메뉴 건너뛰기




Volumn 33, Issue 13, 2012, Pages 1557-1566

Firm heterogeneity in growth option value: The role of managerial incentives

Author keywords

firm heterogeneity; growth option value; managerial incentives; real options theory

Indexed keywords

FIRM HETEROGENEITY; GROWTH OPPORTUNITIES; GROWTH OPTIONS; INDUSTRY GROWTH; MANAGERIAL INCENTIVES; POSITIVE INTERACTION; REAL OPTIONS THEORY; STOCK OPTIONS; STOCK OWNERSHIP;

EID: 84867854858     PISSN: 01432095     EISSN: 10970266     Source Type: Journal    
DOI: 10.1002/smj.1992     Document Type: Article
Times cited : (37)

References (42)
  • 1
    • 84881844837 scopus 로고
    • Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations
    • Arellano M, Bond S,. 1991. Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. Review of Economic Studies 58 (2): 277-297.
    • (1991) Review of Economic Studies , vol.58 , Issue.2 , pp. 277-297
    • Arellano, M.1    Bond, S.2
  • 2
    • 58149364940 scopus 로고
    • Another look at the instrumental variable estimation of error-components models
    • Arellano M, Bover O,. 1995. Another look at the instrumental variable estimation of error-components models. Journal of Econometrics 68: 29-51.
    • (1995) Journal of Econometrics , vol.68 , pp. 29-51
    • Arellano, M.1    Bover, O.2
  • 3
    • 0032220240 scopus 로고    scopus 로고
    • Relationship among risk, incentive pay, and organizational performance
    • Bloom M, Milkovich GT,. 1998. Relationship among risk, incentive pay, and organizational performance. Academy of Management Journal 41 (3): 283-297.
    • (1998) Academy of Management Journal , vol.41 , Issue.3 , pp. 283-297
    • Bloom, M.1    Milkovich, G.T.2
  • 4
    • 0001438979 scopus 로고    scopus 로고
    • Initial conditions and moment restrictions in dynamic panel data models
    • Blundell R, Bond S,. 1998. Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics 87: 115-143.
    • (1998) Journal of Econometrics , vol.87 , pp. 115-143
    • Blundell, R.1    Bond, S.2
  • 5
    • 21344476299 scopus 로고
    • Strategy through the options lens: An integrated view of resource investments and the incremental-choice process
    • Bowman EH, Hurry D,. 1993. Strategy through the options lens: an integrated view of resource investments and the incremental-choice process. Academy of Management Review 18: 760-782.
    • (1993) Academy of Management Review , vol.18 , pp. 760-782
    • Bowman, E.H.1    Hurry, D.2
  • 6
    • 0036535346 scopus 로고    scopus 로고
    • Top management team compensation: The missing link between CEO pay and firm performance?
    • Carpenter MA, Sanders WG,. 2002. Top management team compensation: the missing link between CEO pay and firm performance? Strategic Management Journal 23 (4): 367-375.
    • (2002) Strategic Management Journal , vol.23 , Issue.4 , pp. 367-375
    • Carpenter, M.A.1    Sanders, W.G.2
  • 7
    • 2342602999 scopus 로고    scopus 로고
    • The effects of top management team pay and firm internationalization on MNC performance
    • Carpenter MA, Sanders WG,. 2004. The effects of top management team pay and firm internationalization on MNC performance. Journal of Management 30 (4): 509-528.
    • (2004) Journal of Management , vol.30 , Issue.4 , pp. 509-528
    • Carpenter, M.A.1    Sanders, W.G.2
  • 8
    • 2442648862 scopus 로고    scopus 로고
    • R&D expenditures and CEO compensation
    • Cheng S,. 2004. R&D expenditures and CEO compensation. Accounting Review 79 (2): 305-328.
    • (2004) Accounting Review , vol.79 , Issue.2 , pp. 305-328
    • Cheng, S.1
  • 10
    • 0012533538 scopus 로고    scopus 로고
    • Executive equity compensation and incentives: A survey
    • Core JE, Guay WR, Larcker DF,. 2003. Executive equity compensation and incentives: a survey. Economic Policy Review 9 (1): 27-50.
    • (2003) Economic Policy Review , vol.9 , Issue.1 , pp. 27-50
    • Core, J.E.1    Guay, W.R.2    Larcker, D.F.3
  • 11
    • 61349114266 scopus 로고    scopus 로고
    • Moving closer to the action: Examining compensation design effects on firm risk
    • Devers CE, McNamara G, Wiseman RM, Arrfelt M,. 2008. Moving closer to the action: examining compensation design effects on firm risk. Organization Science 19 (4): 548-566.
    • (2008) Organization Science , vol.19 , Issue.4 , pp. 548-566
    • Devers, C.E.1    McNamara, G.2    Wiseman, R.M.3    Arrfelt, M.4
  • 12
  • 13
    • 0002345792 scopus 로고    scopus 로고
    • The sensitivity of CEO wealth to equity risk: An analysis of magnitudes and determinants
    • Guay WR,. 1999. The sensitivity of CEO wealth to equity risk: an analysis of magnitudes and determinants. Journal of Financial Economics 53: 43-71.
    • (1999) Journal of Financial Economics , vol.53 , pp. 43-71
    • Guay, W.R.1
  • 14
    • 0037227162 scopus 로고    scopus 로고
    • Is performance driven by industry- or firm-specific factors? A new look at the evidence
    • Hawawini G, Subramanian V, Verdin P,. 2003. Is performance driven by industry- or firm-specific factors? A new look at the evidence. Strategic Management Journal 24 (1): 1-16.
    • (2003) Strategic Management Journal , vol.24 , Issue.1 , pp. 1-16
    • Hawawini, G.1    Subramanian, V.2    Verdin, P.3
  • 15
    • 21144484752 scopus 로고
    • Managerial incentives and investment in R&D in large multiproduct firms
    • Hoskisson RE, Hitt MA, Hill CW,. 1993. Managerial incentives and investment in R&D in large multiproduct firms. Organization Science 4 (2): 325-341.
    • (1993) Organization Science , vol.4 , Issue.2 , pp. 325-341
    • Hoskisson, R.E.1    Hitt, M.A.2    Hill, C.W.3
  • 16
    • 0002719266 scopus 로고
    • Takeover controversy: Analysis and evidence
    • Jensen M,. 1986. Takeover controversy: analysis and evidence. Midland Corporate Finance Journal 4: 6-32.
    • (1986) Midland Corporate Finance Journal , vol.4 , pp. 6-32
    • Jensen, M.1
  • 17
    • 0003112060 scopus 로고    scopus 로고
    • Do investment-cash flow sensitivities provide useful measures of financing constraints?
    • Kaplan SN, Zingales L,. 1997. Do investment-cash flow sensitivities provide useful measures of financing constraints? Quarterly Journal of Economics 112 (1): 169-215.
    • (1997) Quarterly Journal of Economics , vol.112 , Issue.1 , pp. 169-215
    • Kaplan, S.N.1    Zingales, L.2
  • 18
    • 0000135893 scopus 로고
    • Today's options for tomorrow's growth
    • Kester WC,. 1984. Today's options for tomorrow's growth. Harvard Business Review 62 (2): 153-160.
    • (1984) Harvard Business Review , vol.62 , Issue.2 , pp. 153-160
    • Kester, W.C.1
  • 19
    • 0002587437 scopus 로고
    • Joint ventures and the option to expand and acquire
    • Kogut B,. 1991. Joint ventures and the option to expand and acquire. Management Science 37: 19-33.
    • (1991) Management Science , vol.37 , pp. 19-33
    • Kogut, B.1
  • 20
    • 0000160102 scopus 로고
    • Operating flexibility, global manufacturing, and the option value of a multinational network
    • Kogut B, Kulatilaka N,. 1994. Operating flexibility, global manufacturing, and the option value of a multinational network. Management Science 40: 123-139.
    • (1994) Management Science , vol.40 , pp. 123-139
    • Kogut, B.1    Kulatilaka, N.2
  • 23
    • 84867863695 scopus 로고    scopus 로고
    • A look at the value creation effects of patenting and capital investment through a real options lens: The moderating role of uncertainty
    • Levitas E, Chi T,. 2010. A look at the value creation effects of patenting and capital investment through a real options lens: the moderating role of uncertainty. Strategic Entrepreneurship Journal 4 (3): 212-233.
    • (2010) Strategic Entrepreneurship Journal , vol.4 , Issue.3 , pp. 212-233
    • Levitas, E.1    Chi, T.2
  • 24
    • 0032161417 scopus 로고    scopus 로고
    • Strategy as a portfolio of real options
    • Luehrman T,. 1998. Strategy as a portfolio of real options. Harvard Business Review 76 (5): 89-99.
    • (1998) Harvard Business Review , vol.76 , Issue.5 , pp. 89-99
    • Luehrman, T.1
  • 25
    • 61349124216 scopus 로고    scopus 로고
    • Too risky to hold? the effect of downside risk, accumulated equity wealth, and firm performance on CEO equity reduction
    • Matta E, McGuire J,. 2008. Too risky to hold? The effect of downside risk, accumulated equity wealth, and firm performance on CEO equity reduction. Organization Science 19 (4): 567-580.
    • (2008) Organization Science , vol.19 , Issue.4 , pp. 567-580
    • Matta, E.1    McGuire, J.2
  • 28
    • 49449125071 scopus 로고
    • Determinants of corporate borrowing
    • Myers SC,. 1977. Determinants of corporate borrowing. Journal of Financial Economics 5: 147-175.
    • (1977) Journal of Financial Economics , vol.5 , pp. 147-175
    • Myers, S.C.1
  • 29
    • 0000888844 scopus 로고
    • Irreversible investment, capacity choice, and the value of the firm
    • Pindyck RS,. 1988. Irreversible investment, capacity choice, and the value of the firm. American Economic Review 78: 969-985.
    • (1988) American Economic Review , vol.78 , pp. 969-985
    • Pindyck, R.S.1
  • 30
    • 0034340879 scopus 로고    scopus 로고
    • Downside risk implications of multinationals and international joint ventures
    • Reuer JJ, Leiblein MJ,. 2000. Downside risk implications of multinationals and international joint ventures. Academy of Management Journal 43 (2): 203-214.
    • (2000) Academy of Management Journal , vol.43 , Issue.2 , pp. 203-214
    • Reuer, J.J.1    Leiblein, M.J.2
  • 31
    • 68149179207 scopus 로고    scopus 로고
    • How to do xtabond2: An introduction to difference and system GMM in Stata
    • Roodman D,. 2008. How to do xtabond2: an introduction to difference and system GMM in Stata. Stata Journal 9 (1): 86-136.
    • (2008) Stata Journal , vol.9 , Issue.1 , pp. 86-136
    • Roodman, D.1
  • 32
    • 0035534616 scopus 로고    scopus 로고
    • Behavioral responses of CEOs to stock ownership and stock option pay
    • Sanders WG,. 2001. Behavioral responses of CEOs to stock ownership and stock option pay. Academy of Management Journal 44 (3): 477-492.
    • (2001) Academy of Management Journal , vol.44 , Issue.3 , pp. 477-492
    • Sanders, W.G.1
  • 33
    • 36749081591 scopus 로고    scopus 로고
    • Swinging for the fences: The effects of CEO stock options on company risk taking and performance
    • Sanders WG, Hambrick DC,. 2007. Swinging for the fences: the effects of CEO stock options on company risk taking and performance. Academy of Management Journal 50 (5): 1055-1078.
    • (2007) Academy of Management Journal , vol.50 , Issue.5 , pp. 1055-1078
    • Sanders, W.G.1    Hambrick, D.C.2
  • 34
    • 0041669510 scopus 로고    scopus 로고
    • Effects of corporate diversification on productivity
    • Schoar A,. 2002. Effects of corporate diversification on productivity. Journal of Finance 57 (6): 2379-2403.
    • (2002) Journal of Finance , vol.57 , Issue.6 , pp. 2379-2403
    • Schoar, A.1
  • 37
    • 0000251280 scopus 로고    scopus 로고
    • Ownership structure and economic performance in the largest European companies
    • Thomsen S, Pedersen T,. 2000. Ownership structure and economic performance in the largest European companies. Strategic Management Journal 21 (6): 689-705.
    • (2000) Strategic Management Journal , vol.21 , Issue.6 , pp. 689-705
    • Thomsen, S.1    Pedersen, T.2
  • 38
    • 84993723162 scopus 로고    scopus 로고
    • Firm and industry influences on the value of growth options
    • Tong TW, Reuer JJ,. 2006. Firm and industry influences on the value of growth options. Strategic Organization 4: 71-95.
    • (2006) Strategic Organization , vol.4 , pp. 71-95
    • Tong, T.W.1    Reuer, J.J.2
  • 39
    • 38349182072 scopus 로고    scopus 로고
    • International joint ventures and the value of growth options
    • Tong TW, Reuer JJ, Peng MW,. 2008. International joint ventures and the value of growth options. Academy of Management Journal 51 (5): 1014-1029.
    • (2008) Academy of Management Journal , vol.51 , Issue.5 , pp. 1014-1029
    • Tong, T.W.1    Reuer, J.J.2    Peng, M.W.3
  • 41
    • 33846076675 scopus 로고    scopus 로고
    • Influences of top management team incentives on firm risk taking
    • Wright P, Kroll M, Krug JA, Pettus M,. 2007. Influences of top management team incentives on firm risk taking. Strategic Management Journal 28 (1): 81-89.
    • (2007) Strategic Management Journal , vol.28 , Issue.1 , pp. 81-89
    • Wright, P.1    Kroll, M.2    Krug, J.A.3    Pettus, M.4
  • 42
    • 0036217274 scopus 로고    scopus 로고
    • The structure of ownership and corporate acquisition strategies
    • Wright P, Kroll M, Lado A, Van Ness B,. 2002. The structure of ownership and corporate acquisition strategies. Strategic Management Journal 23 (1): 41-53.
    • (2002) Strategic Management Journal , vol.23 , Issue.1 , pp. 41-53
    • Wright, P.1    Kroll, M.2    Lado, A.3    Van Ness, B.4


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.