Non-Executive Employee Ownership and Corporate Risk
研究发现非高管员工持股与公司风险负相关，且高管期权薪酬会增强这种负向关系，表明员工持股的激励效应能影响公司整体风险。
ABSTRACT Prior research documents a negative link between risk and executive holding of stock, but a corresponding positive link for options. We find a similar negative relation for non-executive holding of stock. Our finding is consistent with the view that non-executives not only face significant incentives to reduce risk when they hold stock, but they are also able to affect corporate risk. While endogeneity cannot be ruled out fully, the results of a battery of tests suggest that it plays a limited role. A second robust result is that the documented relation becomes more negative as option-based executive compensation increases. Overall, corporate risk is related to the incentives created by stock and options held by both executives and non-executives, as well as interactions among those incentives. JEL Classifications: G30.