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Non executive employee stock options and corporate innovation

Chang, Xin, Fu, Kangkang, Low, Angie and Zhang, Wenrui 2015, Non executive employee stock options and corporate innovation, Journal of financial economics, vol. 115, no. 1, pp. 168-188, doi: 10.1016/j.jfineco.2014.09.002.

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Title Non executive employee stock options and corporate innovation
Author(s) Chang, Xin
Fu, Kangkang
Low, Angie
Zhang, Wenrui
Journal name Journal of financial economics
Volume number 115
Issue number 1
Start page 168
End page 188
Total pages 20
Publisher Elsevier BV
Place of publication Amsterdam, The Netherlands
Publication date 2015-01
ISSN 0304-405X
Keyword(s) Employee stock options
Corporate innovation
Risk-taking incentives
Employee compensation
Summary We provide empirical evidence on the positive effect of non-executive employee stock options on corporate innovation. The positive effect is more pronounced when employees are more important for innovation, when free-riding among employees is weaker, when options are granted broadly to most employees, when the average expiration period of options is longer, and when employee stock ownership is lower. Further analysis reveals that employee stock options foster innovation mainly through the risk-taking incentive, rather than the performance-based incentive created by stock options.
Language eng
DOI 10.1016/j.jfineco.2014.09.002
Field of Research 150205 Investment and Risk Management
1502 Banking, Finance And Investment
Socio Economic Objective 970115 Expanding Knowledge in Commerce
HERDC Research category C1.1 Refereed article in a scholarly journal
ERA Research output type C Journal article
Persistent URL http://hdl.handle.net/10536/DRO/DU:30085865

Document type: Journal Article
Collection: Department of Finance
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