haku: @author Magnan, M. / yhteensä: 9
viite: 2 / 9
| Tekijä: | Khalil, S. Magnan, M. AndrĂ©, P. |
| Otsikko: | The adoption of deferred share unit plans for outside directors and shareholder wealth |
| Lehti: | Corporate governance
2008 : MAY, VOL. 16:3, p. 210-224 |
| Asiasana: | executive remuneration management pay compensation directors shareholder value stock markets companies Canada |
| Kieli: | eng |
| Tiivistelmä: | This paper examines the impact of the adoption of deferred share unit (DSU) plans for directors on a firm's stock market value and the differential response to plan and firm characteristics. Based on a sample of all firms within Canada's top 1,000 adopting DSU plans between 1997 (first one) and 2005. It is shown that adopters exhibit positive abnormal returns at the adoption announcements and that these vary in accordance with DSU attributes: Investors reward firms adopting stricter standards. A more positive reaction is also indicated when firms are widely held, have higher levels of related directors, higher free cash flows, and are not cross-listed in the U.S. |
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