The Relationship of Broad-based Stock Options and Firm Performance in High Technology Companies
Author | : Ryan Alan Hammond |
Publisher | : |
Total Pages | : 180 |
Release | : 2002 |
Genre | : Employee ownership |
ISBN | : |
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Author | : Ryan Alan Hammond |
Publisher | : |
Total Pages | : 180 |
Release | : 2002 |
Genre | : Employee ownership |
ISBN | : |
Author | : James C. Sesil |
Publisher | : |
Total Pages | : |
Release | : 2004 |
Genre | : |
ISBN | : |
While stock options have traditionally been reserved to top management employees, in recent years there has been strong growth of plans making stock options available to a broader group of employees. This paper analyses data on 490 companies with broad-based stock option plans, matched to data from Compustat in order to compare their characteristics and performance to that of other public companies. Major findings are that 1) companies with broad-based plans have higher levels of productivity, Tobin's Q, and employment and sales growth than otherwise-similar firms, 2) average compensation levels are higher among such companies both before and after the introduction of broad-based plans, indicating that stock options appear to come on top of other compensation, and 3) increases in average productivity appear to counterbalance the dilution effect so that average total shareholder returns are unaffected by the introduction of broad-based stock option plans.
Author | : Douglas L. Kruse |
Publisher | : University of Chicago Press |
Total Pages | : 433 |
Release | : 2010-06-15 |
Genre | : Business & Economics |
ISBN | : 0226056961 |
The historical relationship between capital and labor has evolved in the past few decades. One particularly noteworthy development is the rise of shared capitalism, a system in which workers have become partial owners of their firms and thus, in effect, both employees and stockholders. Profit sharing arrangements and gain-sharing bonuses, which tie compensation directly to a firm’s performance, also reflect this new attitude toward labor. Shared Capitalism at Work analyzes the effects of this trend on workers and firms. The contributors focus on four main areas: the fraction of firms that participate in shared capitalism programs in the United States and abroad, the factors that enable these firms to overcome classic free rider and risk problems, the effect of shared capitalism on firm performance, and the impact of shared capitalism on worker well-being. This volume provides essential studies for understanding the increasingly important role of shared capitalism in the modern workplace.
Author | : James C. Sesil |
Publisher | : |
Total Pages | : 28 |
Release | : 2005 |
Genre | : |
ISBN | : |
In this paper, we examine if firm size is associated with the impact of broad-based stock options. The free-rider theory would predict that stock options may only have a motivational impact in small firms where there is a more likely to be a clearer connection between actions and the performance of the firm. Our evidence does not find any support this prediction from theory. We find that both small and large firms perform better compared to their non-stock option same size peer.
Author | : Richard H. Gifford |
Publisher | : |
Total Pages | : 217 |
Release | : 2003 |
Genre | : Employee competitive behavior |
ISBN | : |
Author | : James C. Sesil |
Publisher | : |
Total Pages | : 32 |
Release | : 2001 |
Genre | : Employee ownership |
ISBN | : |
Author | : Joseph Blasi |
Publisher | : |
Total Pages | : 96 |
Release | : 2000-01-01 |
Genre | : Actionnariat du personnel |
ISBN | : 9780926902671 |
Author | : United States. Congress. House. Committee on Financial Services. Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises |
Publisher | : |
Total Pages | : 224 |
Release | : 2004 |
Genre | : Business & Economics |
ISBN | : |
Author | : Wojciech Grabowski |
Publisher | : Peter Lang Gmbh, Internationaler Verlag Der Wissenschaften |
Total Pages | : 0 |
Release | : 2012 |
Genre | : Corporations |
ISBN | : 9783631630358 |
The book investigates empirically mechanisms behind the recent widespread use of employee stock options and share repurchases in corporate financial management. Exploring through econometric models a sample of large U.S. technology corporations in the period between 1997 and 2005, it documents complex links between stock option plans, payout policy and other key financial characteristics of these firms. The models highlight the interplay between the interests of long-term shareholders, optionholders and speculative investors and provide estimates of joint effects of option dynamics and repurchases on stock returns, undervaluation and option plans on payout policy as well as risk taking and revenue growth on payoffs to shareholders and optionholders.