政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/70691

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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

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/70691

Title:	Revisiting the Risk-Taking Effect of Executive Stock Options on Firm Performance
Authors:	陳嬿如 Chen, Y.R.;Y. Ma
Contributors:	財管系
Keywords:	Executive compensation;CEO stock options;Managerial risk-taking;Risk aversion;Firm performance
Date:	2011.06
Issue Date:	2014-10-22 12:26:06 (UTC+8)
Abstract:	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.
Relation:	Journal of Business Research, 64, 640-648
Data Type:	article
DOI 連結:	http://dx.doi.org/10.1016/j.jbusres.2010.02.012
DOI:	10.1016/j.jbusres.2010.02.012
Appears in Collections:	[財務管理學系] 期刊論文

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