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Determinants of the Introduction of Stock Options by Japanese Firms: Analysis from the Incentive and Selection Perspectives

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  • Sadao Nagaoka

    (Institute of Innovation Research, Hitotsubashi University)

Abstract

This paper examines the determinants of the introduction of stock options in Japan, in response to their deregulation, from the incentive and selection perspectives. Younger firms use broad-based stock options more often, even after controlling firm size, growth, and the possibility of a liquidity constraint. Moreover, stock price volatility increases the adoption of stock options only when a firm is young. These results support the relevancy of a selection view that focuses on efficient project choice. Stock options are used more often by fast-growing firms and less in regulated industries and by the firms with concentrated ownership structure, consistent with both views.

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Bibliographic Info

Article provided by University of Chicago Press in its journal Journal of Business.

Volume (Year): 78 (2005)
Issue (Month): 6 (November)
Pages: 2289-2316

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Handle: RePEc:ucp:jnlbus:v:78:y:2005:i:6:p:2289-2316

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Web page: http://www.journals.uchicago.edu/JB/

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Cited by:
  1. John P. WALSH & NAGAOKA Sadao, 2009. "Who Invents?: Evidence from the Japan-U.S. inventor survey," Discussion papers, Research Institute of Economy, Trade and Industry (RIETI) 09034, Research Institute of Economy, Trade and Industry (RIETI).
  2. MORIKAWA Masayuki, 2012. "Stock Options and Productivity: An empirical analysis of Japanese firms," Discussion papers, Research Institute of Economy, Trade and Industry (RIETI) 12011, Research Institute of Economy, Trade and Industry (RIETI).
  3. KURODA Sachiko & YAMAMOTO Isamu, 2009. "How are Hours Worked and Wages Affected by Labor Regulations?: The white-collar exemption and 'name-only managers' in Japan," Discussion papers, Research Institute of Economy, Trade and Industry (RIETI) 09031, Research Institute of Economy, Trade and Industry (RIETI).
  4. Chizema, Amon & Buck, Trevor, 2006. "Neo-institutional theory and institutional change: Towards empirical tests on the "Americanization" of German executive pay," International Business Review, Elsevier, Elsevier, vol. 15(5), pages 488-504, October.
  5. Chizema, Amon, 2010. "Early and late adoption of American-style executive pay in Germany: Governance and institutions," Journal of World Business, Elsevier, Elsevier, vol. 45(1), pages 9-18, January.

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