The Effect of CEO Option Compensation on the Capital Structure: A Natural Experiment
利用税法变化作为自然实验，发现CEO期权薪酬增加时企业会降低杠杆，支持债务代理理论，对研究高管激励与融资决策的学者有参考价值。
Firms simultaneously choose both their capital and their executive compensation structure. Using the Internal Revenue Code 162(m) tax law as an exogenous shock to compensation structure in a natural experiment setting, I identify firm leverage changes as a result of chief executive officer (CEO) option compensation changes. The evidence provides strong support for debt agency theory. Firms appear to decrease leverage when CEOs are paid with more options and when CEO options become a higher percentage of future cash flows. The findings are robust to controlling for corporate governance and convertible debt.