메뉴 건너뛰기




Volumn 3, Issue 2, 2005, Pages 109-120

Incentive alignment or perverse incentives?: A behavioral view of stock options

Author keywords

[No Author keywords available]

Indexed keywords


EID: 84998844022     PISSN: 15365433     EISSN: 15580946     Source Type: Journal    
DOI: 10.1108/15365430580001316     Document Type: Article
Times cited : (24)

References (55)
  • 1
    • 0002854219 scopus 로고    scopus 로고
    • CEO stock option awards and the timing of corporate voluntary disclosures
    • Aboody, D., & Kasznik, R. 2000. CEO stock option awards and the timing of corporate voluntary disclosures. Journal of Accounting and Economics, 29 (1): 73-100.
    • (2000) Journal of Accounting and Economics , vol.29 , Issue.1 , pp. 73-100
    • Aboody, D.1    Kasznik, R.2
  • 2
    • 0001248680 scopus 로고
    • Le comportement de l’homme rationnel devant le risque: Critique des postulats et axiomes de l’école américaine
    • Allais, M. 1953. Le comportement de l’homme rationnel devant le risque: Critique des postulats et axiomes de l’école américaine. Econometrica, 21: 503-546.
    • (1953) Econometrica , vol.21 , pp. 503-546
    • Allais, M.1
  • 3
    • 84960565609 scopus 로고
    • A simple model of herd behavior
    • Banerjee, A.V. 1992. A simple model of herd behavior. Quarterly Journal of Economics, 107 (3): 797-817.
    • (1992) Quarterly Journal of Economics , vol.107 , Issue.3 , pp. 797-817
    • Banerjee, A.V.1
  • 4
    • 0346901975 scopus 로고
    • The organization of Schumpetarian innovations
    • M. Lawless & L. Gomez-Mejía (Eds.), Greenwich, CT: JAI Press
    • Barney, J., & Baysinger, B.D. 1990. The organization of Schumpetarian innovations. In M. Lawless & L. Gomez-Mejía (Eds.), Managing in high technology firms: Macro issues:2-14. Greenwich, CT: JAI Press.
    • (1990) Managing in high technology firms: Macro issues , pp. 2-14
    • Barney, J.1    Baysinger, B.D.2
  • 5
    • 0037310346 scopus 로고    scopus 로고
    • Effective employee stock option design: Reconciling stakeholder, strategic, and motivational factors
    • Brandes, P., Dharwadkar, R., & Lemesis, V. 2003. Effective employee stock option design: Reconciling stakeholder, strategic, and motivational factors. Academy of Management Executive, 17 (1): 77-95.
    • (2003) Academy of Management Executive , vol.17 , Issue.1 , pp. 77-95
    • Brandes, P.1    Dharwadkar, R.2    Lemesis, V.3
  • 6
    • 84890743754 scopus 로고    scopus 로고
    • Behavioral economics:Past, present, future
    • C.F. Camerer, G. Loewenstein, & P. Rabin (Eds.), Princeton: Princeton University Press
    • Camerer, C.F., & Loewenstein, G. 2003. Behavioral economics:Past, present, future. In C.F. Camerer, G. Loewenstein, & P. Rabin (Eds.), Advances in behavioral economics: 3-53. Princeton: Princeton University Press.
    • (2003) Advances in behavioral economics , pp. 3-53
    • Camerer, C.F.1    Loewenstein, G.2
  • 8
    • 0042872963 scopus 로고    scopus 로고
    • Stock price decreases prior to executive stock option grants
    • Chauvin, K.W., & Shenoy, C. 2001. Stock price decreases prior to executive stock option grants. Journal of Corporate Finance, 7 (1): 53-76.
    • (2001) Journal of Corporate Finance , vol.7 , Issue.1 , pp. 53-76
    • Chauvin, K.W.1    Shenoy, C.2
  • 9
    • 8744316609 scopus 로고    scopus 로고
    • Will CEOs find their inner choirboy?
    • April 28
    • Colvin, G. 2003. Will CEOs find their inner choirboy? Fortune (April 28): 45.
    • (2003) Fortune , pp. 45
    • Colvin, G.1
  • 11
    • 0037794506 scopus 로고    scopus 로고
    • Governance through ownership: Centuries of practice, decades of research
    • Daily, C.M., Dalton, D.R., & Rajagopalan, N. 2003. Governance through ownership: Centuries of practice, decades of research. Academy of Management Journal, 46 (2): 151-158.
    • (2003) Academy of Management Journal , vol.46 , Issue.2 , pp. 151-158
    • Daily, C.M.1    Dalton, D.R.2    Rajagopalan, N.3
  • 12
    • 85033260971 scopus 로고    scopus 로고
    • GE feels heat from Calpers over options
    • (London) (April 9)
    • Earle, J., & Hill, A. 2003. GE feels heat from Calpers over options. Financial Times (London) (April 9): 30.
    • (2003) Financial Times , pp. 30
    • Earle, J.1    Hill, A.2
  • 13
    • 0001383318 scopus 로고
    • Executive incentive compensation and earnings manipulation in a multi-period setting
    • Elitzur, R.R., & Yaari, V. 1995. Executive incentive compensation and earnings manipulation in a multi-period setting. Journal of Economic Behavior and Organization, 26 (2):201-219.
    • (1995) Journal of Economic Behavior and Organization , vol.26 , Issue.2 , pp. 201-219
    • Elitzur, R.R.1    Yaari, V.2
  • 14
    • 0002518473 scopus 로고    scopus 로고
    • Corporate payout and managerial stock incentives
    • Fenn, G.W., & Liang, N. 2001. Corporate payout and managerial stock incentives. Journal of Financial Economics, 60 (1): 45-72.
    • (2001) Journal of Financial Economics , vol.60 , Issue.1 , pp. 45-72
    • Fenn, G.W.1    Liang, N.2
  • 15
    • 85033274229 scopus 로고    scopus 로고
    • Stock option expensing
    • Fox, R.D., & Powers, M.J. 2003. Stock option expensing. Worldatwork Journal, 12 (1): 40-56.
    • (2003) Worldatwork Journal , vol.12 , Issue.1 , pp. 40-56
    • Fox, R.D.1    Powers, M.J.2
  • 16
    • 0000831982 scopus 로고
    • Executive compensation: A reassessment and a future research agenda
    • G.R. Ferris (Ed.), Greenwich, CT: JAI Press
    • Gomez-Mejía, L. 1994. Executive compensation: A reassessment and a future research agenda. In G.R. Ferris (Ed.), Research in personnel and human resources management, vol. 12: 161-222. Greenwich, CT: JAI Press.
    • (1994) Research in personnel and human resources management , vol.12 , pp. 161-222
    • Gomez-Mejía, L.1
  • 17
    • 0000731069 scopus 로고    scopus 로고
    • What you need to know about stock options
    • Hall, B.J. 2000. What you need to know about stock options. Harvard Business Review, 78 (2): 121-129.
    • (2000) Harvard Business Review , vol.78 , Issue.2 , pp. 121-129
    • Hall, B.J.1
  • 18
    • 0000836086 scopus 로고    scopus 로고
    • Optimal exercise prices force executives stock options
    • Hall, B.J., & Murphy, K.J. 2000a. Optimal exercise prices force executives stock options. American Economic Review, 90 (2):209-214.
    • (2000) American Economic Review , vol.90 , Issue.2 , pp. 209-214
    • Hall, B.J.1    Murphy, K.J.2
  • 19
    • 0003955634 scopus 로고    scopus 로고
    • National Bureau of Economic Research Working Paper Series No. 8052, Cambridge, MA
    • Hall, B.J., & Murphy, K.J. 2000b. Stock options for undiversified executives. National Bureau of Economic Research Working Paper Series No. 8052, Cambridge, MA.
    • (2000) Stock options for undiversified executives
    • Hall, B.J.1    Murphy, K.J.2
  • 20
    • 0030079229 scopus 로고    scopus 로고
    • Employee stock option exercises:An empirical analysis
    • Huddart, S., & Lang, M. 1996. Employee stock option exercises:An empirical analysis. Journal of Accounting and Economics, 21 (1): 5-43.
    • (1996) Journal of Accounting and Economics , vol.21 , Issue.1 , pp. 5-43
    • Huddart, S.1    Lang, M.2
  • 21
    • 27744497633 scopus 로고    scopus 로고
    • How to fix a broken system
    • February 24
    • Hymowitz, C. 2003. How to fix a broken system. Wall Street Journal Reports (February 24): R1-R12.
    • (2003) Wall Street Journal Reports , pp. R1-R12
    • Hymowitz, C.1
  • 22
    • 0025423265 scopus 로고
    • CEO incentives-It’s not how much you pay but how
    • Jensen, M.C., & Murphy, K.J. 1990. CEO incentives-It’s not how much you pay but how. Harvard Business Review, 68 (2): 138-149.
    • (1990) Harvard Business Review , vol.68 , Issue.2 , pp. 138-149
    • Jensen, M.C.1    Murphy, K.J.2
  • 24
    • 0000125532 scopus 로고
    • Prospect theory: An analysis of decisions under risk
    • Kahneman, D., & Tversky, A. 1979. Prospect theory: An analysis of decisions under risk. Econometrica, 47 (2): 262-291.
    • (1979) Econometrica , vol.47 , Issue.2 , pp. 262-291
    • Kahneman, D.1    Tversky, A.2
  • 25
    • 84936526580 scopus 로고
    • Experimental tests of the endowment effect and the Coase theorem."
    • Kahneman, D., Knetsch, L., & Thaler, R.H. 1990. Experimental tests of the endowment effect and the Coase theorem." Journal of Political Economy, 98 (6): 1325-1348.
    • (1990) Journal of Political Economy , vol.98 , Issue.6 , pp. 1325-1348
    • Kahneman, D.1    Knetsch, L.2    Thaler, R.H.3
  • 26
    • 0000288294 scopus 로고    scopus 로고
    • Capital markets research in accounting
    • Kothari, S.P. 2001. Capital markets research in accounting. Journal of Accounting and Economics, 31 (1-3): 105-231.
    • (2001) Journal of Accounting and Economics , vol.31 , Issue.1-3 , pp. 105-231
    • Kothari, S.P.1
  • 30
    • 84947882678 scopus 로고    scopus 로고
    • Undermining pay for performance
    • January 15
    • Lavelle, L. 2001. Undermining pay for performance. Business Week (January 15): 70-71.
    • (2001) Business Week , pp. 70-71
    • Lavelle, L.1
  • 31
    • 85033247448 scopus 로고    scopus 로고
    • Keeping companies honest with optimal corporate governance
    • Lee, J. 2003. Keeping companies honest with optimal corporate governance. Workspan, 2 (3): 8-12.
    • (2003) Workspan , vol.2 , Issue.3 , pp. 8-12
    • Lee, J.1
  • 32
    • 1142289850 scopus 로고
    • Executive compensation and executive incentive problems: An empirical analysis
    • Lewellen, W.G., Loderer, C., & Marktin, K. 1987. Executive compensation and executive incentive problems: An empirical analysis. Journal of Accounting and Economics, 9 (3):287-310.
    • (1987) Journal of Accounting and Economics , vol.9 , Issue.3 , pp. 287-310
    • Lewellen, W.G.1    Loderer, C.2    Marktin, K.3
  • 33
    • 0000685316 scopus 로고
    • Variable risk preferences and the focus of attention
    • March
    • March, J.G., & Shapira, Z. 1992. Variable risk preferences and the focus of attention. Psychological Review, 99, 1 (March):172-183.
    • (1992) Psychological Review , vol.99 , Issue.1 , pp. 172-183
    • March, J.G.1    Shapira, Z.2
  • 34
    • 0037794440 scopus 로고    scopus 로고
    • CEO stock options: The silent dimension of ownership
    • McGuire, J., & Matta, E. 2003. CEO stock options: The silent dimension of ownership. Academy of Management Journal, 46 (2): 255-265.
    • (2003) Academy of Management Journal , vol.46 , Issue.2 , pp. 255-265
    • McGuire, J.1    Matta, E.2
  • 37
    • 77951519785 scopus 로고    scopus 로고
    • Executive compensation
    • O. Ashenfelter, & D. Card (Eds.), Amsterdam: North-Holland
    • Murphy, K.J. 1999. Executive compensation. In O. Ashenfelter, & D. Card (Eds.), Handbook of labor economics, vol. 3: 2485-2563. Amsterdam: North-Holland.
    • (1999) Handbook of labor economics , vol.3 , pp. 2485-2563
    • Murphy, K.J.1
  • 38
    • 0039027651 scopus 로고    scopus 로고
    • Taking stock: Equity-based compensation and the evolution of managerial ownership
    • Ofek, E., & Yermarck, D. 2000. Taking stock: Equity-based compensation and the evolution of managerial ownership. Journal of Finance, 55 (3): 1367-1384.
    • (2000) Journal of Finance , vol.55 , Issue.3 , pp. 1367-1384
    • Ofek, E.1    Yermarck, D.2
  • 40
    • 0036959191 scopus 로고    scopus 로고
    • The role of power and politics in the repricing of executive options
    • Pollock, T.G., Fisher, H.M., & Wade, J.B. 2002. The role of power and politics in the repricing of executive options. Academy of Management Journal, 45 (6): 1172-1182.
    • (2002) Academy of Management Journal , vol.45 , Issue.6 , pp. 1172-1182
    • Pollock, T.G.1    Fisher, H.M.2    Wade, J.B.3
  • 41
    • 0033090662 scopus 로고    scopus 로고
    • New thinking on how to link executive pay with performance
    • Rappaport, A. 1999. New thinking on how to link executive pay with performance. Harvard Business Review, 77 (2):91-101.
    • (1999) Harvard Business Review , vol.77 , Issue.2 , pp. 91-101
    • Rappaport, A.1
  • 42
    • 24944555915 scopus 로고    scopus 로고
    • CEO Pensions: The latest way to hide millions
    • April 28
    • Revell, J. 2003. CEO Pensions: The latest way to hide millions. Fortune (April 28): 68-70.
    • (2003) Fortune , pp. 68-70
    • Revell, J.1
  • 43
    • 0035534616 scopus 로고    scopus 로고
    • Behavioral responses of CEOs to stock ownership and stock option pay
    • Sanders, W.G., 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
  • 44
    • 0038132211 scopus 로고    scopus 로고
    • Strategic satisficing? A behavioral-agency theory perspective on stock repurchase program announcements
    • Sanders, W.G., & Carpenter, M.A. 2003. Strategic satisficing? A behavioral-agency theory perspective on stock repurchase program announcements. Academy of Management Journal, 46 (2): 160-178.
    • (2003) Academy of Management Journal , vol.46 , Issue.2 , pp. 160-178
    • Sanders, W.G.1    Carpenter, M.A.2
  • 46
    • 0002717838 scopus 로고
    • Risk sharing and incentives in the principal and agent relationship
    • Shavell, S. 1979. Risk sharing and incentives in the principal and agent relationship. Bell Journal of Economics, 10 (1):55-73.
    • (1979) Bell Journal of Economics , vol.10 , Issue.1 , pp. 55-73
    • Shavell, S.1
  • 47
    • 0002180672 scopus 로고
    • Reconceptualizing the determinants of risk behavior
    • Sitkin, S.B., & Pablo, A.L. 1992. Reconceptualizing the determinants of risk behavior. Academy of Management Review, 17 (1): 9-38.
    • (1992) Academy of Management Review , vol.17 , Issue.1 , pp. 9-38
    • Sitkin, S.B.1    Pablo, A.L.2
  • 48
    • 21844524600 scopus 로고
    • Determinants of risky decision- making behavior: A test of the mediating role of risk perceptions and propensity
    • Sitkin, S.B., & Wiengart, L.R. 1995. Determinants of risky decision- making behavior: A test of the mediating role of risk perceptions and propensity. Academy of Management Journal, 38 (6): 1573-1592.
    • (1995) Academy of Management Journal , vol.38 , Issue.6 , pp. 1573-1592
    • Sitkin, S.B.1    Wiengart, L.R.2
  • 49
    • 0002958538 scopus 로고    scopus 로고
    • Experimental economics: Hard science of wasteful tinkering?
    • Starmer, C. 1999. Experimental economics: Hard science of wasteful tinkering? Economic Journal, 109 (453): F5-F16.
    • (1999) Economic Journal , vol.109 , Issue.453 , pp. F5-F16
    • Starmer, C.1
  • 50
    • 0001076162 scopus 로고
    • Loss aversion in riskless choice: A reference dependent model
    • Tversky, A., & Kahneman, D. 1991. Loss aversion in riskless choice: A reference dependent model. Quarterly Journal of Economics, 106 (4): 1039-1061.
    • (1991) Quarterly Journal of Economics , vol.106 , Issue.4 , pp. 1039-1061
    • Tversky, A.1    Kahneman, D.2
  • 51
    • 31744450082 scopus 로고
    • Advances in prospect theory: Cumulative representation of uncertainty."
    • Tversky, A., & Kahneman, D. 1992. Advances in prospect theory: Cumulative representation of uncertainty." Journal of Risk and Uncertainty, 5 (4): 297-323.
    • (1992) Journal of Risk and Uncertainty , vol.5 , Issue.4 , pp. 297-323
    • Tversky, A.1    Kahneman, D.2
  • 52
    • 10844275044 scopus 로고    scopus 로고
    • Have they no shame?
    • April 28
    • Useem, J. 2003. Have they no shame? Fortune (April 28): 56-61.
    • (2003) Fortune , pp. 56-61
    • Useem, J.1
  • 53
    • 0032350136 scopus 로고    scopus 로고
    • A behavioral agency model of managerial risk taking
    • Wiseman, R.M., & Gomez-Mejía, L. 1998. A behavioral agency model of managerial risk taking. Academy of Management Review, 23 (1): 133-153.
    • (1998) Academy of Management Review , vol.23 , Issue.1 , pp. 133-153
    • Wiseman, R.M.1    Gomez-Mejía, L.2
  • 54
    • 0041524352 scopus 로고    scopus 로고
    • Rethinking compensation risk
    • S.L. Rynes & B. Gerhart (Eds.), San Francisco:Jossey-Bass
    • Wiseman, R.M., Gomez-Mejía, L., & Fugate, M. 2000. Rethinking compensation risk. In S.L. Rynes & B. Gerhart (Eds.), Compensation in organizations: 311-347. San Francisco:Jossey-Bass.
    • (2000) Compensation in organizations , pp. 311-347
    • Wiseman, R.M.1    Gomez-Mejía, L.2    Fugate, M.3
  • 55
    • 0040238831 scopus 로고    scopus 로고
    • Good timing: CEO stock option awards and company news announcements
    • Yermack, D. 1997. Good timing: CEO stock option awards and company news announcements. Journal of Finance, 52 (2):449-476.
    • (1997) Journal of Finance , vol.52 , Issue.2 , pp. 449-476
    • Yermack, D.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.