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題名 Stock-Based Compensation in a Concentrated Ownership Setting: An Empirical Investigation
作者 Liang, Jia-Wen;Chin, Chen Lung
梁嘉紋;金成隆
貢獻者 會計系
關鍵詞 stock-based compensation;concentrated ownership;controlling owners and minority shareholders;cash flow rights and voting rights
日期 2015-12
上傳時間 25-三月-2016 17:37:29 (UTC+8)
摘要 Stock-based compensation has been viewed as an important mechanism for tying managers’ wealth to firm performance, and thus alleviating the agency conflict between the shareholders and the managers when ownership is diffused. However, in a concentrated ownership structure, controlling owners are usually the management of the firm; they can engage in self-dealing activities to the detriment of minority shareholders’ interests. Yet, outside investors may anticipate the problem and discount the share price for the entrenchment behaviors they observe. In this study, we investigate how controlling owners trade off the benefits and the costs of using stock-based compensation. Based on a sample of Taiwanese firms, our evidence shows that stock-based compensation is negatively related to the agency problem embedded in a concentrated ownership structure. This relationship is evident among firms with more frequent equity offerings. Overall, our empirical evidence suggests that controlling owners consider the negative price effects of stock-based compensation and trade off these costs with the benefits of expropriating minority shareholders’ interests, particularly when firms seek more external equity capital. Our results hold after controlling for selection bias and share collateral by controlling owners.
關聯 Journal of Business Finance & Accounting, Volume 43, Issue 1-2, pages 131–157
資料類型 article
DOI http://dx.doi.org/10.1111/jbfa.12167
dc.contributor 會計系
dc.creator (作者) Liang, Jia-Wen;Chin, Chen Lung
dc.creator (作者) 梁嘉紋;金成隆zh_TW
dc.date (日期) 2015-12
dc.date.accessioned 25-三月-2016 17:37:29 (UTC+8)-
dc.date.available 25-三月-2016 17:37:29 (UTC+8)-
dc.date.issued (上傳時間) 25-三月-2016 17:37:29 (UTC+8)-
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/82971-
dc.description.abstract (摘要) Stock-based compensation has been viewed as an important mechanism for tying managers’ wealth to firm performance, and thus alleviating the agency conflict between the shareholders and the managers when ownership is diffused. However, in a concentrated ownership structure, controlling owners are usually the management of the firm; they can engage in self-dealing activities to the detriment of minority shareholders’ interests. Yet, outside investors may anticipate the problem and discount the share price for the entrenchment behaviors they observe. In this study, we investigate how controlling owners trade off the benefits and the costs of using stock-based compensation. Based on a sample of Taiwanese firms, our evidence shows that stock-based compensation is negatively related to the agency problem embedded in a concentrated ownership structure. This relationship is evident among firms with more frequent equity offerings. Overall, our empirical evidence suggests that controlling owners consider the negative price effects of stock-based compensation and trade off these costs with the benefits of expropriating minority shareholders’ interests, particularly when firms seek more external equity capital. Our results hold after controlling for selection bias and share collateral by controlling owners.
dc.format.extent 217799 bytes-
dc.format.mimetype application/pdf-
dc.relation (關聯) Journal of Business Finance & Accounting, Volume 43, Issue 1-2, pages 131–157
dc.subject (關鍵詞) stock-based compensation;concentrated ownership;controlling owners and minority shareholders;cash flow rights and voting rights
dc.title (題名) Stock-Based Compensation in a Concentrated Ownership Setting: An Empirical Investigation
dc.type (資料類型) article
dc.identifier.doi (DOI) 10.1111/jbfa.12167
dc.doi.uri (DOI) http://dx.doi.org/10.1111/jbfa.12167