Stock trading behaviour and firm performance: Do CEO equity-based compensation and block ownership matter?

被引：1

作者：

Chapple, Larelle ^{[1
]}

Chen, Brandon ^{[4
]}

Suleman, Tahir ^{[3
]}

Thu Phuong Truong ^{[2
]}

机构：

[1] Queensland Univ Technol, QUT Business Sch, Brisbane, Qld, Australia

[2] Victoria Univ Wellington, Victoria Business Sch, Wellington, New Zealand

[3] Wellington Inst Technol, Sch Business, Wellington, New Zealand

[4] Asia Pacific Informat & Media Union, Sydney, NSW, Australia

来源：

PACIFIC-BASIN FINANCE JOURNAL | 2021年 / 66卷

关键词：

Governance through trading; Firm performance; CEO equity-based compensation; Block ownership;

D O I：

10.1016/j.pacfin.2019.03.006

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Using unique and proprietary daily trade data from qualified market participants, our study empirically investigates the impact of trading aggressiveness on firm performance and the moderating impact of equity-based compensation and block ownership. Based on a dataset including 3,775,646 daily trades by 35 qualified market participants for 414 New Zealand Ex -change (NZX) listed firms over the period 1996?2011, we find that aggressive trading does not consistently improve firm performance across all trading measures and after addressing endo-geneity concern. Our findings even hold among firms with CEO equity-based compensation and high level of block ownership. Our study challenges the crucial role of CEO equity-based pay and block ownership in the theory of ?governance through trading?.

引用

页数：21

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