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Managerial compensation incentives and corporate debt maturity: Evidence from FAS 123R

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  • Hong, Jieying

Abstract

This paper studies the effect of risk-taking incentives provided by option compensation on corporate debt maturity choices. The Financial Accounting Standard (FAS) 123R is used as a quasi-natural experiment to establish causality. FAS 123R requires firms to expense stock options at fair value, which has resulted in a dramatic reduction in option compensation and managerial risk-taking incentives. We find that treated firms significantly increased debt maturity relative to control firms. Further tests identify that the alleviation of creditor-shareholder agency conflicts due to the adoption of FAS 123R is the underlying mechanism driving the result.

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  • Hong, Jieying, 2019. "Managerial compensation incentives and corporate debt maturity: Evidence from FAS 123R," Journal of Corporate Finance, Elsevier, vol. 56(C), pages 388-414.
    • Handle: RePEc:eee:corfin:v:56:y:2019:i:c:p:388-414
    DOI: 10.1016/j.jcorpfin.2019.03.006
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