政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/70691
English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  全文笔数/总笔数 : 97400/128064 (76%)
造访人次 : 33875179      在线人数 : 376
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
搜寻范围 查询小技巧:
  • 您可在西文检索词汇前后加上"双引号",以获取较精准的检索结果
  • 若欲以作者姓名搜寻,建议至进阶搜寻限定作者字段,可获得较完整数据
  • 进阶搜寻
    政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 >  Item 140.119/70691


    请使用永久网址来引用或连结此文件: http://nccur.lib.nccu.edu.tw/handle/140.119/70691


    题名: Revisiting the Risk-Taking Effect of Executive Stock Options on Firm Performance
    作者: 陳嬿如
    Chen, Y.R.;Y. Ma
    贡献者: 財管系
    关键词: Executive compensation;CEO stock options;Managerial risk-taking;Risk aversion;Firm performance
    日期: 2011.06
    上传时间: 2014-10-22 12:26:06 (UTC+8)
    摘要: While the relation between equity-based compensation and firm performance has been widely discussed, the findings on how executive stock options (ESOs) affect firm value are still inconclusive. This research examines the risk-taking effect of ESOs on firm performance by taking into consideration managers' personal risk aversion. A three-stage-least-squares approach is adopted to examine a simultaneous system of equations describing option compensation, risk-taking, and firm performance. Evidence confirms that ESOs increase managerial risk-taking, but such risk-taking is constrained by managers' personal risk aversion. In addition, evidence indicates that managerial risk-taking induced by ESOs would increase both long-term and near-term stock returns. The negative impact on near-term and the positive impact on long-term returns on investment imply that it takes time for accounting performance to reflect the risk-taking effect of ESOs. These results further indicate that managers focus their concerns more on stock risk and return rather than near-term accounting results.
    關聯: Journal of Business Research, 64, 640-648
    数据类型: article
    DOI 連結: http://dx.doi.org/10.1016/j.jbusres.2010.02.012
    DOI: 10.1016/j.jbusres.2010.02.012
    显示于类别:[財務管理學系] 期刊論文

    文件中的档案:

    档案 描述 大小格式浏览次数
    640-648.pdf203KbAdobe PDF687检视/开启


    在政大典藏中所有的数据项都受到原著作权保护.


    社群 sharing

    著作權政策宣告
    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。
    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。
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - 回馈