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政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 > Item 140.119/70690

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/70690

Title:	The Effect of Executive Stock Options on Corporate Innovative Activities
Authors:	陳嬿如 Chen, Y.R.;C.R. Chen;C.K. Chu
Contributors:	財管系
Date:	2014-06
Issue Date:	2014-10-22 12:25:51 (UTC+8)
Abstract:	This study investigates whether the implicit optionality of executive stock options (ESOs) induce managers to undertake innovative activities associated with various types of risk. We find ESO risk incentive (vega) to be positively correlated with all types of corporate innovations. We also find greater ESO risk incentive effects for the product-related innovative activities that are associated more with systematic risk than idiosyncratic risk. Finally, we document the following pecking order for the ESO risk incentive effects: improved product, new product, alliance, and new research and development. Our results suggest that executives have more incentive to invest in projects with higher systematic risk.
Relation:	Financial Management, 43(2), 271-290
Data Type:	article
DOI 連結:	http://dx.doi.org/10.1111/fima.12036
DOI:	10.1111/fima.12036
Appears in Collections:	[財務管理學系] 期刊論文

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