Ownership structure and operating performance changes surrounding stock option adoptions: Evidence from Japan

Konari Uchida, Mamoru Matsumoto

研究成果: Contribution to journalArticle査読

3 被引用数 (Scopus)

抄録

Stock option adoptions by IPO firms account for about one-third of Japanese stock option adoptions during 1997-2000. Non-IPO firms that adopt stock options tend to decrease financial institutions' ownership levels less than the average whereas reduce other corporations' ownership levels more than the average. The result suggests firms that care more about shareholder wealth decrease cross-shareholdings as well as issue stock options. However, such firms need to keep shareholdings by financial institutions to prevent increases in agency costs of debt. Finally, we do not find a significant change in firms' operating performance surrounding stock option adoptions.

本文言語英語
ページ(範囲)10-23
ページ数14
ジャーナルCorporate Ownership and Control
4
2 A
出版ステータス出版済み - 12 1 2006
外部発表はい

All Science Journal Classification (ASJC) codes

  • ビジネス、管理および会計(全般)

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