Determinants of stock option use by Japanese companies

研究成果: Contribution to journalArticle査読

20 被引用数 (Scopus)

抄録

Japanese data show a negative relation between leverage and the probability of firms' use of stock options. Such a relation is more marked for firms affiliated with specific keiretsu or main banks. This evidence reflects the fact that Japanese companies are more reliant on debt financing and that the agency cost of debt is a central issue in corporate governance. Results show that the frequency of the firms' use of stock options is positively associated with firm size. Finally, independent firms, which reveal more concern about shareholder wealth, are more likely to use stock options.

本文言語英語
ページ(範囲)251-269
ページ数19
ジャーナルReview of Financial Economics
15
3
DOI
出版ステータス出版済み - 8 18 2006
外部発表はい

All Science Journal Classification (ASJC) codes

  • 財務
  • 経済学、計量経済学

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