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Effects of Executive Share Option Plans on Shareholder Wealth and Firm Performance: The Singapore Evidence

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  • Yeo, Gillian H H, et al

Abstract

The main purpose of our paper is to study the institutional nature and characteristics of executive share option plans (ESOPs) in Singapore, a fast-growing economy and an important investment location in Asia. Our study provides an interesting comparison between the characteristics of ESOPs in Singapore and those in the US. Our paper also investigates the short-term market reaction to ESOP announcements and the long-run stock and operating performance of the sample firms following the adoption of the ESOPs. Results indicate weak evidence of a positive abnormal return on the days surrounding the announcement of the ESOPs. However, there is no evidence of long-term superior stock and operating performance for the ESOP firms relative to benchmarks. The lack of significant incentive effects for the sample firms reflects mainly the unique regulatory environment in Singapore. Copyright 1999 by MIT Press.

Suggested Citation

  • Yeo, Gillian H H, et al, 1999. "Effects of Executive Share Option Plans on Shareholder Wealth and Firm Performance: The Singapore Evidence," The Financial Review, Eastern Finance Association, vol. 34(2), pages 1-20, May.
    • Handle: RePEc:bla:finrev:v:34:y:1999:i:2:p:1-20
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    Cited by:

    1. Chen, Sheng-Syan & Ho, Kim Wai, 2000. "Corporate diversification, ownership structure, and firm value: The Singapore evidence," International Review of Financial Analysis, Elsevier, vol. 9(3), pages 315-326.
    2. Ahmad Ibn Ibrahimy & Dr. Rubi Ahmad, 2012. "Executive Stock Option Exercising Behavior: Evidence From Bursa Malaysia," Far East Journal of Marketing and Management, Far East Research Centre, vol. 2(2), pages 14-24, August.
    3. Lee, Janet, 2009. "Executive performance-based remuneration, performance change and board structures," The International Journal of Accounting, Elsevier, vol. 44(2), pages 138-162, June.

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