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Why do firms adopt CEO stock options? Evidence from the United States

[journal article]

Tzioumis, Konstantinos

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... view more

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.... view less

Classification
Management Science
Human Resources Management

Free Keywords
Stock options; CEO compensation; J33; M12; M52

Document language
English

Publication Year
2008

Page/Pages
p. 100-111

Journal
Journal of Economic Behavior & Organization, 68 (2008) 1

DOI
https://doi.org/10.1016/j.jebo.2007.06.008

Status
Postprint; peer reviewed

Licence
PEER Licence Agreement (applicable only to documents from PEER project)


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Home  |  Legal notices  |  Operational concept  |  Privacy policy
© 2007 - 2025 Social Science Open Access Repository (SSOAR).
Based on DSpace, Copyright (c) 2002-2022, DuraSpace. All rights reserved.