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| Tekijä: | Kuang, F. Y. Quin, B. |
| Otsikko: | Performance-vested stock options and interest alignment |
| Lehti: | British Accounting Review
2009 : MAR, VOL. 41:1 p. 46-61 |
| Asiasana: | stock options incentives United Kingdom compensation management pay |
| Kieli: | eng |
| Tiivistelmä: | The paper examines the effects of performance-vested stock options (hereafter as: PVSOs) in aligning management interests and shareholder wealth. The methodology includes using 4238 executive-level observations for 1383 executive directors from the largest 244 UK non-financial firms over the 1999-2004 period. The results show that the use of PVSO schemes in executive compensation contracts is associated with greater interest alignment, PVSOs outperform traditional stock options in providing incentives and that difficult vesting targets negatively affect managers' choice of effort, resulting in the divergence of managers' and shareholders' interests. |
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