The structure of ownership and corporate acquisition strategies
研究了高管持股对公司战略和公司价值的影响，发现随着持股增加，经理人可能从追求价值增长转向规避风险，而股票期权则持续促进风险承担和收购回报。
Abstract In this study, we examine in an agency‐theoretic context the influence of executive equity stakes upon corporate strategy and firm value. We argue that beneficial, risk‐increasing corporate strategies may initially be emphasized but non‐value‐maximizing, risk‐reducing strategies may subsequently be emphasized as managers expand their stock ownership. We alternatively contend that stock options may have a consistently positive impact on firm risk taking and acquisition returns. The empirical findings are supportive of our expectations. Copyright © 2002 John Wiley & Sons, Ltd.