Performance-vesting provisions in executive compensation

被引：93

作者：

Bettis, J. Carr ^{[1
]}

Bizjak, John ^{[2
]}

Coles, Jeffrey L. ^{[3
]}

Kalpathy, Swaminathan ^{[4
]}

机构：

[1] Arizona State Univ, WP Carey Sch Business, Tempe, AZ 85287 USA

[2] Texas Christian Univ, Neeley Sch Business, Robert & Maria Lowden Chair Finance, Ft Worth, TX 76129 USA

[3] Univ Utah, David Eccles Sch Business, Samuel S Stewart Jr Presidential Chair Business, Salt Lake City, UT 84112 USA

[4] Texas Christian Univ, Neeley Sch Business, Ft Worth, TX 76129 USA

来源：

JOURNAL OF ACCOUNTING & ECONOMICS | 2018年 / 66卷 / 01期

关键词：

Performance-vesting provisions; Executive compensation; Stock awards; Option awards; Time-vesting; Performance measures; CEO pay; Corporate governance; STOCK-OPTIONS; CORPORATE PERFORMANCE; MANAGERIAL OWNERSHIP; EARNINGS MANAGEMENT; RISK-TAKING; INCENTIVES; VALUATION; BEHAVIOR; DETERMINANTS; GRANTS;

D O I：

10.1016/j.jacceco.2018.05.001

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

The usage of performance-vesting (p-v) equity awards to top executives in large U.S. companies has grown from 20 to 70 percent from 1998 to 2012. We measure the effects of p-v provisions on value, delta, and vega of equity-based compensation. We find large differences in the value of p-v awards reported in company disclosures versus economic value. We also find that equity-based grants continue to convey significant compensation convexity (vega) after ASC 718 (2005) and that, counter to recent claims in the literature, our analysis empirically reaffirms the presence of a causal relation between compensation convexity (vega) and firm risk.

引用

页码：194 / 221

页数：28

共 50 条

[1] Cost-efficient Performance-Vesting Equity
Skovoroda, Rodion
Bruce, Alistair
Buck, Trevor
Gregory-Smith, Ian
[J]. ECONOMICS LETTERS, 2019, 182 : 37 - 39
[2] Performance-Vesting Share Award Outcomes and CEO Incentives
Pawliczek, Andrea
[J]. ACCOUNTING REVIEW, 2021, 96 (05): : 337 - 364
[3] Clawback Provisions in Executive Compensation Contracts
Stark, Johanna
[J]. EUROPEAN COMPANY AND FINANCIAL LAW REVIEW, 2021, 18 (04) : 669 - 696
[4] VESTING PROVISIONS IN PENSION PLANS
KOLODRUBETZ, WW
[J]. MONTHLY LABOR REVIEW, 1959, 82 (07) : 743 - 750
[5] Stock and Option Grants with Performance-based Vesting Provisions
Bettis, Carr
Bizjak, John
Coles, Jeffrey
Kalpathy, Swaminathan
[J]. REVIEW OF FINANCIAL STUDIES, 2010, 23 (10): : 3849 - 3888
[6] The impact of clawback provisions on executive cash compensation
Hanni Liu
Harrison Liu
Jennifer Yin
[J]. Review of Quantitative Finance and Accounting, 2023, 61 : 35 - 62
[7] The impact of clawback provisions on executive cash compensation
Liu, Hanni
Liu, Harrison
Yin, Jennifer
[J]. REVIEW OF QUANTITATIVE FINANCE AND ACCOUNTING, 2023, 61 (01) : 35 - 62
[8] Non-Price and Price Performance Vesting Provisions and CEO Incentives
Core, John E.
Packard, Heidi A.
[J]. ACCOUNTING REVIEW, 2022, 97 (07): : 109 - 134
[9] VESTING PROVISIONS IN PRIVATE PENSION PLANS
KOLODRUBETZ, WW
[J]. MONTHLY LABOR REVIEW, 1964, 87 (09) : 1014 - 1021
[10] The choice of performance measures, target setting and vesting levels in UK firms' Chief Executive Officer equity-based compensation.
Hameed, Affan
Padgett, Carol
Clements, Michael P.
Ullah, Subhan
[J]. INTERNATIONAL JOURNAL OF FINANCE & ECONOMICS, 2023, 28 (04) : 4246 - 4270

← 1 2 3 4 5 →