The influence of outside directors' stock-option compensation on firms' R&D

被引：50
|
作者：
Deutsch, Yuval [1 ]
机构：
[1] York Univ, Schulich Sch Business, Toronto, ON M3J 1P3, Canada
来源：
CORPORATE GOVERNANCE-AN INTERNATIONAL REVIEW | 2007年 / 15卷 / 05期
关键词：
R&D; stock-options; compensation; corporate governance;
D O I：
10.1111/j.1467-8683.2007.00611.x
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
Using a sample of S&P 1500 firms between 1997 and 2000, this paper examines the effects of outside directors' stock-option compensation on firms' R&D intensity. Results suggest that including stock options in outside directors' compensation enhances firms' R&D. Moreover, stock-option compensation moderates the relationship between board composition and R&D intensity. These results suggest that outside directors' compensation schemes do matter. The results also highlight the need to re-evaluate previous findings that addressed the effects of board composition on both firms' performance and strategic decisions.
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页码：816 / 827
页数：12
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