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

共 50 条

[41] Do CMO Incentives Matter? An Empirical Investigation of CMO Compensation and Its Impact on Firm Performance
Bansal, Naresh
Joseph, Kissan
Ma, Minghui
Wintoki, M. Babajide
MANAGEMENT SCIENCE, 2017, 63 (06) : 1993 - 2015
[42] Do shareholders really matter for firm performance? Evidence from the ownership characteristics of Italian listed companies
Caselli, Stefano
Gatti, Stefano
Chiarella, Carlo
Gigante, Gimede
Negri, Giulia
INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS, 2023, 86
[43] Summary of the General Discussion on "The Impact of CEO Long-term Equity-based Compensation Incentives on Economic Growth in Collectivist versus Individualist Countries"
不详
ASIAN ECONOMIC PAPERS, 2016, 15 (02) : 136 - 137
[44] Comments by Anni Norring, on The Impact of CEO Long-term Equity-based Compensation Incentives on Economic Growth in Collectivist versus Individualist Countries
Norring, Anni
ASIAN ECONOMIC PAPERS, 2016, 15 (02) : 134 - 135
[45] 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
INTERNATIONAL JOURNAL OF FINANCE & ECONOMICS, 2023, 28 (04) : 4246 - 4270
[46] Executive equity incentives, employee stock ownership plans, and enterprise performance: Empirical evidence based on environmental uncertainty
Tian, Zhihao
FRONTIERS IN ENVIRONMENTAL SCIENCE, 2022, 10
[47] DO CEOs MATTER TO FIRM STRATEGIC ACTIONS AND FIRM PERFORMANCE? A META-ANALYTIC INVESTIGATION BASED ON UPPER ECHELONS THEORY
Wang, Gang
Holmes, R. Michael, Jr.
Oh, In-Sue
Zhu, Weichun
PERSONNEL PSYCHOLOGY, 2016, 69 (04) : 775 - 862
[48] Do institutional framework and its threshold matter in the sensitivity of CEO pay to firm performance? Fresh insights from an emerging market economy
Olaniyi, Clement Olalekan
Young, Ademola Obafemi
Xuan Vinh Vo
Al-Faryan, Mamdouh Abdulaziz Saleh
MANAGERIAL AND DECISION ECONOMICS, 2022, 43 (08) : 3386 - 3403
[49] Taking It to Another Level: Do Personality-Based Human Capital Resources Matter to Firm Performance?
Oh, In-Sue
Kim, Seongsu
Van Iddekinge, Chad H.
JOURNAL OF APPLIED PSYCHOLOGY, 2015, 100 (03) : 935 - 947
[50] Do manager characteristics matter in equity mutual fund performance? New evidence based on the double-adjusted alpha
Lin, Jia-Hui
Yen, Meng-Feng
Hsieh, Wei-Cheng
PACIFIC-BASIN FINANCE JOURNAL, 2023, 77

← 1 2 3 4 5 →