U-1 The performance impacts of option plans in Japan

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概要

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• The use of stock options has increased drastically after the amendments in the commercial code of Japan, in 1997. However, there is a lot of speculation about the performance consequences of option plans in the Japanese environment. We use multiple measures of firm performance to examine the effect of option grants on increasing the net economic value of a firm. We use a cross sectipnal data of 1600 firm-year observations (from 1997 to 2004) of 200 companies of electronics industry, listed in Tokyo stock exchange. The evidence suggests improvements, both in the operating performance and stock market returns, after the announcement of option plans. Overall, Japanese evidence does not comply with the view that managers misuse options to enrich therhselves at the cost of intrinsic firm value.

• 経営行動科学学会の論文
• 2006-11-11

著者

• Hoshino Yasuo

  Social Systems & Management Graduate School Of Systems And Information Engineering University Of

• Hassan Hamid

  Quantitative Finance And Management Graduate School Of Systems And Information Engineering University Of Tsukuba

関連論文

• U-1 The performance impacts of option plans in Japan

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