CEO ownership and firm performance: Evidence from the 2003 dividend tax cut

被引：0
|
作者：
Duong, Hong Kim [1 ]
机构：
[1] Old Dominion Univ, Strome Coll Business, Sch Accountancy, 2167 Constant Hall, Norfolk, VA 23529 USA
来源：
JOURNAL OF CORPORATE ACCOUNTING AND FINANCE | 2022年 / 33卷 / 01期
关键词：
CEO ownership; dividend tax cut; firm performance; investment efficiency; MANAGERIAL OWNERSHIP; CORPORATE-BEHAVIOR; MARKET VALUATION; EMPIRICAL POWER; AGENCY COSTS; STOCK; COMPENSATION; SPECIFICATION; INCENTIVES; LINK;
D O I：
10.1002/jcaf.22526
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This study investigates the performance consequences of changes in the optimality of chief executive officer (CEO) ownership by using the 2003 dividend tax cut (DTC) as an exogenous shock. I find that CEO ownership of dividend payers significantly increased after the DTC in the form of higher annual restricted stock grants and more option exercises. I also document that more optimal ownership is associated with performance improvement and more efficient R&D investment. Overall, findings from my study provide insights into the role of managerial equity incentives for firm performance.
引用
收藏
页码：78 / 99
页数：22
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