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External competition and internal governance on stock options plans: Evidence from Taiwan

This is a research report on External competition and internal governance on stock options plans: Evidence from Taiwan uploaded by Jasmine Pvk in category: All Documents »  Case Study »  Current Trends and Cases in Retail Management section of our research repository.
687 views, 0 comments, Last Update: Feb 3, 2016.
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Tags: Corporate Governance , Equity-based managerial incentive
Description:
This study is to investigate the influences that external product market competition and internal
corporate governance mechanisms have on managerial incentives. In this study, the values of employee
stock options are used to measure managerial incentives. The findings show that excessively large
boards, CEO duality, cross-holding, and a pyramidal structure achieve a positive correlation with
managerial incentives. In addition, the presence of independent directors also increases the stock options
values of managers. The independent directors possible overlook governance functions to increase
managerial incentives, and they focus more on equity incentives. Furthermore, the relationship between
product market competition and managerial incentives is nonlinear, which implies that in less
competitive markets, an increase in competition stimulates firms to increase their managerial incentives.
By contrast, in highly competitive markets, an increase in competition stimulates firms to decrease their
managerial incentives.



 

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