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政大典藏 > College of Commerce > Department of Money and Banking > Periodical Articles > Item 140.119/66917

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/66917

Title:	The Relation between Equity-based Compensation and Managerial Risk-taking: Evidence from China
Authors:	廖四郎 Huang, Yi-Ting;Wu, Ming-Cheng;Liao, Szu-Lang
Contributors:	金融系
Date:	2012.08
Issue Date:	2014-06-25 16:12:53 (UTC+8)
Abstract:	The authors analyze the impact of equity-based compensation on managerial risk-taking behavior in Chinese listed firms from January 2006 to July 2011. They find that greater risk-taking incentives lead executives to invest more in research and development (R&D) projects and less in capital expenditures. Greater managerial risk-taking incentive increases firm focus. Managerial risk-taking incentives have positive effects on firms` leverage. Overall, increasing the sensitivity of chief executive officers` portfolio value to stock return volatility helps incentivize executives to work harder, as sharing gains and losses with shareholders aligns the interests of executives and shareholders. In addition, the results indicate that state control of firms has a negative effect on R&D investment, and this suggests that state-controlled firms should take more initiative to innovate
Relation:	Emerging Markets Finance and Trade, 49(March suppl.), 107-125
Data Type:	article
DOI link:	http://dx.doi.org/10.2753/REE1540-496X4902S206
DOI:	10.2753/REE1540-496X4902S206
Appears in Collections:	[Department of Money and Banking] Periodical Articles

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