{"title":"首席执行官限制性股票、激励机制和公司创新*","authors":"Yi Boli, Jong-Min Oh","doi":"10.1111/ajfs.12486","DOIUrl":null,"url":null,"abstract":"<p>We study the relation between CEO restricted stock, CEO incentives, and firm innovation. We first show that restricted stock is negatively associated with R&D investment. We also show that CEO restricted stock is positively related to the number of patents granted and citations received. However, further investigation shows that CEO restricted stock has a positive relation with firm exploitation but a negative relation with firm exploration and breakthrough innovation. The results suggest that restricted stock appears to incentivize CEOs to make efficient R&D investments and produce more innovative outputs in general, but only through exploitation rather than exploration and breakthrough innovations.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"53 4","pages":"504-525"},"PeriodicalIF":1.8000,"publicationDate":"2024-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ajfs.12486","citationCount":"0","resultStr":"{\"title\":\"CEO Restricted Stock, Incentives, and Corporate Innovations*\",\"authors\":\"Yi Boli, Jong-Min Oh\",\"doi\":\"10.1111/ajfs.12486\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<p>We study the relation between CEO restricted stock, CEO incentives, and firm innovation. We first show that restricted stock is negatively associated with R&D investment. We also show that CEO restricted stock is positively related to the number of patents granted and citations received. However, further investigation shows that CEO restricted stock has a positive relation with firm exploitation but a negative relation with firm exploration and breakthrough innovation. The results suggest that restricted stock appears to incentivize CEOs to make efficient R&D investments and produce more innovative outputs in general, but only through exploitation rather than exploration and breakthrough innovations.</p>\",\"PeriodicalId\":8570,\"journal\":{\"name\":\"Asia-Pacific Journal of Financial Studies\",\"volume\":\"53 4\",\"pages\":\"504-525\"},\"PeriodicalIF\":1.8000,\"publicationDate\":\"2024-07-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ajfs.12486\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Asia-Pacific Journal of Financial Studies\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://onlinelibrary.wiley.com/doi/10.1111/ajfs.12486\",\"RegionNum\":4,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q2\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Asia-Pacific Journal of Financial Studies","FirstCategoryId":"96","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1111/ajfs.12486","RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
CEO Restricted Stock, Incentives, and Corporate Innovations*
We study the relation between CEO restricted stock, CEO incentives, and firm innovation. We first show that restricted stock is negatively associated with R&D investment. We also show that CEO restricted stock is positively related to the number of patents granted and citations received. However, further investigation shows that CEO restricted stock has a positive relation with firm exploitation but a negative relation with firm exploration and breakthrough innovation. The results suggest that restricted stock appears to incentivize CEOs to make efficient R&D investments and produce more innovative outputs in general, but only through exploitation rather than exploration and breakthrough innovations.
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