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?.
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收藏
页数：21
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