1
    • 0034336937 scopus 로고    scopus 로고
    • Collaboration networks, structural holes, and innovation: a longitudinal study
    • Ahuja G. Collaboration networks, structural holes, and innovation: a longitudinal study. Adm Sci Q 45 (2000) 425-455
    • (2000) Adm Sci Q , vol.45 , pp. 425-455
    • Ahuja, G.1
  • 2
    • 0034360488 scopus 로고    scopus 로고
    • Is CEO pay in high-technology firms related to innovation?
    • Balkin D.B., Markman G.D., and Gomez-Mejia L.R. Is CEO pay in high-technology firms related to innovation?. Acad Manage J 43 (2000) 1118-1129
    • (2000) Acad Manage J , vol.43 , pp. 1118-1129
    • Balkin, D.B.1    Markman, G.D.2    Gomez-Mejia, L.R.3
  • 3
    • 0036602484 scopus 로고    scopus 로고
    • CEO characteristics and firm R&D spending
    • Barker V.L., and Mueller G.C. CEO characteristics and firm R&D spending. Manage Sci 48 (2002) 782-801
    • (2002) Manage Sci , vol.48 , pp. 782-801
    • Barker, V.L.1    Mueller, G.C.2
  • 4
    • 0000452198 scopus 로고
    • Effects of board and ownership structure on corporate R&D strategy
    • Baysinger B.D., Kosnik R.D., and Turk T.A. Effects of board and ownership structure on corporate R&D strategy. Acad Manage J 34 (1991) 205-214
    • (1991) Acad Manage J , vol.34 , pp. 205-214
    • Baysinger, B.D.1    Kosnik, R.D.2    Turk, T.A.3
  • 5
    • 0002058423 scopus 로고
    • On the measurement of organizational slack
    • Bourgeois L.J. On the measurement of organizational slack. Acad Manage Rev 6 (1981) 29-39
    • (1981) Acad Manage Rev , vol.6 , pp. 29-39
    • Bourgeois, L.J.1
  • 6
    • 13244288340 scopus 로고    scopus 로고
    • Consequences of measurement problems in strategic management research: the case of Amihud and Lev
    • Boyd B.K., Gove S., and Hitt M.A. Consequences of measurement problems in strategic management research: the case of Amihud and Lev. Strateg Manage J 26 (2005) 367-375
    • (2005) Strateg Manage J , vol.26 , pp. 367-375
    • Boyd, B.K.1    Gove, S.2    Hitt, M.A.3
  • 7
    • 0001925832 scopus 로고
    • Testing a causal model of corporate risk-taking and performance
    • Bromiley P. Testing a causal model of corporate risk-taking and performance. Acad Manage J 34 (1991) 37-59
    • (1991) Acad Manage J , vol.34 , pp. 37-59
    • Bromiley, P.1
  • 8
    • 33947732846 scopus 로고    scopus 로고
    • Innovation, profits, and growth: Schumpeter and Penrose
    • Cantwell J. Innovation, profits, and growth: Schumpeter and Penrose. Working Paper (1999)
    • (1999) Working Paper
    • Cantwell, J.1
  • 9
    • 33744870364 scopus 로고
    • Organization structure, environment, and performance - the role of strategic choice
    • Child J. Organization structure, environment, and performance - the role of strategic choice. Sociology 6 (1972) 1-22
    • (1972) Sociology , vol.6 , pp. 1-22
    • Child, J.1
  • 10
    • 58149366488 scopus 로고
    • Statistical tests for moderator variables: flaws in analyses recently proposed
    • Cronbach L. Statistical tests for moderator variables: flaws in analyses recently proposed. Psychol Bull 102 (1987) 414-417
    • (1987) Psychol Bull , vol.102 , pp. 414-417
    • Cronbach, L.1
  • 12
    • 0003075483 scopus 로고    scopus 로고
    • Antecedents of budgetary slack: a literature review and synthesis
    • Dunk A.S., and Nouri H. Antecedents of budgetary slack: a literature review and synthesis. J Account Lit 17 (1998) 72-96
    • (1998) J Account Lit , vol.17 , pp. 72-96
    • Dunk, A.S.1    Nouri, H.2
  • 13
    • 13244253878 scopus 로고    scopus 로고
    • Niche and performance: the moderating role of network embeddedness
    • Echols A., and Tsai W. Niche and performance: the moderating role of network embeddedness. Strateg Manage J 26 (2005) 219-238
    • (2005) Strateg Manage J , vol.26 , pp. 219-238
    • Echols, A.1    Tsai, W.2
  • 14
    • 1642337248 scopus 로고    scopus 로고
    • What's wrong with executive compensation?
    • Elson C. What's wrong with executive compensation?. Harvard Bus Rev 81 (2003) 68-77
    • (2003) Harvard Bus Rev , vol.81 , pp. 68-77
    • Elson, C.1
  • 15
    • 0000806744 scopus 로고
    • Agency problem and the theory of the firm
    • Fama E. Agency problem and the theory of the firm. J Polit Econ 88 (1980) 288-307
    • (1980) J Polit Econ , vol.88 , pp. 288-307
    • Fama, E.1
  • 17
    • 0242426910 scopus 로고    scopus 로고
    • A behavioral theory of R&D expenditures and innovations: evidence from shipbuilding
    • Greve H.R. A behavioral theory of R&D expenditures and innovations: evidence from shipbuilding. Acad Manage J 46 (2003) 685-702
    • (2003) Acad Manage J , vol.46 , pp. 685-702
    • Greve, H.R.1
  • 18
    • 0000836086 scopus 로고    scopus 로고
    • Optimal exercise price for executive stock options
    • Hall B.J., and Murphy K.F. Optimal exercise price for executive stock options. Am Econ Rev 90 (2000) 209-214
    • (2000) Am Econ Rev , vol.90 , pp. 209-214
    • Hall, B.J.1    Murphy, K.F.2
  • 19
    • 84989039931 scopus 로고
    • Are institutional investors myopic? A time-series study of four technology-driven industries
    • Hansen G.S., and Hill C.W.L. Are institutional investors myopic? A time-series study of four technology-driven industries. Strateg Manage J 12 (1991) 1-16
    • (1991) Strateg Manage J , vol.12 , pp. 1-16
    • Hansen, G.S.1    Hill, C.W.L.2
  • 20
    • 84989095308 scopus 로고
    • External control, corporate strategy, and firm performance in research intensive industries
    • Hill C.W.L., and Snell S.A. External control, corporate strategy, and firm performance in research intensive industries. Strateg Manage J 9 (1988) 577-590
    • (1988) Strateg Manage J , vol.9 , pp. 577-590
    • Hill, C.W.L.1    Snell, S.A.2
  • 21
    • 84993848601 scopus 로고
    • The modern industrial revolution, exit, and the failure of internal control systems
    • Jensen M.C. The modern industrial revolution, exit, and the failure of internal control systems. J Finance 48 (1993) 831-880
    • (1993) J Finance , vol.48 , pp. 831-880
    • Jensen, M.C.1
  • 22
    • 44649197264 scopus 로고
    • Theory of the firm: managerial behavior, agency costs and ownership structure
    • Jensen M.C., and Meckling W.H. Theory of the firm: managerial behavior, agency costs and ownership structure. J Financ Econ 3 (1976) 305-360
    • (1976) J Financ Econ , vol.3 , pp. 305-360
    • Jensen, M.C.1    Meckling, W.H.2
  • 23
    • 0025423265 scopus 로고
    • CEO incentives: it's not how much you pay, but how
    • Jensen M.C., and Murphy K.J. CEO incentives: it's not how much you pay, but how. Harvard Bus Rev 68 (1990) 138-153
    • (1990) Harvard Bus Rev , vol.68 , pp. 138-153
    • Jensen, M.C.1    Murphy, K.J.2
  • 24
    • 84937295725 scopus 로고
    • Alternative methods for the quantitative analysis of panel data in family research: pooled time-series models
    • Johnson D.R. Alternative methods for the quantitative analysis of panel data in family research: pooled time-series models. J Marriage Fam 57 (1995) 1065-1085
    • (1995) J Marriage Fam , vol.57 , pp. 1065-1085
    • Johnson, D.R.1
  • 25
    • 0000125532 scopus 로고
    • Prospect theory: an analysis of decision under risk
    • Kahneman D., and Tversky A. Prospect theory: an analysis of decision under risk. Econometrica 47 (1979) 263-292
    • (1979) Econometrica , vol.47 , pp. 263-292
    • Kahneman, D.1    Tversky, A.2
  • 26
    • 0036961401 scopus 로고    scopus 로고
    • Something old, something new: a longitudinal study of search behavior and new product introduction
    • Katila R.A., and Ahuja G. Something old, something new: a longitudinal study of search behavior and new product introduction. Acad Manage J 45 (2002) 1183-1194
    • (2002) Acad Manage J , vol.45 , pp. 1183-1194
    • Katila, R.A.1    Ahuja, G.2
  • 27
    • 84897726498 scopus 로고
    • The structure of organizational incentives
    • Lambert R.A., Larcker D.F., and Weigelt K. The structure of organizational incentives. Adm Sci Q 38 (1993) 438-461
    • (1993) Adm Sci Q , vol.38 , pp. 438-461
    • Lambert, R.A.1    Larcker, D.F.2    Weigelt, K.3
  • 28
    • 0001318112 scopus 로고
    • Allocative efficiency vs. x-efficiency
    • Leibenstein H. Allocative efficiency vs. x-efficiency. Am Econ Rev 56 (1966) 392-415
    • (1966) Am Econ Rev , vol.56 , pp. 392-415
    • Leibenstein, H.1
  • 29
    • 0000751806 scopus 로고
    • Limited dependent variable models using panel data
    • Maddala G.S. Limited dependent variable models using panel data. J Human Resour 22 (1987) 305-338
    • (1987) J Human Resour , vol.22 , pp. 305-338
    • Maddala, G.S.1
  • 30
    • 0001812752 scopus 로고
    • Exploration and exploitation in organizational learning
    • March J.G. Exploration and exploitation in organizational learning. Organ Sci 2 (1991) 71-87
    • (1991) Organ Sci , vol.2 , pp. 71-87
    • March, J.G.1
  • 32
    • 0007075818 scopus 로고
    • Risk sharing and the theory of the firm
    • Marcus A.J. Risk sharing and the theory of the firm. Bell J Econ 13 (1981) 369-378
    • (1981) Bell J Econ , vol.13 , pp. 369-378
    • Marcus, A.J.1
  • 33
    • 0000388296 scopus 로고
    • Diversification, Ricardian rents, and Tobin's Q
    • Montgomery C., and Wernerfelt B. Diversification, Ricardian rents, and Tobin's Q. Rand J Econ 19 (1988) 623-632
    • (1988) Rand J Econ , vol.19 , pp. 623-632
    • Montgomery, C.1    Wernerfelt, B.2
  • 34
    • 77951519785 scopus 로고    scopus 로고
    • Executive compensation
    • Ashenfelter O., and Card D. (Eds), North Holland, Amsterdam
    • Murphy K.J. Executive compensation. In: Ashenfelter O., and Card D. (Eds). Handbook of labor economics (1999), North Holland, Amsterdam 2485-2563
    • (1999) Handbook of labor economics , pp. 2485-2563
    • Murphy, K.J.1
  • 36
    • 0030305353 scopus 로고    scopus 로고
    • Is slack good or bad for innovation?
    • Nohria N., and Gulati R. Is slack good or bad for innovation?. Acad Manage J 39 (1996) 1245-1264
    • (1996) Acad Manage J , vol.39 , pp. 1245-1264
    • Nohria, N.1    Gulati, R.2
  • 37
    • 84989095272 scopus 로고
    • Diversification strategy, profit performance and the entropy measure
    • Palepu K. Diversification strategy, profit performance and the entropy measure. Strateg Manage J 6 (1985) 239-255
    • (1985) Strateg Manage J , vol.6 , pp. 239-255
    • Palepu, K.1
  • 38
    • 0036339863 scopus 로고    scopus 로고
    • The interactions between R&D: investment decisions and compensation policy
    • Ryan H.E., and Wiggins R.A. The interactions between R&D: investment decisions and compensation policy. Financ Manage 31 (2002) 5-29
    • (2002) Financ Manage , vol.31 , pp. 5-29
    • Ryan, H.E.1    Wiggins, R.A.2
  • 39
    • 0002591044 scopus 로고    scopus 로고
    • Uncertainty and technological change
    • Landau R., Taylor R., and Wright G. (Eds), Stanford University Press, Stanford, CA
    • Rosenberg N. Uncertainty and technological change. In: Landau R., Taylor R., and Wright G. (Eds). The mosaic of economic growth (1996), Stanford University Press, Stanford, CA
    • (1996) The mosaic of economic growth
    • Rosenberg, N.1
  • 40
    • 0035534616 scopus 로고    scopus 로고
    • Behavioral responses of CEOs to stock ownership and stock option pay
    • Sanders W.G. Behavioral responses of CEOs to stock ownership and stock option pay. Acad Manage J 44 (2001) 477-492
    • (2001) Acad Manage J , vol.44 , pp. 477-492
    • Sanders, W.G.1
  • 41
    • 0038132211 scopus 로고    scopus 로고
    • Strategic satisfying? A behavioral-agency theory perspective on stock repurchase program announcements
    • Sanders W.G., and Carpenter M.A. Strategic satisfying? A behavioral-agency theory perspective on stock repurchase program announcements. Acad Manage J 46 (2003) 160-178
    • (2003) Acad Manage J , vol.46 , pp. 160-178
    • Sanders, W.G.1    Carpenter, M.A.2
  • 45
    • 2342531806 scopus 로고    scopus 로고
    • Too much of a good incentive? The case of executive stock options
    • Tian Y. Too much of a good incentive? The case of executive stock options. J Bank Finance 28 (2004) 1225-1245
    • (2004) J Bank Finance , vol.28 , pp. 1225-1245
    • Tian, Y.1
  • 46
    • 0009169278 scopus 로고    scopus 로고
    • Who manages risk? An empirical examination of risk management practices in the gold mining industry
    • Tufano P. Who manages risk? An empirical examination of risk management practices in the gold mining industry. J Finance 51 (1996) 1097-1137
    • (1996) J Finance , vol.51 , pp. 1097-1137
    • Tufano, P.1
  • 47
    • 0032350136 scopus 로고    scopus 로고
    • A behavioral agency model of managerial risk taking
    • Wiseman R.M., and Gomez-Mejia L.R. A behavioral agency model of managerial risk taking. Acad Manage Rev 23 (1998) 133-153
    • (1998) Acad Manage Rev , vol.23 , pp. 133-153
    • Wiseman, R.M.1    Gomez-Mejia, L.R.2


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.