政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/82971

English | 正體中文 | 简体中文 | Post-Print筆數 : 27 | Items with full text/Total items : 109952/140887 (78%)
Visitors : 46331169 Online Users : 1049

RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.

Home ‧ Login ‧ Upload ‧ Help ‧ About ‧ Administer

政大機構典藏 > 商學院 > 會計學系 > 期刊論文 > Item 140.119/82971

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/82971

Title:	Stock-Based Compensation in a Concentrated Ownership Setting: An Empirical Investigation
Authors:	Liang, Jia-Wen;Chin, Chen Lung 梁嘉紋;金成隆
Contributors:	會計系
Keywords:	stock-based compensation;concentrated ownership;controlling owners and minority shareholders;cash flow rights and voting rights
Date:	2015-12
Issue Date:	2016-03-25 17:37:29 (UTC+8)
Abstract:	Stock-based compensation has been viewed as an important mechanism for tying managers’ wealth to firm performance, and thus alleviating the agency conflict between the shareholders and the managers when ownership is diffused. However, in a concentrated ownership structure, controlling owners are usually the management of the firm; they can engage in self-dealing activities to the detriment of minority shareholders’ interests. Yet, outside investors may anticipate the problem and discount the share price for the entrenchment behaviors they observe. In this study, we investigate how controlling owners trade off the benefits and the costs of using stock-based compensation. Based on a sample of Taiwanese firms, our evidence shows that stock-based compensation is negatively related to the agency problem embedded in a concentrated ownership structure. This relationship is evident among firms with more frequent equity offerings. Overall, our empirical evidence suggests that controlling owners consider the negative price effects of stock-based compensation and trade off these costs with the benefits of expropriating minority shareholders’ interests, particularly when firms seek more external equity capital. Our results hold after controlling for selection bias and share collateral by controlling owners.
Relation:	Journal of Business Finance & Accounting, Volume 43, Issue 1-2, pages 131–157
Data Type:	article
DOI 連結:	http://dx.doi.org/10.1111/jbfa.12167
DOI:	10.1111/jbfa.12167
Appears in Collections:	[會計學系] 期刊論文

Files in This Item:

File	Description	Size	Format
jbfa12167.pdf		212Kb	Adobe PDF2	588	View/Open

社群 sharing

著作權政策宣告 Copyright Announcement

1.本網站之數位內容為國立政治大學所收錄之機構典藏，無償提供學術研究與公眾教育等公益性使用，惟仍請適度，合理使用本網站之內容，以尊重著作權人之權益。商業上之利用，則請先取得著作權人之授權。
The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

2.本網站之製作，已盡力防止侵害著作權人之權益，如仍發現本網站之數位內容有侵害著作權人權益情事者，請權利人通知本網站維護人員(nccur@nccu.edu.tw)，維護人員將立即採取移除該數位著作等補救措施。
NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.

Loading...