Earticle

초록

영어

This paper investigates the relationship between firm characteristics and the capital market response to the introduction of stock options. The capital market responds positively to the announcement of adopting stock options. However, the positive response is significant only over the period of clustered announcement dates. In addition, the announcement effect of manufacturing firms is significantly positive, while that of financial companies is negative For manufacturing firms, the announcement effect has a positive relationship with the growth potential and capital efficiency and a negative relationship with the size, liquidity, labor costs and leverage. Thus, the smaller growing firms with liquidity constraints and low leverage adopt stock options to get over the agency problem and compensate a relatively low salary of their employees. However, the variables for chaebol affiliation and the stock price volatility are not significant. The results for financial firms are almost identical except for the positive coefficient of liquidy variable.

목차

요약
 I. 서론
 II. 기존연구
 III. 연구방법 및 자료
  1. 스톡옵션 부여에 대한 자본시장의 반응
  2. 자본시장의 반응과 기업 특성
  3. 표본기업 및 자료
 IV. 실증결과
  1. 자본시장의 반응
  2. 자본시장의 반응과 기업특성
 V. 결론
 부록 
 참고문헌
 Abstract

키워드

저자

• 김창수 [ Chang-Soo Kim | 연세대학교 경영학과 ]

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  재무연구 [Asian Review of Financial Research]

• 간기

  계간

• pISSN

  1229-0351

• eISSN

  2713-6531

• 수록기간

  1988~2026

• 등재여부

  KCI 등재,SCOPUS

• 십진분류

  KDC 325 DDC 330