CEO stock options: The silent dimension of ownership

• 成果类型: Article
• 署名作者: McGuire, J; Matta, E
• 署名单位: Concordia University - Canada; Western University (University of Western Ontario); University Western Ontario Hospital
• 刊物名称: ACADEMY OF MANAGEMENT JOURNAL
• ISSN/ISSBN: 0001-4273
• DOI: 10.5465/30040618
• 发表日期: 2003
• 页码: 255-265
• 关键词: executive-compensation; managerial incentives; RISK; performance; management; EXERCISES; pay

摘要

This study examines the ownership and performance implications of the exercise of CEO stock options. We find that the exercise of stock options has no impact on the levels of CEO equity and no relationship with subsequent firm performance. The decision to exercise stock options appears to reflect risk-balancing concerns rather than expectations for future performance.