search query: @indexterm EQUITY CAPITAL / total: 240
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| Author: | Balsam, S. Miharjo, S. |
| Title: | The effect of equity compensation on voluntary executive turnover |
| Journal: | Journal of Accounting & Economics
2007 : MAR, VOL. 43:1, p. 95-119 |
| Index terms: | executive remuneration pay equity capital stock options compensation |
| Language: | eng |
| Abstract: | Equity compensation provides incentives for executives to remain with the firm to avoid missing of restricted shares and/or the value of stock options (here as: opts.) held. It is shown empirically that the intrinsic value of unexercisable in-the-money opts., the time value of unexercised opts., and the value of restricted shares are inversely related to voluntary executive turnover. These findings hold for CEOs and non-CEOs alike. While paying excess cash compensation also reduces turnover, the effect is less pronounced than that of equity compensation. |
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