The Association between Executive Stock Option Plan Changes and Managerial Decision Making
研究公司采用股票期权作为薪酬后，高管在投资、分红和资本结构决策上的变化，发现增加期权计划的公司平均盈利下降，研发支出减少，销售管理费用增加。
This paper examines the behavior of managerial investment, dividend, and capital structure decisions subsequent to the adoption of stock options as part of the compensation package. Previous studies have documented a positive stock market reaction to changes in incentive compensation plans. The specific changes that such plans induce remain unclear. Surprisingly, firms that increase incentive stock option plans experience earnings declines, on average, relative to their industries. A decline in expenditures on R&D and an increase in selling, general and administrative expenses is also documented.