کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
10475923 929444 2005 35 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Why do some firms give stock options to all employees?: An empirical examination of alternative theories
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری حسابداری
پیش نمایش صفحه اول مقاله
Why do some firms give stock options to all employees?: An empirical examination of alternative theories
چکیده انگلیسی
Many firms issue stock options to all employees. We consider three potential economic justifications for this practice: providing incentives to employees, inducing employees to sort, and employee retention. We gather data from three sources on firms' stock option grants to middle managers. First, we directly calibrate models of incentives, sorting and retention, and ask whether observed magnitudes of option grants are consistent with each potential explanation. We also conduct a cross-sectional regression analysis of firms' option-granting choices. We reject an incentives-based explanation for broad-based stock option plans, and conclude that sorting and retention explanations appear consistent with the data.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Financial Economics - Volume 76, Issue 1, April 2005, Pages 99-133
نویسندگان
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