Stock Options and Total Payout

被引：41
|
作者：
Cuny, Charles J. [1 ]
Martin, Gerald S. [2 ,3 ]
Puthenpurackal, John J. [4 ]
机构：
[1] Washington Univ, John M Olin Sch Business, St Louis, MO 63130 USA
[2] American Univ, Kogod Sch Business, Washington, DC 20016 USA
[3] Texas A&M Univ, Mays Business Sch, College Stn, TX 77843 USA
[4] Univ Nevada, Coll Business, Las Vegas, NV 89154 USA
来源：
JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS | 2009年 / 44卷 / 02期
关键词：
FREE CASH FLOW; MANAGERIAL OWNERSHIP; SHARE REPURCHASES; DIVIDENDS; COMPENSATION; DETERMINANTS; POLICY; PERFORMANCE; COSTS; LINK;
D O I：
10.1017/S0022109009090115
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
In this paper, we examine how stock option usage affects total corporate payout. Using fixed-effects panel data estimators on various samples of ExecuComp firms from 1993 to 2005, we find the higher the executive stock options, the lower the total payout, ceteris paribus. We also find some evidence that firms increase payouts through repurchases in order to offset earnings per share dilution that occurs due to usage of executive and non-executive stock options. However, incentives from not having dividend protection for options appear to dominate those from antidilution, resulting in lower total payout for firms with higher options usage.
引用
收藏
页码：391 / 410
页数：20
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