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題名 經理人到期選擇權與公司進行股票回購及投資之關聯性
The Association between CEO Expiring Option, Repurchase and Investment作者 張惟鈞
Chang, Wei-Chun貢獻者 翁嘉祥
Weng, Chia-Hsiang
張惟鈞
Chang, Wei-Chun關鍵詞 CEO選擇權薪酬
股票回購
研發費用
資本支出
短視近利行為
CEO option compensation
Repurchase
R&D expenditure
Capital expenditure
Short-termism日期 2023 上傳時間 2-Jan-2024 15:21:16 (UTC+8) 摘要 本研究使用2007年至2022年美國S&P1500之公司作為樣本，探討經理人在面對與本身利益有關之短期誘因下，可能做出損害公司長期價值之決策。本研究以經理人所持有一年內到期之選擇權作為操縱股價短期誘因的衡量方式，發現當經理人持有未來一年到期之選擇權時，會減少未來一年之資本支出，但不會在未來一年更容易進行股票回購或減少未來一年之研發費用。接著，當經理人持有未來一年到期之選擇權時，未來一年的資產周轉率會降低，即到期選擇權所導致資本支出的減少是不效率的，會使公司的長期價值受到損害。最後，本研究發現在公司未來一年有小幅度獲利增加的情況下，持有未來一年到期選擇權之經理人會更傾向減少未來一年之資本支出，即在公司預測未來會有小幅度獲利減少的情況下，持有到期選擇權之經理人會更傾向減少資本支出，而在經理人能力較差的情況下，持有未來一年到期選擇權之經理人並不會更傾向減少未來一年之資本支出。整體而言，本研究發現到期選擇權所產生操縱股價的短期誘因確實會影響公司之投資決策並損害公司之價值，尤其在公司預測未來會有小幅度獲利減少的情況下，董事會應適當因應之。
This paper studies the value-destroying actions induced by CEOs’ short-term incentives using the sample of S&P1500 companies from 2007 to 2022. I measure CEOs’ short-term incentives by their stock options scheduled to expire within one year and find that CEOs with expiring options will decrease capital expenditure in the following year, but they will not repurchase more shares or decrease R&D expenditure. Furthermore, asset turnover ratio will decrease in the following year when CEOs own expiring options, suggesting that decrease in capital expenditure is an inefficient decision-making and will potentially destroy the value of company. Finally, I find that CEOs with expiring options are more likely to decrease capital expenditure when companies have a small earning increase in the future, indicating that CEOs with expiring options are more likely to decrease capital expenditure when company is predicted to have a small earning decrease in the future, but not in the case when CEOs have lower ability. Overall, the short-term incentives from expiring options will induce decreases in capital expenditure, which is value-destroying, especially when company is predicted to have a small earning decrease in the future. This study’s finding should have important implications for corporate governance.參考文獻 Apostolou, N. G., and D. L. Crumbley. 2005. Accounting for Stock Options. CPA Journal 75:30. Asker, J., J. Farre-Mensa, and A. Ljungqvist. 2015. Corporate investment and stock market listing: A puzzle? Review of Financial Studies 28:342-390. Almeida, H., V. Fos, and M. Kronlund. 2016. The Real Effects of Share Repurchases. Journal of Financial Economics 119:168-85. Baber, W. R., Fairfield, P. M., & Haggard, J. A. 1991. The effect of concern about reported income on discretionary spending decisions: The case of research and development. The Accounting Review 66:818-829. Burgstahler, D., and I. Dichev. 1997. Earnings management to avoid earnings decreases and losses. Journal of Accounting and Economics 24:99-126. Bergstresser, D., and T. Philippon. 2006. CEO incentives and earnings management. Journal of Financial Economics 80:511-529. Banerjee, S., M. Humphery-Jenner, and V. Nanda, 2018. Does ceo bias escalate repurchase activity? Journal of Banking & Finance 93:105-126. Cheng, Q., and T. D. Warfield. 2005. Equity incentives and earnings management. Accounting Review 80:441-476. Cohen, D. A., and P. Zarowin. 2010. Accrual-based and real earnings management activities around seasoned equity offerings. Journal of Accounting and Economics 50:2-19. Cheng, Y., J. Harford, and T. Zhang. 2015. Bonus-Driven Repurchases. Journal of Financial and Quantitative Analysis 50:447-75. Canace, T. G., S. B. Jackson, and T. Ma. 2018. R&D investments, capital expenditures, and earnings thresholds. Review of Accounting Studies 23:265-295. Cook, D. O., W. Zhang. 2022. CEO option incentives and corporate share repurchases. International Review of Economics and Finance 78:355-376. Dittmar, A. K. Why Do Firms Repurchase Stock? 2000. Journal of Business 73: 331-355. Demerjian, P., B. Lev, and S. McVay. 2012. Quantifying managerial ability: A new measure and validity tests. Management Science 587:1229-1248 Demerjian, P., M. Lewis, B. Lev, and S. McVay. 2013. Managerial ability and earnings quality. The Accounting Review 88:463-498. Edmans, A., X. Gabaix, T. Sadzik, and Y. Sannikov. 2012. Dynamic CEO Compensation. Journal of Finance 67: 1603-1647. Edmans, A., V. W. Fang, and K. A. Lewellen. 2017. Equity Vesting and Investment. Review of Financial Studies 30:2229-2271. Edmans, A., L. Goncalves-Pinto, M. Groen-Xu, and Y. Wang. 2018. Strategic News Releases in Equity Vesting Months. Review of Financial Studies 31:4099-4141. Edmans, A., V. W. Fang, and A. H. Huang. 2021. The long-term consequences of short-term incentives. Journal of Accounting Research 60:1007-1046. Erickson, M., M. Hanlon, and E. L. Maydew. 2006. Is there a link between executive equity incentives and accounting fraud? Journal of Accounting Research 44:113-143. Gibbons, R., and K. J. Murphy. 1992. Optimal incentive contracts in the presence of career concerns: Theory and evidence. Journal of Political Economy 100:468-505. Graham, J. R., C. R. Harvey, and S. Rajgopal. 2005. The economic implications of corporate financial reporting. Journal of Accounting and Economics 40:3-73. Huddart, S. and M. Lang. 1996. Employee stock option exercises An empirical analysis. Journal of Accounting and Economics 21:5-43. Hall, B. J., and J. B. Liebman. 1998. Are CEOs really paid like bureaucrats? Quarterly Journal of Economics 113:653-691. Himmelberg, C. P., R. G. Hubbard, and D. Palia. 1999. Understanding the determinants of managerial ownership and the link between ownership and performance. Journal of Financial Economics 53:353-384. Hall, B. J., and K. J. Murphy. 2003. The Trouble with Stock Options. Journal of Economic Perspectives 17:49-70 Hribar, P., N. T. Jenkins, and W. B. Johnson. 2006. Stock Repurchases as An Earnings Management Device. Journal of Accounting and Economics 41:3-27. Hayes, R. M., M. Lemmon, and M. Qiu. 2012. Stock Options and Managerial Incentives for Risk Taking: Evidence from FAS 123R. Journal of Financial Economics 105:174–190. Huang, S., and A. V. Thakor. 2013. Investor Heterogeneity, Investor-Management Disagreement and Share Repurchases. Review of Financial Studies 26: 2453–2491. Huang, X. and L. Sun. 2017. Managerial ability and real earnings management. Advances in Accounting 39:91-104. Ikenberry, D., J. Lakonishok, and T. Vermaelen. 1995. Market Underreaction to Open Market Share Repurchases. Journal of Financial Economics 39:181-208. Jensen, M. C. 1986. Agency costs of free cash flow, corporate finance, and takeovers. The American Economic Review:76, 323-329. Jensen, M. C., and K. J. Murphy. 1990. Performance and top-management incentives. Journal of Political Economy 98:225-264. Jochem, T., T. Ladika, and Z. Sautner. 2018. The Retention Effects of Unvested Equity: Evidence from Accelerated Option Vesting. Review of Financial Studies 31:4142-4186. Kim, S., J. Ng. 2018. Executive Bonus Contract Characteristics and Share Repurchases. The Accounting Review 93:289-316. Lyke, B., and G. W. Shorter. 2005. Stock Options: the Accounting Issue and Its Consequences. Congressional Research Service Report RS21392, Nov. 15. U.S. Government Printing Office, Washington, DC. Ladika, T., and Z. Sautner. 2020. Managerial Short-Termism and Investment: Evidence from Accelerated Option Vesting. Review of Finance 24:305-344. Malmendier, U. and Tate, G. 2005. Ceo overconfidence and corporate investment. The journal of finance 60:2661-2700. Malmendier, U. and Tate, G. 2008. Who makes acquisitions? CEO overconfidence and the market’s reaction. Journal of Financial Economics 89:20-43. Pan, Y., T. Y. Wang, and M. S. Weisbach. 2016. CEO investment cycles. Review of Financial Studies 29:2955-2999. Stein, J. C. 1989. Efficient capital markets, inefficient firms: A model of myopic corporate behavior. Quarterly Journal of Economics 104:655-69. 描述 碩士
國立政治大學
會計學系
110353003資料來源 http://thesis.lib.nccu.edu.tw/record/#G0110353003 資料類型 thesis dc.contributor.advisor 翁嘉祥 zh_TW dc.contributor.advisor Weng, Chia-Hsiang en_US dc.contributor.author (Authors) 張惟鈞 zh_TW dc.contributor.author (Authors) Chang, Wei-Chun en_US dc.creator (作者) 張惟鈞 zh_TW dc.creator (作者) Chang, Wei-Chun en_US dc.date (日期) 2023 en_US dc.date.accessioned 2-Jan-2024 15:21:16 (UTC+8) - dc.date.available 2-Jan-2024 15:21:16 (UTC+8) - dc.date.issued (上傳時間) 2-Jan-2024 15:21:16 (UTC+8) - dc.identifier (Other Identifiers) G0110353003 en_US dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/149028 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 會計學系 zh_TW dc.description (描述) 110353003 zh_TW dc.description.abstract (摘要) 本研究使用2007年至2022年美國S&P1500之公司作為樣本，探討經理人在面對與本身利益有關之短期誘因下，可能做出損害公司長期價值之決策。本研究以經理人所持有一年內到期之選擇權作為操縱股價短期誘因的衡量方式，發現當經理人持有未來一年到期之選擇權時，會減少未來一年之資本支出，但不會在未來一年更容易進行股票回購或減少未來一年之研發費用。接著，當經理人持有未來一年到期之選擇權時，未來一年的資產周轉率會降低，即到期選擇權所導致資本支出的減少是不效率的，會使公司的長期價值受到損害。最後，本研究發現在公司未來一年有小幅度獲利增加的情況下，持有未來一年到期選擇權之經理人會更傾向減少未來一年之資本支出，即在公司預測未來會有小幅度獲利減少的情況下，持有到期選擇權之經理人會更傾向減少資本支出，而在經理人能力較差的情況下，持有未來一年到期選擇權之經理人並不會更傾向減少未來一年之資本支出。整體而言，本研究發現到期選擇權所產生操縱股價的短期誘因確實會影響公司之投資決策並損害公司之價值，尤其在公司預測未來會有小幅度獲利減少的情況下，董事會應適當因應之。 zh_TW dc.description.abstract (摘要) This paper studies the value-destroying actions induced by CEOs’ short-term incentives using the sample of S&P1500 companies from 2007 to 2022. I measure CEOs’ short-term incentives by their stock options scheduled to expire within one year and find that CEOs with expiring options will decrease capital expenditure in the following year, but they will not repurchase more shares or decrease R&D expenditure. Furthermore, asset turnover ratio will decrease in the following year when CEOs own expiring options, suggesting that decrease in capital expenditure is an inefficient decision-making and will potentially destroy the value of company. Finally, I find that CEOs with expiring options are more likely to decrease capital expenditure when companies have a small earning increase in the future, indicating that CEOs with expiring options are more likely to decrease capital expenditure when company is predicted to have a small earning decrease in the future, but not in the case when CEOs have lower ability. Overall, the short-term incentives from expiring options will induce decreases in capital expenditure, which is value-destroying, especially when company is predicted to have a small earning decrease in the future. This study’s finding should have important implications for corporate governance. en_US dc.description.tableofcontents 第一章 緒論 1 第二章 文獻回顧與假說發展 5 第一節 選擇權薪酬 5 第二節 選擇權之短期誘因 6 第三節 短期誘因下的股票回購 8 第四節 短期誘因下的投資決策 11 第三章 研究方法 14 第一節 資料來源與樣本選取 14 第二節 實證模型 15 第三節 變數定義 18 第四章 實證結果 23 第一節 敘述性統計 23 第二節 相關係數分析 27 第三節 迴歸結果分析 29 第四節 敏感性測試 45 第五章 研究結論、研究限制與未來研究方向 55 第一節 研究結論 55 第二節 研究限制與未來研究方向 57 參考文獻 58 附錄一 實證模型變數定義彙總表 61 zh_TW dc.format.extent 2572844 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0110353003 en_US dc.subject (關鍵詞) CEO選擇權薪酬 zh_TW dc.subject (關鍵詞) 股票回購 zh_TW dc.subject (關鍵詞) 研發費用 zh_TW dc.subject (關鍵詞) 資本支出 zh_TW dc.subject (關鍵詞) 短視近利行為 zh_TW dc.subject (關鍵詞) CEO option compensation en_US dc.subject (關鍵詞) Repurchase en_US dc.subject (關鍵詞) R&D expenditure en_US dc.subject (關鍵詞) Capital expenditure en_US dc.subject (關鍵詞) Short-termism en_US dc.title (題名) 經理人到期選擇權與公司進行股票回購及投資之關聯性 zh_TW dc.title (題名) The Association between CEO Expiring Option, Repurchase and Investment en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) Apostolou, N. G., and D. L. Crumbley. 2005. Accounting for Stock Options. CPA Journal 75:30. Asker, J., J. Farre-Mensa, and A. Ljungqvist. 2015. Corporate investment and stock market listing: A puzzle? Review of Financial Studies 28:342-390. Almeida, H., V. Fos, and M. Kronlund. 2016. The Real Effects of Share Repurchases. Journal of Financial Economics 119:168-85. Baber, W. R., Fairfield, P. M., & Haggard, J. A. 1991. The effect of concern about reported income on discretionary spending decisions: The case of research and development. The Accounting Review 66:818-829. Burgstahler, D., and I. Dichev. 1997. Earnings management to avoid earnings decreases and losses. Journal of Accounting and Economics 24:99-126. Bergstresser, D., and T. Philippon. 2006. CEO incentives and earnings management. Journal of Financial Economics 80:511-529. Banerjee, S., M. Humphery-Jenner, and V. Nanda, 2018. Does ceo bias escalate repurchase activity? Journal of Banking & Finance 93:105-126. Cheng, Q., and T. D. Warfield. 2005. Equity incentives and earnings management. Accounting Review 80:441-476. Cohen, D. A., and P. Zarowin. 2010. Accrual-based and real earnings management activities around seasoned equity offerings. Journal of Accounting and Economics 50:2-19. Cheng, Y., J. Harford, and T. Zhang. 2015. Bonus-Driven Repurchases. Journal of Financial and Quantitative Analysis 50:447-75. Canace, T. G., S. B. Jackson, and T. Ma. 2018. R&D investments, capital expenditures, and earnings thresholds. Review of Accounting Studies 23:265-295. Cook, D. O., W. Zhang. 2022. CEO option incentives and corporate share repurchases. International Review of Economics and Finance 78:355-376. Dittmar, A. K. Why Do Firms Repurchase Stock? 2000. Journal of Business 73: 331-355. Demerjian, P., B. Lev, and S. McVay. 2012. Quantifying managerial ability: A new measure and validity tests. Management Science 587:1229-1248 Demerjian, P., M. Lewis, B. Lev, and S. McVay. 2013. Managerial ability and earnings quality. The Accounting Review 88:463-498. Edmans, A., X. Gabaix, T. Sadzik, and Y. Sannikov. 2012. Dynamic CEO Compensation. Journal of Finance 67: 1603-1647. Edmans, A., V. W. Fang, and K. A. Lewellen. 2017. Equity Vesting and Investment. Review of Financial Studies 30:2229-2271. Edmans, A., L. Goncalves-Pinto, M. Groen-Xu, and Y. Wang. 2018. Strategic News Releases in Equity Vesting Months. Review of Financial Studies 31:4099-4141. Edmans, A., V. W. Fang, and A. H. Huang. 2021. The long-term consequences of short-term incentives. Journal of Accounting Research 60:1007-1046. Erickson, M., M. Hanlon, and E. L. Maydew. 2006. Is there a link between executive equity incentives and accounting fraud? Journal of Accounting Research 44:113-143. Gibbons, R., and K. J. Murphy. 1992. Optimal incentive contracts in the presence of career concerns: Theory and evidence. Journal of Political Economy 100:468-505. Graham, J. R., C. R. Harvey, and S. Rajgopal. 2005. The economic implications of corporate financial reporting. Journal of Accounting and Economics 40:3-73. Huddart, S. and M. Lang. 1996. Employee stock option exercises An empirical analysis. Journal of Accounting and Economics 21:5-43. Hall, B. J., and J. B. Liebman. 1998. Are CEOs really paid like bureaucrats? Quarterly Journal of Economics 113:653-691. Himmelberg, C. P., R. G. Hubbard, and D. Palia. 1999. Understanding the determinants of managerial ownership and the link between ownership and performance. Journal of Financial Economics 53:353-384. Hall, B. J., and K. J. Murphy. 2003. The Trouble with Stock Options. Journal of Economic Perspectives 17:49-70 Hribar, P., N. T. Jenkins, and W. B. Johnson. 2006. Stock Repurchases as An Earnings Management Device. Journal of Accounting and Economics 41:3-27. Hayes, R. M., M. Lemmon, and M. Qiu. 2012. Stock Options and Managerial Incentives for Risk Taking: Evidence from FAS 123R. Journal of Financial Economics 105:174–190. Huang, S., and A. V. Thakor. 2013. Investor Heterogeneity, Investor-Management Disagreement and Share Repurchases. Review of Financial Studies 26: 2453–2491. Huang, X. and L. Sun. 2017. Managerial ability and real earnings management. Advances in Accounting 39:91-104. Ikenberry, D., J. Lakonishok, and T. Vermaelen. 1995. Market Underreaction to Open Market Share Repurchases. Journal of Financial Economics 39:181-208. Jensen, M. C. 1986. Agency costs of free cash flow, corporate finance, and takeovers. The American Economic Review:76, 323-329. Jensen, M. C., and K. J. Murphy. 1990. Performance and top-management incentives. Journal of Political Economy 98:225-264. Jochem, T., T. Ladika, and Z. Sautner. 2018. The Retention Effects of Unvested Equity: Evidence from Accelerated Option Vesting. Review of Financial Studies 31:4142-4186. Kim, S., J. Ng. 2018. Executive Bonus Contract Characteristics and Share Repurchases. The Accounting Review 93:289-316. Lyke, B., and G. W. Shorter. 2005. Stock Options: the Accounting Issue and Its Consequences. Congressional Research Service Report RS21392, Nov. 15. U.S. Government Printing Office, Washington, DC. Ladika, T., and Z. Sautner. 2020. Managerial Short-Termism and Investment: Evidence from Accelerated Option Vesting. Review of Finance 24:305-344. Malmendier, U. and Tate, G. 2005. Ceo overconfidence and corporate investment. The journal of finance 60:2661-2700. Malmendier, U. and Tate, G. 2008. Who makes acquisitions? CEO overconfidence and the market’s reaction. Journal of Financial Economics 89:20-43. Pan, Y., T. Y. Wang, and M. S. Weisbach. 2016. CEO investment cycles. Review of Financial Studies 29:2955-2999. Stein, J. C. 1989. Efficient capital markets, inefficient firms: A model of myopic corporate behavior. Quarterly Journal of Economics 104:655-69. zh_TW
