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An analysis of employee stock options in Japan

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  • Utsunomiya, Kiyohito
  • 宇都宮, 浄人
  • ウツノミヤ, キヨヒト

Abstract

This paper analyzes the current state of non-executive employee stock option (ESO) issuance in Japan from both micro and macro perspectives using firm data issued in 2000. I find firstly that the main determinant of ESO issuance for individual firms is the extent of their corporate flexibility, although other hypotheses may be applicable depending on the industrial sector; and secondly that the impact on the macro economy is still quite small at the aggregate level at present. However, I also find that taking appropriate account of the fair cost of issuing ESOs could have a substantial effect on the currently disclosed profits of individual issuing firms. The moment firms recognize that ESO issuance is no longer a new-fangled practice, it may well become rapidly widespread and, as a result, could distort aggregate corporate profits on a macro basis.

Suggested Citation

  • Utsunomiya, Kiyohito & 宇都宮, 浄人 & ウツノミヤ, キヨヒト, 2002. "An analysis of employee stock options in Japan," Discussion Paper 101, Center for Intergenerational Studies, Institute of Economic Research, Hitotsubashi University.
    • Handle: RePEc:hit:piedp1:101
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