Izvorni znanstveni članak
https://doi.org/10.1080/1331677X.2022.2048192
Executive stock options, informative stock prices and innovation
Xin Xiang
orcid.org/0000-0003-2617-2663
Sažetak
Prior studies have not reasonably explained why executive stock
options (ESOs) encourage innovation through vega rather than
delta. This study re-examines the relationship among vega, delta
and innovation performance when stock prices are informative.
The findings indicate that informative stock prices amplify the
delta effect on encouraging executives to improve innovation performance
but that informative prices alleviate the traditional positive
effect of vega on innovation. Moreover, when stock prices
are informative, deep-in-the-money options reduce the positive
effect of delta on innovation, whereas the state control, independent
directors and manager and director shareholding
enhance (reduce) the positive effect of delta (vega) on innovation.
The results hold after conducting robustness tests.
Ključne riječi
ESOs; innovation; delta; stock price informativeness
Hrčak ID:
302971
URI
Datum izdavanja:
31.3.2023.
Posjeta: 161 *