메뉴 건너뛰기




Volumn 64, Issue 6, 2011, Pages 640-648

Revisiting the risk-taking effect of executive stock options on firm performance

Author keywords

CEO stock options; Executive compensation; Firm performance; Managerial risk taking; Risk aversion

Indexed keywords


EID: 79952441703     PISSN: 01482963     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jbusres.2010.02.012     Document Type: Article
Times cited : (36)

References (32)
  • 1
    • 84977728261 scopus 로고
    • Managerial incentive and corporate investment and financing decision
    • Agrawal A., Mandelker G. Managerial incentive and corporate investment and financing decision. J Fin 1987, 42:823-837.
    • (1987) J Fin , vol.42 , pp. 823-837
    • Agrawal, A.1    Mandelker, G.2
  • 2
    • 0036241053 scopus 로고    scopus 로고
    • Pay at executive suite: how do US banks compensate their top management teams?
    • Ang J., Lauterbach B., Schreiber B.Z. Pay at executive suite: how do US banks compensate their top management teams?. J Banking Fin 2002, 26:1143-1163.
    • (2002) J Banking Fin , vol.26 , pp. 1143-1163
    • Ang, J.1    Lauterbach, B.2    Schreiber, B.Z.3
  • 3
    • 0040212860 scopus 로고    scopus 로고
    • CEO stock-based compensation: an empirical analysis of incentive-intensity, relative mix and economic determinants
    • Bryan S., Hwang L., Lilien S. CEO stock-based compensation: an empirical analysis of incentive-intensity, relative mix and economic determinants. J Bus 2002, 73:661-693.
    • (2002) J Bus , vol.73 , pp. 661-693
    • Bryan, S.1    Hwang, L.2    Lilien, S.3
  • 4
    • 0040141569 scopus 로고    scopus 로고
    • Does option compensation increase managerial risk appetite?
    • Carpenter J. Does option compensation increase managerial risk appetite?. J Fin 2000, 55:2311-2331.
    • (2000) J Fin , vol.55 , pp. 2311-2331
    • Carpenter, J.1
  • 5
    • 33644796781 scopus 로고    scopus 로고
    • Does stock option-based executive compensation induce risk-taking: an analysis of the banking industry?
    • Chen C.R., Steiner T.L., Whyte A.M. Does stock option-based executive compensation induce risk-taking: an analysis of the banking industry?. J Banking Fin 2006, 30:915-945.
    • (2006) J Banking Fin , vol.30 , pp. 915-945
    • Chen, C.R.1    Steiner, T.L.2    Whyte, A.M.3
  • 6
    • 6344254044 scopus 로고    scopus 로고
    • Executive compensation and managerial risk-taking
    • Arizona State U
    • Coles J.L., Daniel N., Naveen L. Executive compensation and managerial risk-taking. Working Paper 2003, Arizona State U.
    • (2003) Working Paper
    • Coles, J.L.1    Daniel, N.2    Naveen, L.3
  • 7
    • 0036346607 scopus 로고    scopus 로고
    • The relationship between managerial ownership and firm performance in high R&D firms
    • Cui H., Mak Y.T. The relationship between managerial ownership and firm performance in high R&D firms. J Corp Fin 2002, 8:313-336.
    • (2002) J Corp Fin , vol.8 , pp. 313-336
    • Cui, H.1    Mak, Y.T.2
  • 8
    • 34248584559 scopus 로고    scopus 로고
    • How ownership and corporate governance influence: chief executive pay in China's listed firms
    • Firth M., Fung M.Y., Rui M. How ownership and corporate governance influence: chief executive pay in China's listed firms. J Bus Res 2007, 60:776-785.
    • (2007) J Bus Res , vol.60 , pp. 776-785
    • Firth, M.1    Fung, M.Y.2    Rui, M.3
  • 9
    • 70349840642 scopus 로고    scopus 로고
    • Managerial ownership and performance
    • Florackis C., Kostakis A., Ozkan A. Managerial ownership and performance. J Bus Res 2009, 62:1350-1357.
    • (2009) J Bus Res , vol.62 , pp. 1350-1357
    • Florackis, C.1    Kostakis, A.2    Ozkan, A.3
  • 10
    • 43949176471 scopus 로고
    • Additional evidence on the association between the investment opportunity set and corporate financing, dividend, and compensation policy
    • Gaver J.J., Gaver K.M. Additional evidence on the association between the investment opportunity set and corporate financing, dividend, and compensation policy. J Accounting Econ 1993, 16:125-160.
    • (1993) J Accounting Econ , vol.16 , pp. 125-160
    • Gaver, J.J.1    Gaver, K.M.2
  • 11
    • 67649534295 scopus 로고    scopus 로고
    • Overconfidence, investment policy, and executive stock options
    • Working Paper 2003. Rodney L. White Center for Financial Research
    • Gervais S, Heaton JB, Odean T. Overconfidence, investment policy, and executive stock options. Working Paper 2003. Rodney L. White Center for Financial Research.
    • Gervais, S.1    Heaton, J.B.2    Odean, T.3
  • 12
    • 0036186952 scopus 로고    scopus 로고
    • Stock options for undiversified executives
    • Hall B.J., Murphy K.J. Stock options for undiversified executives. J Accounting Econ 2002, 33:3-42.
    • (2002) J Accounting Econ , vol.33 , pp. 3-42
    • Hall, B.J.1    Murphy, K.J.2
  • 13
    • 84977345685 scopus 로고
    • Resolving the agency problems of external capital through options
    • Haugen R.A., Senbet L.W. Resolving the agency problems of external capital through options. J Fin 1981, 36:629-647.
    • (1981) J Fin , vol.36 , pp. 629-647
    • Haugen, R.A.1    Senbet, L.W.2
  • 14
    • 0033474993 scopus 로고    scopus 로고
    • Introducing convexity into optimal compensation contracts
    • Hemmer T., Kim O., Verrecchia R.E. Introducing convexity into optimal compensation contracts. J Accounting Econ 2000, 28:307-327.
    • (2000) J Accounting Econ , vol.28 , pp. 307-327
    • Hemmer, T.1    Kim, O.2    Verrecchia, R.E.3
  • 15
    • 0000712212 scopus 로고    scopus 로고
    • Understanding the determinants of managerial ownership and the link between ownership and performance
    • Himmelberg C.P., Hubbard R.G., Palia D. Understanding the determinants of managerial ownership and the link between ownership and performance. J Fin Econ 1999, 53:353-384.
    • (1999) J Fin Econ , vol.53 , pp. 353-384
    • Himmelberg, C.P.1    Hubbard, R.G.2    Palia, D.3
  • 16
    • 0000072575 scopus 로고
    • Executive pay and performance: evidence from the US banking industry
    • Hubbard R.G., Palia D. Executive pay and performance: evidence from the US banking industry. J Fin Econ 1995, 39:105-130.
    • (1995) J Fin Econ , vol.39 , pp. 105-130
    • Hubbard, R.G.1    Palia, D.2
  • 17
    • 0037219527 scopus 로고    scopus 로고
    • The structure and performance consequences of equity grants to employees of new economy firms
    • Ittner C.D., Lambert R.A., Larcker D.F. The structure and performance consequences of equity grants to employees of new economy firms. J Accounting Econ 2003, 34:89-127.
    • (2003) J Accounting Econ , vol.34 , pp. 89-127
    • Ittner, C.D.1    Lambert, R.A.2    Larcker, D.F.3
  • 18
    • 44649197264 scopus 로고
    • Theory of the firm: managerial behavior, agency costs and ownership structure
    • Jensen M.C., Meckling W.H. Theory of the firm: managerial behavior, agency costs and ownership structure. J Financial Econ 1976, 3:305-360.
    • (1976) J Financial Econ , vol.3 , pp. 305-360
    • Jensen, M.C.1    Meckling, W.H.2
  • 19
    • 84936016411 scopus 로고
    • Performance pay and top-management incentives
    • Jensen M.C., Murphy K.J. Performance pay and top-management incentives. J Political Econ 1990, 98:225-264.
    • (1990) J Political Econ , vol.98 , pp. 225-264
    • Jensen, M.C.1    Murphy, K.J.2
  • 20
    • 16844377172 scopus 로고    scopus 로고
    • Options, option repricing and severance packages in managerial compensation: their effects on corporate risk
    • U Maryland
    • Ju N., Leland H., Senbet L.W. Options, option repricing and severance packages in managerial compensation: their effects on corporate risk. Working Paper 2002, U Maryland.
    • (2002) Working Paper
    • Ju, N.1    Leland, H.2    Senbet, L.W.3
  • 21
    • 33646879195 scopus 로고    scopus 로고
    • Agency and corporate investment: the role of executive compensation and corporate governance
    • Kang S., Kumar P., Lee H. Agency and corporate investment: the role of executive compensation and corporate governance. J Bus 2006, 79:1127-1147.
    • (2006) J Bus , vol.79 , pp. 1127-1147
    • Kang, S.1    Kumar, P.2    Lee, H.3
  • 22
    • 12344281216 scopus 로고    scopus 로고
    • Institutional ownership and CEO compensation: a longitudinal examination
    • Khan R., Dharwadkar R., Brandes P. Institutional ownership and CEO compensation: a longitudinal examination. J Bus Res 2005, 58:1078-1088.
    • (2005) J Bus Res , vol.58 , pp. 1078-1088
    • Khan, R.1    Dharwadkar, R.2    Brandes, P.3
  • 23
    • 0001121384 scopus 로고
    • Portfolio considerations in valuing executive compensation
    • Lambert R., Larcker D., Verrecchia R. Portfolio considerations in valuing executive compensation. J Accounting Res 1991, 29:129-149.
    • (1991) J Accounting Res , vol.29 , pp. 129-149
    • Lambert, R.1    Larcker, D.2    Verrecchia, R.3
  • 24
    • 0031256828 scopus 로고    scopus 로고
    • Understanding CEO pay: a test of two pay-to-performance sensitivity measures with alternative measures of alignment and influence
    • Lippert R., Porter G. Understanding CEO pay: a test of two pay-to-performance sensitivity measures with alternative measures of alignment and influence. J Bus Res 1997, 40:127-138.
    • (1997) J Bus Res , vol.40 , pp. 127-138
    • Lippert, R.1    Porter, G.2
  • 25
    • 0000207706 scopus 로고
    • Executive compensation structure, ownership, and firm performance
    • Mehran H. Executive compensation structure, ownership, and firm performance. J Financial Econ 1995, 38:163-184.
    • (1995) J Financial Econ , vol.38 , pp. 163-184
    • Mehran, H.1
  • 26
    • 0035590323 scopus 로고    scopus 로고
    • The endogeneity of managerial compensation in firm valuation: a solution
    • Palia D. The endogeneity of managerial compensation in firm valuation: a solution. Rev Financial Stud 2001, 14:735-764.
    • (2001) Rev Financial Stud , vol.14 , pp. 735-764
    • Palia, D.1
  • 27
    • 0036271833 scopus 로고    scopus 로고
    • Empirical evidence on the relation between stock option compensation and risk-taking
    • Rajgopal S., Shevlin T. Empirical evidence on the relation between stock option compensation and risk-taking. J Accounting Econ 2002, 33:145-171.
    • (2002) J Accounting Econ , vol.33 , pp. 145-171
    • Rajgopal, S.1    Shevlin, T.2
  • 28
    • 33847286080 scopus 로고    scopus 로고
    • The influence of long-term performance plans on earnings management and firm performance
    • Richardson V., Waegelein J.F. The influence of long-term performance plans on earnings management and firm performance. Rev Quantitative Fin Accounting 2002, 18:161-184.
    • (2002) Rev Quantitative Fin Accounting , vol.18 , pp. 161-184
    • Richardson, V.1    Waegelein, J.F.2
  • 29
    • 1642333619 scopus 로고    scopus 로고
    • Compensation, incentives, and the duality of risk aversion and riskiness
    • Ross S.A. Compensation, incentives, and the duality of risk aversion and riskiness. J Fin 2004, 59:207-223.
    • (2004) J Fin , vol.59 , pp. 207-223
    • Ross, S.A.1
  • 31
    • 2342505938 scopus 로고
    • The investment opportunity set and corporate financing, dividend, and compensation policies
    • Smith C.W., Watts R. The investment opportunity set and corporate financing, dividend, and compensation policies. J Financial Econ 1992, 32:263-292.
    • (1992) J Financial Econ , vol.32 , pp. 263-292
    • Smith, C.W.1    Watts, R.2
  • 32
    • 33947727380 scopus 로고    scopus 로고
    • CEO stock option pay and R&D spending: a behavioral agency explanation
    • Wu J., Tu R. CEO stock option pay and R&D spending: a behavioral agency explanation. J Bus Res 2007, 60:482-492.
    • (2007) J Bus Res , vol.60 , pp. 482-492
    • Wu, J.1    Tu, R.2


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.