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    政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 >  Item 140.119/70691


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    題名: Revisiting the Risk-Taking Effect of Executive Stock Options on Firm Performance
    作者: 陳嬿如
    Chen, Y.R.;Y. Ma
    貢獻者: 財管系
    關鍵詞: Executive compensation;CEO stock options;Managerial risk-taking;Risk aversion;Firm performance
    日期: 2011.06
    上傳時間: 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
    資料類型: article
    DOI 連結: http://dx.doi.org/10.1016/j.jbusres.2010.02.012
    DOI: 10.1016/j.jbusres.2010.02.012
    顯示於類別:[財務管理學系] 期刊論文

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