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政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 > Item 140.119/70692

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/70692

Title:	A Dynamic Analysis of Executive Stock Options: Determinants and Consequences
Authors:	陳嬿如 Chen, Y.R.;B.S. Lee
Contributors:	財管系
Keywords:	Executive stock options;Growth opportunity;Capital investment and performance;Dynamic analysis
Date:	2010.02
Issue Date:	2014-10-22 12:26:25 (UTC+8)
Abstract:	We investigate the determinants of executive stock options (ESOs) and their impact on risky investment and subsequent firm performance in a dynamic setting. We find that, first, the dynamic response of ESOs to growth opportunity and risk is positive and lasts for two to three years. Second, the dynamic response of risky investments to option compensation is positive but converges to zero after three years. More importantly, the positive effect of ESOs on risky investments is observed when CEOs` personal risk-aversion is taken into account. Third, accounting performance responds positively to the risky, option-induced investment, but the dynamic effect lasts only for one year. Meanwhile, when managers undertake more risky investments than what ESOs imply, accounting performance responds negatively to the over-investment.
Relation:	Journal of Corporate Finance, 16 (1),88-103
Data Type:	article
DOI 連結:	http://dx.doi.org/10.1016/j.jcorpfin.2009.10.001
DOI:	10.1016/j.jcorpfin.2009.10.001
Appears in Collections:	[財務管理學系] 期刊論文

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