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Why do firms adopt CEO stock options? Evidence from the United States
[Zeitschriftenartikel]
Abstract
This paper examines the determinants of stock option introduction as a part of CEO compensation in listed US firms during the 1994–2004 period. The results are consistent with agency costs and recruiting considerations, suggesting that firms do not adjust CEO compensation in order to address the 'in... mehr
This paper examines the determinants of stock option introduction as a part of CEO compensation in listed US firms during the 1994–2004 period. The results are consistent with agency costs and recruiting considerations, suggesting that firms do not adjust CEO compensation in order to address the 'investment horizon' problem. The findings also suggest that CEO stock option adoption is not necessarily influenced by the same factors that have been found in the literature to affect the level of CEO stock option compensation and the adoption of broad-based stock option incentives. Overall, the findings provide evidence for several theoretical predictions, thus adding to our understanding of managerial incentives.... weniger
Klassifikation
Management
Personalwesen
Freie Schlagwörter
Stock options; CEO compensation; J33; M12; M52
Sprache Dokument
Englisch
Publikationsjahr
2008
Seitenangabe
S. 100-111
Zeitschriftentitel
Journal of Economic Behavior & Organization, 68 (2008) 1
DOI
https://doi.org/10.1016/j.jebo.2007.06.008
Status
Postprint; begutachtet (peer reviewed)
Lizenz
PEER Licence Agreement (applicable only to documents from PEER project)