Determinants of the Introduction of Stock Options by Japanese Firms: Analysis from the Incentive and Selection Perspectives
Determinants of the Introduction of Stock Options by Japanese Firms: Analysis from the Incentive and Selection Perspectives
复制标题
日本企业引入股票期权的决定因素：从激励和选择角度分析
DOI：
10.1086/497050
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发表时间：
2005
期刊：
影响因子：
--
通讯作者：
Sadao Nagaoka
中科院分区：
文献类型：
--
作者：
Sadao Nagaoka
This paper examines the determinants of the introduction of stock options in Japan, in response to their deregulation, from the incentive and selection perspectives. Younger firms use broad-based stock options more often, even after controlling firm size, growth, and the possibility of a liquidity constraint. Moreover, stock price volatility increases the adoption of stock options only when a firm is young. These results support the relevancy of a selection view that focuses on efficient project choice. Stock options are used more often by fast-growing firms and less in regulated industries and by the firms with concentrated ownership structure, consistent with both views.
DOI：
10.1016/j.jjie.2004.05.003
发表时间：
2006-03
影响因子：
2.9
作者：
Takao Kato;Katsuyuki Kubo
通讯作者：
Takao Kato;Katsuyuki Kubo