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Executive Stock Option Plans and Corporate Dividend Policy

Citations

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Cited by:

  1. J. Nellie Liang & Steven A. Sharpe, 1999. "Share repurchases and employee stock options and their implications for S&P 500 share retirements and expected returns," Finance and Economics Discussion Series 1999-59, Board of Governors of the Federal Reserve System (U.S.).
  2. Ken Yook & Partha Gangopadhyay, 2011. "A comprehensive examination of the wealth effects of recent stock repurchase announcements," Review of Quantitative Finance and Accounting, Springer, vol. 37(4), pages 509-529, November.
  3. Zhang, Dan, 2018. "CEO dividend protection," Journal of Empirical Finance, Elsevier, vol. 45(C), pages 194-211.
  4. Renneboog, L.D.R. & Trojanowski, G., 2005. "Patterns in Payout Policy and Payout Channel Choice of UK Firms in the 1990s," Discussion Paper 2005-22, Tilburg University, Center for Economic Research.
  5. Ottorino Morresi, 2005. "Factors in Top Executive Turnover: An Empirical Analysis of the Italian Listed Firms," Rivista di Politica Economica, SIPI Spa, vol. 95(6), pages 105-133, November-.
  6. repec:hum:wpaper:sfb649dp2008-033 is not listed on IDEAS
  7. Hirtle, Beverly, 2004. "Stock repurchases and bank holding company performance," Journal of Financial Intermediation, Elsevier, vol. 13(1), pages 28-57, January.
  8. Markus C. Arnold & Robert M. Gillenkirch, 2005. "Stock Options and Dividend Protection," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 161(3), pages 453-472, September.
  9. Minnick, Kristina & Rosenthal, Leonard, 2014. "Stealth compensation: Do CEOs increase their pay by influencing dividend policy?," Journal of Corporate Finance, Elsevier, vol. 25(C), pages 435-454.
  10. James, Hui & Benson, Bradley W. & Wu, Chen (Ken), 2017. "Does CEO ownership affect payout policy? Evidence from using CEO scaled wealth-performance sensitivity," The Quarterly Review of Economics and Finance, Elsevier, vol. 65(C), pages 328-345.
  11. Muurling, Rutger & Lehnert, Thorsten, 2004. "Option-based compensation: a survey," The International Journal of Accounting, Elsevier, vol. 39(4), pages 365-401.
  12. White, Lourdes Ferreira, 1996. "Executive compensation and dividend policy," Journal of Corporate Finance, Elsevier, vol. 2(4), pages 335-358, July.
  13. Block, Jörn Hendrich, 2008. "Are CEOs in family firms paid like bureaucrats? Evidence from Bayesian and frequentist analyses," SFB 649 Discussion Papers 2008-033, Humboldt University Berlin, Collaborative Research Center 649: Economic Risk.
  14. Richard MacMinn & Frank Page, 2006. "Stock options and capital structure," Annals of Finance, Springer, vol. 2(1), pages 39-50, January.
  15. Mahmoud Agha, 2016. "Agency costs, executive incentives and corporate financial decisions," Australian Journal of Management, Australian School of Business, vol. 41(3), pages 425-458, August.
  16. Brian J. Hall, 2003. "Six Challenges in Designing Equity-Based Pay," NBER Working Papers 9887, National Bureau of Economic Research, Inc.
  17. Majewska Agnieszka, 2016. "Using Sectoral Indexes to Discount the Exercise Price of Employee Stock Options," Folia Oeconomica Stetinensia, Sciendo, vol. 16(1), pages 174-185, December.
  18. Carola Frydman & Dirk Jenter, 2010. "CEO Compensation," Annual Review of Financial Economics, Annual Reviews, vol. 2(1), pages 75-102, December.
  19. George W. Fenn & J. Nellie Liang, 1997. "Good news and bad news about share repurchases," Finance and Economics Discussion Series 1998-04, Board of Governors of the Federal Reserve System (U.S.).
  20. George W. Fenn & J. Nellie Liang, 1999. "Corporate payout policy and managerial stock incentives," Finance and Economics Discussion Series 1999-23, Board of Governors of the Federal Reserve System (U.S.).
  21. Kapil Sharma, 2006. "Understanding Employee Stock Options," Global Business Review, International Management Institute, vol. 7(1), pages 77-93, February.
  22. Sun, Liang & Yu, Huaibing, 2022. "The effects of busy board on firm’s probability to pay dividends," Research in International Business and Finance, Elsevier, vol. 60(C).
  23. Hall, Brian J. & Murphy, Kevin J., 2002. "Stock options for undiversified executives," Journal of Accounting and Economics, Elsevier, vol. 33(1), pages 3-42, February.
  24. Anwar Boumosleh & Brandon Cline, 2015. "Outside Director Stock Options and Dividend Policy," Journal of Financial Services Research, Springer;Western Finance Association, vol. 47(3), pages 381-410, June.
  25. Ing-Haw Cheng & Harrison Hong & Kelly Shue, 2013. "Do Managers Do Good with Other People's Money?," NBER Working Papers 19432, National Bureau of Economic Research, Inc.
  26. Fenn, George W. & Liang, Nellie, 2001. "Corporate payout policy and managerial stock incentives," Journal of Financial Economics, Elsevier, vol. 60(1), pages 45-72, April.
  27. Hamza Bahaji, 2011. "Incentives from stock option grants: a behavioral approach," Post-Print halshs-00681607, HAL.
  28. Ming‐Cheng Wu & Erin H. C. Kao & Hung‐Gay Fung, 2008. "Impact Of Dividend‐Protected Employee Stock Options On Payout Policies: Evidence From Taiwan," Pacific Economic Review, Wiley Blackwell, vol. 13(4), pages 431-452, October.
  29. Philip Brown & Bryan Howieson, 1994. "Accounting For Employee Share Options," Australian Accounting Review, CPA Australia, vol. 4(8), pages 22-34, November.
  30. Hamza Bahaji, 2011. "Incentives from stock option grants: a behavioral approach," Post-Print halshs-00681611, HAL.
  31. P. Du Jardin & E. Séverin, 2011. "Dividend policy," Post-Print hal-00801923, HAL.
  32. Geiler, P.H.M. & Renneboog, L.D.R., 2014. "Executive Remuneration and the Payout Decision," Discussion Paper 2014-032, Tilburg University, Center for Economic Research.
  33. Kenneth A. Carow & Steven R. Cox & Dianne M. Roden, 2007. "The Role of Insider Influence in Mutual‐to‐Stock Conversions," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 39(6), pages 1285-1304, September.
  34. Karpavičius, Sigitas & Yu, Fan, 2018. "The impact of dividend-protected CEO equity incentives on firm value and risk," Economic Modelling, Elsevier, vol. 71(C), pages 16-24.
  35. Raj Chetty & Emmanuel Saez, 2005. "Dividend Taxes and Corporate Behavior: Evidence from the 2003 Dividend Tax Cut," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 120(3), pages 791-833.
  36. Tyrone M. Carlin & Guy Ford, 2006. "Options Plans — Some Australian Empirical Evidence," Australian Accounting Review, CPA Australia, vol. 16(38), pages 75-84, March.
  37. Hasan, Mostafa Monzur & Habib, Ahsan, 2020. "Social capital and payout policies," Journal of Contemporary Accounting and Economics, Elsevier, vol. 16(1).
  38. Cristina Vespro, 2008. "Essays on understanding financial architecture," ULB Institutional Repository 2013/210588, ULB -- Universite Libre de Bruxelles.
  39. Ding, Chao & Ho, Choy Yeing & Chang, Millicent, 2021. "CEO and CFO equity compensation and dividend payout over the firm lifecycle," Global Finance Journal, Elsevier, vol. 49(C).
  40. Sharma, Vineeta, 2011. "Independent directors and the propensity to pay dividends," Journal of Corporate Finance, Elsevier, vol. 17(4), pages 1001-1015, September.
  41. Yermack, David, 1995. "Do corporations award CEO stock options effectively?," Journal of Financial Economics, Elsevier, vol. 39(2-3), pages 237-269.
  42. Eisdorfer, Assaf & Giaccotto, Carmelo & White, Reilly, 2015. "Do corporate managers skimp on shareholders' dividends to protect their own retirement funds?," Journal of Corporate Finance, Elsevier, vol. 30(C), pages 257-277.
  43. de Jong, A. & van Dijk, R. & Veld, C.H., 2000. "The Dividend and Share Repurchase Policies of Canadian Firms : Empirical Evidence based on New Research Design," Other publications TiSEM 46dc60fc-de95-4aaa-9e3c-f, Tilburg University, School of Economics and Management.
  44. Bruno S. Frey & Margit Osterloh, "undated". "Yes, Managers Should be Paid Like Bureaucrats," IEW - Working Papers 187, Institute for Empirical Research in Economics - University of Zurich.
  45. Renneboog, Luc & Trojanowski, Grzegorz, 2011. "Patterns in payout policy and payout channel choice," Journal of Banking & Finance, Elsevier, vol. 35(6), pages 1477-1490, June.
  46. Henry, Darren, 2011. "Ownership structure and tax-friendly dividends," Journal of Banking & Finance, Elsevier, vol. 35(10), pages 2747-2760, October.
  47. Aboody, David & Kasznik, Ron, 2000. "CEO stock option awards and the timing of corporate voluntary disclosures," Journal of Accounting and Economics, Elsevier, vol. 29(1), pages 73-100, February.
  48. Beverly Hirtle, 2001. "How do stock repurchases affect bank holding company performance?," Staff Reports 123, Federal Reserve Bank of New York.
  49. Xueyan Dong & Kam C. Chan & Yujia Cui & Jenny Xinjiao Guan, 2021. "Strategic deviance and cash holdings," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 48(3-4), pages 742-782, March.
  50. Jeffrey R. Brown & Nellie Liang & Scott Weisbenner, 2007. "Executive Financial Incentives and Payout Policy: Firm Responses to the 2003 Dividend Tax Cut," Journal of Finance, American Finance Association, vol. 62(4), pages 1935-1965, August.
  51. Akhigbe, Aigbe & Whyte, Ann Marie, 2012. "Does the use of stock incentives influence the payout policy of financial institutions?," The Quarterly Review of Economics and Finance, Elsevier, vol. 52(1), pages 63-71.
  52. de Jong, Abe & van Dijk, Ronald & Veld, Chris, 2003. "The dividend and share repurchase policies of Canadian firms: empirical evidence based on an alternative research design," International Review of Financial Analysis, Elsevier, vol. 12(4), pages 349-377.
  53. Boubaker Adel & Berrahal Amira, 2015. "The impact of stock-options on the company’s financial performance," Bulletin of Business and Economics (BBE), Research Foundation for Humanity (RFH), vol. 4(2), pages 63-72, June.
  54. Asjeet S. Lamba & Vivek M. Miranda, 2010. "The Role of Executive Stock Options in On‐Market Share Buybacks," International Review of Finance, International Review of Finance Ltd., vol. 10(3), pages 339-363, September.
  55. Margit Osterloh & Bruno S. Frey, "undated". "Corporate Governance for Crooks? The Case for Corporate Virtue," IEW - Working Papers 164, Institute for Empirical Research in Economics - University of Zurich.
  56. Chinmoy Ghosh & Erasmo Giambona & John P. Harding & Özcan Sezer & C.F. Sirmans, 2010. "The Role of Managerial Stock Option Programs in Governance: Evidence from REIT Stock Repurchases," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 38(1), pages 31-55, March.
  57. Nam, Jouahn & Wang, Jun & Zhang, Ge, 2010. "The impact of the dividend tax cut and managerial stock holdings on corporate dividend policy," Global Finance Journal, Elsevier, vol. 21(3), pages 275-292.
  58. repec:mth:ijafr8:v:8:y:2018:i:2:p:179-211 is not listed on IDEAS
  59. Brian J. Hall & Kevin J. Murphy, 2003. "The Trouble with Stock Options," Journal of Economic Perspectives, American Economic Association, vol. 17(3), pages 49-70, Summer.
  60. Argandoña, Antonio, 2000. "Remuneración de directivos mediante opciones sobre acciones: Aspectos económicos y éticos," IESE Research Papers D/411, IESE Business School.
  61. Shapiro, Dmitry & Zhuang, Anan, 2015. "Dividends as a signaling device and the disappearing dividend puzzle," Journal of Economics and Business, Elsevier, vol. 79(C), pages 62-81.
  62. Babkin, Anton & Glover, Brent & Levine, Oliver, 2017. "Are corporate inversions good for shareholders?," Journal of Financial Economics, Elsevier, vol. 126(2), pages 227-251.
  63. Ing-Haw Cheng & Harrison Hong & Kelly Shue, 2023. "Do Managers Do Good with Other People’s Money?," The Review of Corporate Finance Studies, Society for Financial Studies, vol. 12(3), pages 443-487.
  64. Johnson, Shane A. & Tian, Yisong S., 2000. "The value and incentive effects of nontraditional executive stock option plans," Journal of Financial Economics, Elsevier, vol. 57(1), pages 3-34, July.
  65. Azhagaiah Ramachandran & Veeramuthu Packkirisamy, 2010. "The Impact of Firm Size on Dividend Behaviour: A Study With Reference to Corporate Firms across Industries in India," Managing Global Transitions, University of Primorska, Faculty of Management Koper, vol. 8(1), pages 049-078.
  66. Brian J. Hall, 1998. "The Pay to Performance Incentives of Executive Stock Options," NBER Working Papers 6674, National Bureau of Economic Research, Inc.
  67. Kato, Hideaki Kiyoshi & Lemmon, Michael & Luo, Mi & Schallheim, James, 2005. "An empirical examination of the costs and benefits of executive stock options: Evidence from Japan," Journal of Financial Economics, Elsevier, vol. 78(2), pages 435-461, November.
  68. Allison L. Evans, 2008. "Portfolio Manager Ownership and Mutual Fund Performance," Financial Management, Financial Management Association International, vol. 37(3), pages 513-534, September.
  69. Chin-Chen Chien & Cheng-Few Lee & She Chih Chiu, 2016. "Does Corporate Governance Curb Managers’ Opportunistic Behavior of Exploiting Inside Information for Early Exercise of Executive Stock Options?," Review of Pacific Basin Financial Markets and Policies (RPBFMP), World Scientific Publishing Co. Pte. Ltd., vol. 19(01), pages 1-22, March.
  70. Hamid Mehran & Joshua V. Rosenberg, 2007. "The effect of employee stock options on bank investment choice, borrowing, and capital," Staff Reports 305, Federal Reserve Bank of New York.
  71. Gao, Huasheng, 2010. "Optimal compensation contracts when managers can hedge," Journal of Financial Economics, Elsevier, vol. 97(2), pages 218-238, August.
  72. Matthias Benz & Marcel Kucher & Alois Stutzer, "undated". "Are Stock Options the Managers' Blessing? Stock Option Compensation and Institutional Controls," IEW - Working Papers 061, Institute for Empirical Research in Economics - University of Zurich.
  73. Canil, Jean, 2017. "Non-dividend protected executive options and dividend policy: Evidence from SFAS 123R," Journal of Corporate Finance, Elsevier, vol. 44(C), pages 15-33.
  74. Chowdhury, Hasibul & Rahman, Shofiqur, 2023. "Do tournament incentives affect corporate dividend policy?," Journal of Banking & Finance, Elsevier, vol. 152(C).
  75. Unsal, Omer & Brodmann, Jennifer, 2019. "Workplace environment and payout policy," Journal of Economics and Business, Elsevier, vol. 106(C).
  76. Pasternack, Daniel & Rosenberg, Matts, 2003. "What Determines Stock Option Contract Design?," Working Papers 498, Hanken School of Economics.
  77. De Cesari, Amedeo & Ozkan, Neslihan, 2015. "Executive incentives and payout policy: Empirical evidence from Europe," Journal of Banking & Finance, Elsevier, vol. 55(C), pages 70-91.
  78. Hoi, Chun Keung & Ke, Yun & Wu, Qiang & Zhang, Hao, 2023. "Social capital and dividend policies in US corporations," Journal of Financial Stability, Elsevier, vol. 69(C).
  79. Thierry Poulain-Rehm, 2003. "Stock-options, décisions financières des dirigeants et création de valeur de l'entreprise:le cas français," Revue Finance Contrôle Stratégie, revues.org, vol. 6(3), pages 79-116, September.
  80. Scott Weisbenner, 2000. "Corporate share repurchases in the 1990s: what role do stock options play?," Finance and Economics Discussion Series 2000-29, Board of Governors of the Federal Reserve System (U.S.).
  81. Stefan Winter, 1998. "Zur Eignung von Aktienoptionsplänen als Motivationsinstrument für Manager," Schmalenbach Journal of Business Research, Springer, vol. 50(12), pages 1120-1142, December.
  82. Campbell, Cynthia J. & Wasley, Charles E., 1999. "Stock-based incentive contracts and managerial performance: the case of Ralston Purina Company," Journal of Financial Economics, Elsevier, vol. 51(2), pages 195-217, February.
  83. Mehroz Nida Dilshad, 2013. "Profitability Analysis of Mergers and Acquisitions: An Event Study Approach," Business and Economic Research, Macrothink Institute, vol. 3(1), pages 89-125, June.
  84. Rim El Houcine & Adel Boubaker, 2014. "Share Repurchasing and the Policies of Stock-Options," International Journal of Academic Research in Accounting, Finance and Management Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Accounting, Finance and Management Sciences, vol. 4(1), pages 175-187, January.
  85. Kiridaran Kanagaretnam & Gerald Lobo & Robert Mathieu, 2012. "CEO stock options and analysts’ forecast accuracy and bias," Review of Quantitative Finance and Accounting, Springer, vol. 38(3), pages 299-322, April.
  86. Carpenter, Jennifer N., 1998. "The exercise and valuation of executive stock options," Journal of Financial Economics, Elsevier, vol. 48(2), pages 127-158, May.
  87. Jennifer L. Blouin & Jana Smith Raedy & Douglas A. Shackelford, 2004. "Did Dividends Increase Immediately After the 2003 Reduction in Tax Rates?," NBER Working Papers 10301, National Bureau of Economic Research, Inc.
  88. Kole, Stacey R., 1997. "The complexity of compensation contracts," Journal of Financial Economics, Elsevier, vol. 43(1), pages 79-104, January.
  89. Rafel Crespi-Cladera & Carles Gispert & Luc Renneboog, 2001. "Verringern Management-Entlohnungskosten die Agency-Kosten?: Empirische Evidenz von netzwerkorientierten und marktorientierten Unternehmenskontrollsystemen," Vierteljahrshefte zur Wirtschaftsforschung / Quarterly Journal of Economic Research, DIW Berlin, German Institute for Economic Research, vol. 70(2), pages 234-246.
  90. Catherine Schrand, 2004. "Discussion of Firms' Voluntary Recognition of Stock‐Based Compensation Expense," Journal of Accounting Research, Wiley Blackwell, vol. 42(2), pages 151-158, May.
  91. Jongwon Park & Sunyoung Kim & Albert Tsang, 2023. "CEO Personal Hedging and Corporate Social Responsibility," Journal of Business Ethics, Springer, vol. 182(1), pages 199-221, January.
  92. Burns, Natasha & McTier, Brian C. & Minnick, Kristina, 2015. "Equity-incentive compensation and payout policy in Europe," Journal of Corporate Finance, Elsevier, vol. 30(C), pages 85-97.
  93. Nalinaksha Bhattacharyya & Amin Mawani & Cameron Morrill, 2008. "Dividend payout and executive compensation: theory and evidence," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 48(4), pages 521-541, December.
  94. Rosenberg, Matts, 2003. "Stock Option Compensation in Finland: An Analysis of Economic Determinants, Contracting Frequency, and Design," Working Papers 496, Hanken School of Economics.
  95. Elli Kraizberg & Vassilios N. Gargalas, 2002. "Why New Ventures Grant Employee-Stock-Options," Journal of Entrepreneurial Finance, Pepperdine University, Graziadio School of Business and Management, vol. 7(2), pages 83-103, Summer.
  96. Denis, David J. & Osobov, Igor, 2008. "Why do firms pay dividends? International evidence on the determinants of dividend policy," Journal of Financial Economics, Elsevier, vol. 89(1), pages 62-82, July.
  97. Hemmer, Thomas & Kim, Oliver & Verrecchia, Robert E., 1999. "Introducing convexity into optimal compensation contracts," Journal of Accounting and Economics, Elsevier, vol. 28(3), pages 307-327, December.
  98. Goldman, Eitan & Slezak, Steve L., 2006. "An equilibrium model of incentive contracts in the presence of information manipulation," Journal of Financial Economics, Elsevier, vol. 80(3), pages 603-626, June.
  99. Barron, John M. & Waddell, Glen R., 2008. "Work hard, not smart: Stock options in executive compensation," Journal of Economic Behavior & Organization, Elsevier, vol. 66(3-4), pages 767-790, June.
  100. de Jong, A. & van Dijk, R. & Veld, C.H., 2001. "The Dividend and Share Repurchase Policies of Canadian Firms," ERIM Report Series Research in Management ERS-2001-88-F&A, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus University Rotterdam.
  101. repec:eee:labchp:v:3:y:1999:i:pb:p:2485-2563 is not listed on IDEAS
  102. Erin E. Syron Ferris, 2018. "Dividend taxes and stock volatility," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 25(2), pages 377-403, April.
  103. Espahbodi, Reza & Liu, Nan & Westbrook, Amy, 2016. "The effects of the 2006 SEC executive compensation disclosure rules on managerial incentives," Journal of Contemporary Accounting and Economics, Elsevier, vol. 12(3), pages 241-256.
  104. Abdelaziz Elmarzougui, 2006. "Evolution et sensibilité des stock-options : cas du marché français," Working Papers hal-04138526, HAL.
  105. Leslie Hodder & William J. Mayew & Mary Lea McAnally & Connie D. Weaver, 2006. "Employee Stock Option Fair†Value Estimates: Do Managerial Discretion and Incentives Explain Accuracy?," Contemporary Accounting Research, John Wiley & Sons, vol. 23(4), pages 933-975, December.
  106. Raj Chetty & Emmanuel Saez, 2004. "Do Dividend Payments Respond to Taxes? Preliminary Evidence from the 2003 Dividend Tax Cut," NBER Working Papers 10572, National Bureau of Economic Research, Inc.
  107. Grey, Colette & Flynn, Antoinette & Donnelly, Ray, 2020. "Management compensation contracts and distribution policies in the US technology sector," International Review of Financial Analysis, Elsevier, vol. 67(C).
  108. Ju, Nengjiu & Leland, Hayne & Senbet, Lemma W., 2014. "Options, option repricing in managerial compensation: Their effects on corporate investment risk," Journal of Corporate Finance, Elsevier, vol. 29(C), pages 628-643.
  109. Petrov, Ivam & Chirkova, Evgeniya, 2012. "The Stock-Based Compensation Plans for Top Managemen," Ekonomicheskaya Politika / Economic Policy, Russian Presidential Academy of National Economy and Public Administration, vol. 6, pages 1-17.
  110. Asmar Aliyeva, 2020. "Insider Ownership and Dividend Payout Policy: The Role of Business Cycle," Papers 2008.04069, arXiv.org.
  111. Olaf Korn & Clemens Paschke & Marliese Uhrig-Homburg, 2012. "Robust stock option plans," Review of Quantitative Finance and Accounting, Springer, vol. 39(1), pages 77-103, July.
  112. Boudry, Walter I. & Kallberg, Jarl G. & Liu, Crocker H., 2013. "Investment opportunities and share repurchases," Journal of Corporate Finance, Elsevier, vol. 23(C), pages 23-38.
  113. Randall Morck & Bernard Yeung, 2005. "Dividend Taxation and Corporate Governance," Journal of Economic Perspectives, American Economic Association, vol. 19(3), pages 163-180, Summer.
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