The Option to Quit: The Effect of Employee Stock Options on Turnover
The Option to Quit: The Effect of Employee Stock Options on Turnover
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辞职选择：员工股票期权对营业额的影响
DOI：
10.2139/ssrn.1787169
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发表时间：
2014
期刊：
影响因子：
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通讯作者：
Edward Dickersin Van Wesep
中科院分区：
文献类型：
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作者：
Serdar Aldatmaz;P. Ouimet;Edward Dickersin Van Wesep
我们表明，在大规模广泛的员工股票期权（BBSO）授予后的几年中，授予公司的员工流动率下降。我们发现证据一致的因果关系，利用未授予期权的价值的意外变化。营业额减少的很大一部分似乎是暂时的，因为营业额在通过业务支助计划之年之后的第三年有所增加。补助金后三年的增加幅度与前三年的营业额累计减少幅度相等，这表明长期授予的BBSO计划延迟而不是防止营业额。
We show that in the years following a large broad-based employee stock option (BBSO) grant, employee turnover falls at the granting firm. We find evidence consistent with a causal relation by exploiting unexpected changes in the value of unvested options. A large fraction of the reduction in turnover appears to be temporary with turnover increasing in the third year following the year of the adoption of the BBSO plan. The increase three years post-grant is equal in magnitude to the cumulative decrease in turnover over the three prior years, suggesting that long-vesting BBSO plans delay, instead of prevent, turnover.