用股票单位取代高管股票期权：加拿大的一项研究

IF 1.2 4区管理学 Q4 BUSINESS

Canadian Journal of Administrative Sciences-Revue Canadienne Des Sciences De L Administration Pub Date : 2022-07-18 DOI:10.1002/cjas.1689

Alexandre Savoie-Comeau, Tania M. Morris

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引用次数: 1

摘要

股票单位是比股票期权更好的补偿工具吗？本文研究了TSX综合指数上市公司CEO薪酬结构转型的影响。具体而言，我们询问用基于单位的薪酬取代期权是否会降低这些公司股价的波动性，同时促进更好的回报。我们的研究结果表明，向股票单位的转变通过其独特的组成部分降低了大型加拿大公司的总风险。这种转变还伴随着其风险调整会计和市场表现的提高。这表明股票单位更适合补偿合同。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Replacing executive stock options with share units: A Canadian study

Are share units a better compensation tool than stock options? This paper studies the impact of a transition within the compensation structures of CEOs of companies listed on the TSX Composite Index. Specifically, we ask whether replacing options with units-based compensation reduces the volatility of these companies' stock prices while promoting better returns. Our findings show that a shift to share units reduces large-cap Canadian companies' total risk through its idiosyncratic component. This transition is also accompanied by an increase in their risk-adjusted accounting and market performance. This suggests that share units are better for compensation contracts.

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来源期刊

Canadian Journal of Administrative Sciences-Revue Canadienne Des Sciences De L Administration Multiple-

CiteScore

3.40

自引率

13.60%

发文量

期刊介绍： The Canadian Journal of Administrative Sciences (CJAS) is a multidisciplinary, peer-reviewed, international quarterly that publishes manuscripts with a strong theoretical foundation. The journal welcomes literature reviews, quantitative and qualitative studies as well as conceptual pieces. CJAS is an ISI-listed journal that publishes papers in all key disciplines of business. CJAS is a particularly suitable home for manuscripts of a crossdisciplinary nature. All papers must state in an explicit and compelling way their unique contribution to advancing theory and/or practice in the administrative sciences.