標題: Real options and earnings-based bonus compensation
作者: Huang, Hsing-Hua
Huang, Hongming
Shih, Pai-Ta
資訊管理與財務金融系 註:原資管所+財金所
Department of Information Management and Finance
關鍵字: Real options;Earnings-based bonus compensation;Ownership shares compensation;Capital structure
公開日期: 1-八月-2012
摘要: This study extends the works of Mauer and Sarkar (2005) and Andrikopoulos (2009) by incorporating a regime-dependent earnings-based bonus into managerial compensation. Examining the individual effects of ownership shares and earnings-based bonus compensation, we find that the former provides managers with incentives to issue debt, whereas the latter induces the opposite result, although consistent impacts are found for the two types of compensation on both agency costs and the optimal investment decisions of managers. When managerial compensation comprises both ownership shares and an earnings-based bonus, there are significant differences in the effects of these two types of performance compensation on managers' optimal investment and financing decisions, agency costs, optimal debt ratios and credit spreads, as a result of the specific interactions between the investment and financing decisions. (C) 2012 Elsevier B.V. All rights reserved.
URI: http://hdl.handle.net/11536/16575
ISSN: 0378-4266
期刊: JOURNAL OF BANKING & FINANCE
Volume: 36
Issue: 8
結束頁: 2389
顯示於類別:期刊論文


文件中的檔案:

  1. 000305865800016.pdf

若為 zip 檔案,請下載檔案解壓縮後,用瀏覽器開啟資料夾中的 index.html 瀏覽全文。