메뉴 건너뛰기




Volumn 41, Issue 1, 2009, Pages 46-61

Performance-vested stock options and interest alignment

Author keywords

Equity incentive; Pay performance sensitivity; Stock options

Indexed keywords


EID: 61649110217     PISSN: 08908389     EISSN: 10958347     Source Type: Journal    
DOI: 10.1016/j.bar.2008.10.001     Document Type: Article
Times cited : (34)

References (64)
  • 1
    • 0033018677 scopus 로고    scopus 로고
    • The other side of the trade-off: the impact of risk on executive compensation
    • Aggarwal R., and Samwick A. The other side of the trade-off: the impact of risk on executive compensation. Journal of Political Economy 107 1 (1999) 65-105
    • (1999) Journal of Political Economy , vol.107 , Issue.1 , pp. 65-105
    • Aggarwal, R.1    Samwick, A.2
  • 2
    • 0012219673 scopus 로고    scopus 로고
    • The use of performance measures in incentive contracting
    • Baker G. The use of performance measures in incentive contracting. American Economic Review 90 2 (2000) 415-420
    • (2000) American Economic Review , vol.90 , Issue.2 , pp. 415-420
    • Baker, G.1
  • 3
    • 0039784061 scopus 로고    scopus 로고
    • Are CEOs rewarded for luck? The ones without principals are
    • Bertrand M., and Mullainathan S. Are CEOs rewarded for luck? The ones without principals are. The Quarterly Journal of Economics 116 3 (2001) 901-932
    • (2001) The Quarterly Journal of Economics , vol.116 , Issue.3 , pp. 901-932
    • Bertrand, M.1    Mullainathan, S.2
  • 4
    • 85015692260 scopus 로고
    • The pricing of options and corporate liabilities
    • Black F., and Scholes M. The pricing of options and corporate liabilities. Journal of Financial Economics 81 3 (1973) 637-654
    • (1973) Journal of Financial Economics , vol.81 , Issue.3 , pp. 637-654
    • Black, F.1    Scholes, M.2
  • 5
    • 34547361436 scopus 로고    scopus 로고
    • Executive pay and UK corporate governance
    • Keasey K., Thompson S., and Wright M. (Eds), John Wiley & Sons, Chichester
    • Bruce A., and Buck T. Executive pay and UK corporate governance. In: Keasey K., Thompson S., and Wright M. (Eds). Corporate Governance: Accountability, Enterprise and International Comparisons (2005), John Wiley & Sons, Chichester 117-136
    • (2005) Corporate Governance: Accountability, Enterprise and International Comparisons , pp. 117-136
    • Bruce, A.1    Buck, T.2
  • 6
    • 0242382482 scopus 로고    scopus 로고
    • Long-term incentive plans, executive pay and UK company performance
    • Buck T., Bruce A., Main B., and Udueni H. Long-term incentive plans, executive pay and UK company performance. Journal of Management Studies 40 7 (2003) 1709-1727
    • (2003) Journal of Management Studies , vol.40 , Issue.7 , pp. 1709-1727
    • Buck, T.1    Bruce, A.2    Main, B.3    Udueni, H.4
  • 8
    • 56649089206 scopus 로고    scopus 로고
    • Working paper, University of Michigan Flint and Princeton University
    • Camara A., and Henderson V. Compensation under manipulation. Working paper (2005), University of Michigan Flint and Princeton University
    • (2005) Compensation under manipulation
    • Camara, A.1    Henderson, V.2
  • 10
    • 0742269325 scopus 로고    scopus 로고
    • Strategic human resource practices, top management team social networks and firm performance
    • Collins C., and Clark K. Strategic human resource practices, top management team social networks and firm performance. Academy of Management Journal 46 6 (2003) 740-751
    • (2003) Academy of Management Journal , vol.46 , Issue.6 , pp. 740-751
    • Collins, C.1    Clark, K.2
  • 11
    • 21244441102 scopus 로고    scopus 로고
    • The prince and the pauper? CEO pay in the United States and United Kingdom
    • Conyon M., and Murphy K. The prince and the pauper? CEO pay in the United States and United Kingdom. The Economic Journal 110 467 (2000) 640-671
    • (2000) The Economic Journal , vol.110 , Issue.467 , pp. 640-671
    • Conyon, M.1    Murphy, K.2
  • 12
    • 0347883133 scopus 로고    scopus 로고
    • The structure of executive compensation contracts: UK evidence
    • Conyon M., Peck S., Read L., and Sadlaer G. The structure of executive compensation contracts: UK evidence. Long Range Planning 33 4 (2000) 478-503
    • (2000) Long Range Planning , vol.33 , Issue.4 , pp. 478-503
    • Conyon, M.1    Peck, S.2    Read, L.3    Sadlaer, G.4
  • 13
    • 85013670968 scopus 로고    scopus 로고
    • Econometric modelling of UK executive compensation
    • Conyon M., Peck S., Read L., and Sadlaer G. Econometric modelling of UK executive compensation. Managerial Finance 26 9 (2000) 3-20
    • (2000) Managerial Finance , vol.26 , Issue.9 , pp. 3-20
    • Conyon, M.1    Peck, S.2    Read, L.3    Sadlaer, G.4
  • 14
    • 0035627525 scopus 로고    scopus 로고
    • Executive pay, tournaments and corporate performance in UK firms
    • Conyon M., and Sadler G. Executive pay, tournaments and corporate performance in UK firms. International Journal of Management Reviews 3 2 (2001) 141-168
    • (2001) International Journal of Management Reviews , vol.3 , Issue.2 , pp. 141-168
    • Conyon, M.1    Sadler, G.2
  • 15
    • 0001245231 scopus 로고    scopus 로고
    • The use of equity grants to manage optimal equity incentives
    • Core J., and Guay W. The use of equity grants to manage optimal equity incentives. Journal of Accounting and Economics 28 2 (1999) 151-184
    • (1999) Journal of Accounting and Economics , vol.28 , Issue.2 , pp. 151-184
    • Core, J.1    Guay, W.2
  • 16
    • 0012533538 scopus 로고    scopus 로고
    • Executive equity compensation and incentives: a survey
    • Core J., Guay W., and Larcker D. Executive equity compensation and incentives: a survey. Economic Policy Review 9 1 (2003) 27-50
    • (2003) Economic Policy Review , vol.9 , Issue.1 , pp. 27-50
    • Core, J.1    Guay, W.2    Larcker, D.3
  • 17
  • 18
    • 18144423169 scopus 로고    scopus 로고
    • Does the market value financial expertise on audit committees of boards of directors?
    • DeFond M., Hann R., and Hu X. Does the market value financial expertise on audit committees of boards of directors?. Journal of Accounting Research 43 2 (2005) 153-194
    • (2005) Journal of Accounting Research , vol.43 , Issue.2 , pp. 153-194
    • DeFond, M.1    Hann, R.2    Hu, X.3
  • 19
    • 28244486112 scopus 로고    scopus 로고
    • CEO compensation, change, and corporate strategy
    • Dow J., and Raposo C. CEO compensation, change, and corporate strategy. The Journal of Finance 60 6 (2005) 2701-2727
    • (2005) The Journal of Finance , vol.60 , Issue.6 , pp. 2701-2727
    • Dow, J.1    Raposo, C.2
  • 20
    • 1342328634 scopus 로고    scopus 로고
    • Management turnover across the corporate hierarchy
    • Fee C., and Hadlock C. Management turnover across the corporate hierarchy. Journal of Accounting and Economics 37 1 (2004) 3-38
    • (2004) Journal of Accounting and Economics , vol.37 , Issue.1 , pp. 3-38
    • Fee, C.1    Hadlock, C.2
  • 21
    • 0010199571 scopus 로고    scopus 로고
    • Incentive efficiency of stock versus options
    • Feltham G., and Wu M. Incentive efficiency of stock versus options. Review of Accounting Studies 6 1 (2001) 7-28
    • (2001) Review of Accounting Studies , vol.6 , Issue.1 , pp. 7-28
    • Feltham, G.1    Wu, M.2
  • 22
    • 84989085735 scopus 로고
    • Chief executive compensation, a study of the intersection of markets and political processes
    • Finkelstein S., and Hambrick D. Chief executive compensation, a study of the intersection of markets and political processes. Strategic Management Journal 10 2 (1989) 121-134
    • (1989) Strategic Management Journal , vol.10 , Issue.2 , pp. 121-134
    • Finkelstein, S.1    Hambrick, D.2
  • 23
    • 84937312959 scopus 로고
    • Executive compensation and principal-agent theory
    • Garen J. Executive compensation and principal-agent theory. Journal of Political Economy 102 6 (1994) 1175-1199
    • (1994) Journal of Political Economy , vol.102 , Issue.6 , pp. 1175-1199
    • Garen, J.1
  • 25
  • 26
    • 84993907786 scopus 로고
    • CEO compensation in financially distressed firms: an empirical analysis
    • Gilson S., and Vetsuypens M. CEO compensation in financially distressed firms: an empirical analysis. The Journal of Finance 48 2 (1993) 425-458
    • (1993) The Journal of Finance , vol.48 , Issue.2 , pp. 425-458
    • Gilson, S.1    Vetsuypens, M.2
  • 32
    • 31344441538 scopus 로고    scopus 로고
    • CEO compensation, incentives, and governance in new enterprise firms
    • He L., and Conyon M. CEO compensation, incentives, and governance in new enterprise firms. Journal of Derivatives Accounting 1 1 (2004) 47-60
    • (2004) Journal of Derivatives Accounting , vol.1 , Issue.1 , pp. 47-60
    • He, L.1    Conyon, M.2
  • 33
    • 46549101724 scopus 로고
    • The effect of bonus schemes on accounting decisions
    • Healy P. The effect of bonus schemes on accounting decisions. Journal of Accounting and Economics 7 1-3 (1985) 85-107
    • (1985) Journal of Accounting and Economics , vol.7 , Issue.1-3 , pp. 85-107
    • Healy, P.1
  • 36
    • 0001449654 scopus 로고
    • Leadership climate and the use of accounting data in performance evaluation
    • Hopwood A. Leadership climate and the use of accounting data in performance evaluation. The Accounting Review 49 3 (1974) 485-495
    • (1974) The Accounting Review , vol.49 , Issue.3 , pp. 485-495
    • Hopwood, A.1
  • 38
    • 0000139691 scopus 로고
    • Moral hazard and observability
    • Holmstrom B. Moral hazard and observability. Bell Journal of Economic 10 1 (1979) 74-91
    • (1979) Bell Journal of Economic , vol.10 , Issue.1 , pp. 74-91
    • Holmstrom, B.1
  • 39
    • 0001579039 scopus 로고
    • The linear additive and interactive effects of budgetary goal difficulty and feedback on performance
    • Hirst M., and Lowy S. The linear additive and interactive effects of budgetary goal difficulty and feedback on performance. Accounting, Organization and Society 15 5 (1990) 425-436
    • (1990) Accounting, Organization and Society , vol.15 , Issue.5 , pp. 425-436
    • Hirst, M.1    Lowy, S.2
  • 40
    • 33747468992 scopus 로고    scopus 로고
    • Organizational slack in decentralized firms: the role of business unit controllers
    • Indjejikian R., and Matejka M. Organizational slack in decentralized firms: the role of business unit controllers. The Accounting Review 81 4 (2006) 848-872
    • (2006) The Accounting Review , vol.81 , Issue.4 , pp. 848-872
    • Indjejikian, R.1    Matejka, M.2
  • 41
    • 19744371776 scopus 로고    scopus 로고
    • Paying people to lie: the truth about the budgeting process
    • Jensen M. Paying people to lie: the truth about the budgeting process. European Financial Management 9 3 (2003) 379-406
    • (2003) European Financial Management , vol.9 , Issue.3 , pp. 379-406
    • Jensen, M.1
  • 42
    • 84993848601 scopus 로고
    • The modern industrial revolution, exit, and the failure of internal control systems
    • Jensen M. The modern industrial revolution, exit, and the failure of internal control systems. The Journal of Finance 48 3 (1993) 831-880
    • (1993) The Journal of Finance , vol.48 , Issue.3 , pp. 831-880
    • Jensen, M.1
  • 43
    • 84936016411 scopus 로고
    • Performance pay and top-management incentives
    • Jensen M., and Murphy K. Performance pay and top-management incentives. Journal of Political Economy 98 2 (1990) 225-264
    • (1990) Journal of Political Economy , vol.98 , Issue.2 , pp. 225-264
    • Jensen, M.1    Murphy, K.2
  • 45
    • 0034215640 scopus 로고    scopus 로고
    • The value and incentive effects of nontraditional executive stock option plans
    • Johnson S., and Tian Y. The value and incentive effects of nontraditional executive stock option plans. Journal of Financial Economics 57 1 (2000) 3-34
    • (2000) Journal of Financial Economics , vol.57 , Issue.1 , pp. 3-34
    • Johnson, S.1    Tian, Y.2
  • 46
    • 0030637314 scopus 로고    scopus 로고
    • The complexity of compensation contracts
    • Kole S. The complexity of compensation contracts. Journal of Financial Economics 43 1 (1997) 79-104
    • (1997) Journal of Financial Economics , vol.43 , Issue.1 , pp. 79-104
    • Kole, S.1
  • 47
    • 56649121704 scopus 로고    scopus 로고
    • Performance-vested stock options and earnings management. Journal of Business
    • Kuang Y. Performance-vested stock options and earnings management. Journal of Business. Finance & Accounting 35 9-10 (2008) 1049-1078
    • (2008) Finance & Accounting , vol.35 , Issue.9-10 , pp. 1049-1078
    • Kuang, Y.1
  • 50
  • 52
    • 0000518415 scopus 로고
    • A review of research on the application of goal setting in organizations
    • Latham G., and Yukl G. A review of research on the application of goal setting in organizations. The Academy of Management Journal 18 4 (1975) 824-845
    • (1975) The Academy of Management Journal , vol.18 , Issue.4 , pp. 824-845
    • Latham, G.1    Yukl, G.2
  • 53
    • 33746882135 scopus 로고    scopus 로고
    • Asymmetric sensitivity of CEO cash compensation to stock returns
    • Leone A., Wu J., and Zimmerman J. Asymmetric sensitivity of CEO cash compensation to stock returns. Journal of Accounting and Economics 42 2 (2006) 167-192
    • (2006) Journal of Accounting and Economics , vol.42 , Issue.2 , pp. 167-192
    • Leone, A.1    Wu, J.2    Zimmerman, J.3
  • 54
    • 21144476214 scopus 로고
    • A modest proposal for improved corporate governance
    • Lipton M., and Lorsch J. A modest proposal for improved corporate governance. The Business Lawyer 48 1 (1992) 59-77
    • (1992) The Business Lawyer , vol.48 , Issue.1 , pp. 59-77
    • Lipton, M.1    Lorsch, J.2
  • 55
    • 34248469880 scopus 로고
    • Goal setting and task performance: 1969-1980
    • Locke E., Haw K., Sarri L., and Latham G. Goal setting and task performance: 1969-1980. Psychological Bulletin 90 July (1981) 125-152
    • (1981) Psychological Bulletin , vol.90 , Issue.July , pp. 125-152
    • Locke, E.1    Haw, K.2    Sarri, L.3    Latham, G.4
  • 56
    • 84870885674 scopus 로고    scopus 로고
    • Building a practically useful theory of goal setting and task motivation: a 35-year odyssey
    • Locke E., and Latham G. Building a practically useful theory of goal setting and task motivation: a 35-year odyssey. American Psychologist 57 9 (2002) 705-717
    • (2002) American Psychologist , vol.57 , Issue.9 , pp. 705-717
    • Locke, E.1    Latham, G.2
  • 60
    • 0000515026 scopus 로고
    • The achievability of budget targets in profit centers: a field study
    • Merchant K., and Manzoni J. The achievability of budget targets in profit centers: a field study. The Accounting Review 64 3 (1989) 539-558
    • (1989) The Accounting Review , vol.64 , Issue.3 , pp. 539-558
    • Merchant, K.1    Manzoni, J.2
  • 61
    • 85044998265 scopus 로고    scopus 로고
    • The endogeneity bias in the relation between cost-of-debt capital and corporate disclosure policy
    • Nikolaev V., and van Lent L. The endogeneity bias in the relation between cost-of-debt capital and corporate disclosure policy. European Accounting Review 14 4 (2005) 677-724
    • (2005) European Accounting Review , vol.14 , Issue.4 , pp. 677-724
    • Nikolaev, V.1    van Lent, L.2
  • 64
    • 0032220361 scopus 로고    scopus 로고
    • The symbolic management of stockholders: corporate governance reforms and shareholder reactions
    • Westphal J., and Zajac E. The symbolic management of stockholders: corporate governance reforms and shareholder reactions. Administrative Science Quarterly 43 1 (1998) 127-153
    • (1998) Administrative Science Quarterly , vol.43 , Issue.1 , pp. 127-153
    • Westphal, J.1    Zajac, E.2


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.