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Purpose – Firms will, at times, replace employee holdings of out‐of‐the‐money stock options with new ones that have lower exercise prices. This paper seeks to examine how stockholders view such actions. Design/methodology/approach – The stock price reaction to announcements of option...
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instrument for addressing the agency problem between managers and shareholders but also as part of the agency problem itself …
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This Paper develops an account of the role and significance of managerial power and rent extraction in executive compensation. Under the optimal contracting approach to executive compensation, which has dominated academic research on the subject, pay arrangements are set by a board of directors...
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In this study, we investigate whether directors' facial appearances are associated with shareholders' voting behavior … attractiveness leads to greater (lower) support from shareholders on say-on-pay proposals. The impact of facial appearances on … shareholder voting behavior is weaker when shareholders know more about the directors' track record. Finally, we find that …
Persistent link: https://www.econbiz.de/10015436312