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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


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    題名: The Effect of Executive Stock Options on Corporate Innovative Activities
    作者: 陳嬿如
    Chen, Y.R.;C.R. Chen;C.K. Chu
    貢獻者: 財管系
    日期: 2014-06
    上傳時間: 2014-10-22 12:25:51 (UTC+8)
    摘要: 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.
    關聯: Financial Management, 43(2), 271-290
    資料類型: article
    DOI 連結: http://dx.doi.org/10.1111/fima.12036
    DOI: 10.1111/fima.12036
    顯示於類別:[財務管理學系] 期刊論文

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