https://scholars.lib.ntu.edu.tw/handle/123456789/414468
標題: | Real options and earnings-based bonus compensation | 作者: | Huang H.-H. Huang H. Shih P.-T. |
關鍵字: | Capital structure;Earnings-based bonus compensation;Ownership shares compensation;Real options | 公開日期: | 2012 | 卷: | 36 | 期: | 8 | 起(迄)頁: | 2389-2402 | 來源出版物: | Journal of Banking and Finance | 摘要: | This study extends the works of Mauer and Sarkar (2005) and Andrikopoulos (2009) by incorporating a regime-dependent earnings-based bonus into managerial compensation. Examining the individual effects of ownership shares and earnings-based bonus compensation, we find that the former provides managers with incentives to issue debt, whereas the latter induces the opposite result, although consistent impacts are found for the two types of compensation on both agency costs and the optimal investment decisions of managers. When managerial compensation comprises both ownership shares and an earnings-based bonus, there are significant differences in the effects of these two types of performance compensation on managers' optimal investment and financing decisions, agency costs, optimal debt ratios and credit spreads, as a result of the specific interactions between the investment and financing decisions. ? 2012 Elsevier B.V. |
URI: | https://scholars.lib.ntu.edu.tw/handle/123456789/414468 | ISSN: | 03784266 | DOI: | 10.1016/j.jbankfin.2012.05.002 |
顯示於: | 財務金融學系 |
在 IR 系統中的文件,除了特別指名其著作權條款之外,均受到著作權保護,並且保留所有的權利。