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| Author: | Larraza-Kintana, M. (et al.) |
| Title: | Disentangling compensation and employment risks using the behavioral agency model |
| Journal: | Strategic Management Journal
2007 : OCT, VOL. 28:10, p. 1001-1019 |
| Index terms: | finance initial public offerings stock options risk work executives compensation pay |
| Language: | eng |
| Abstract: | This study explores the influence of various forms of risk bearing created within the compensation contract on perceived risk taking (here as: r-tkg). It is shown that employment risk and variability in compensation each corresponds to greater r-tkg., whereas downside risk and the intrinsic value of stock options correspond to lower r-tkg. Among others, these results imply the importance CEOs attach to relatively stable forms of pay, and to drawing distinctions btw. the potential for loss of pay and uncertainty about the amount of future pay. |
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