Is Executive”s Power the Thrusting Agent of Stock Option Plan?—Empirical evidence from China
Because of a mess brought by the ESOs incentive plans of listed companies,people pay more and more attention to their motives.In this paper,we take the listed companies during 2006-2009 as a sample and focus on the motives of ESOs plan from the power of executives,company characteristics and the external environment.Our analysis recognizes that the more power of the executives,the larger the company scale and the higher the liquidity,the more the company introduce ESOs plan.Also,we find that the more concentrated structure of ownership and the higher financial leverage,the less chance of ESOs plan launched.Consistent with the prediction of our model,the concave relationship between company risks and ESOs plan show that either high or low risk tend to launch ESOs plan.Based on the results of our study,we analyze the balance mechanism of ESOs interests,and put forward the advice of improving mechanism of listed corporations launching ESOs in China.
Executive Power the Company Characteristics Motives of ESOs Incentive
Qinghua ZHAO
School of Economic and Management, Southwest Jiaotong University;Accounting School, Chongqing Technology and Business University
国内会议
昆明
英文
160-161
2012-07-01（万方平台首次上网日期，不代表论文的发表时间）