Executive turnover in the stock option backdating wave: The impact of social context

• 成果类型: Article
• 署名作者: Wiersema, Margarethe F.; Zhang, Yan (Anthea)
• 署名单位: University of California System; University of California Irvine; Rice University
• 刊物名称: STRATEGIC MANAGEMENT JOURNAL
• ISSN/ISSBN: 0143-2095
• DOI: 10.1002/smj.2030
• 发表日期: 2013
• 页码: 590-609
• 关键词: Corporate misconduct; Backdating; Stock options; executive turnover; MEDIA ATTENTION

摘要

While boards are known to react to corporate misconduct by removing the executives responsible, little is known about whether the board's response is shaped by the firm's social context. Using the 2006 stock option backdating scandal, in which firms manipulated stock option grant dates, we examine the impact of two dimensions of social contextthe pervasiveness of the misconduct and the media attention to the misconduct. We find that firms implicated later in the backdating scandal are less likely to experience executive turnover than those implicated earlier. We also find that the amount of media attention to backdating at the time a firm is implicated in the scandal increases the likelihood that the firm experiences executive turnover.Copyright (c) 2012 John Wiley & Sons, Ltd.