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The effect of equity compensation on voluntary executive turnover

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  • Balsam, Steven
  • Miharjo, Setiyono

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  • Balsam, Steven & Miharjo, Setiyono, 2007. "The effect of equity compensation on voluntary executive turnover," Journal of Accounting and Economics, Elsevier, vol. 43(1), pages 95-119, March.
  • Handle: RePEc:eee:jaecon:v:43:y:2007:i:1:p:95-119
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    References listed on IDEAS

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    1. Ittner, Christopher D. & Lambert, Richard A. & Larcker, David F., 2003. "The structure and performance consequences of equity grants to employees of new economy firms," Journal of Accounting and Economics, Elsevier, vol. 34(1-3), pages 89-127, January.
    2. C. Edward Fee, 2003. "Raids, Rewards, and Reputations in the Market for Managerial Talent," Review of Financial Studies, Society for Financial Studies, vol. 16(4), pages 1315-1357.
    3. Murphy, Kevin J. & Zimmerman, Jerold L., 1993. "Financial performance surrounding CEO turnover," Journal of Accounting and Economics, Elsevier, vol. 16(1-3), pages 273-315, April.
    4. Oyer, Paul & Schaefer, Scott, 2005. "Why do some firms give stock options to all employees?: An empirical examination of alternative theories," Journal of Financial Economics, Elsevier, vol. 76(1), pages 99-133, April.
    5. Smith, Clifford Jr. & Watts, Ross L., 1992. "The investment opportunity set and corporate financing, dividend, and compensation policies," Journal of Financial Economics, Elsevier, vol. 32(3), pages 263-292, December.
    6. Denis, David J. & Denis, Diane K. & Sarin, Atulya, 1997. "Ownership structure and top executive turnover," Journal of Financial Economics, Elsevier, vol. 45(2), pages 193-221, August.
    7. Hamid Mehran & David Yermack, 1997. "Compensation and Top Management Turnover," New York University, Leonard N. Stern School Finance Department Working Paper Seires 98-051, New York University, Leonard N. Stern School of Business-.
    8. Parrino, Robert, 1997. "CEO turnover and outside succession A cross-sectional analysis," Journal of Financial Economics, Elsevier, vol. 46(2), pages 165-197, November.
    9. Warner, Jerold B. & Watts, Ross L. & Wruck, Karen H., 1988. "Stock prices and top management changes," Journal of Financial Economics, Elsevier, vol. 20(1-2), pages 461-492, January.
    10. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
    11. Mark R. Huson, 2001. "Internal Monitoring Mechanisms and CEO Turnover: A Long-Term Perspective," Journal of Finance, American Finance Association, vol. 56(6), pages 2265-2297, December.
    12. Mehran, Hamid, 1995. "Executive compensation structure, ownership, and firm performance," Journal of Financial Economics, Elsevier, vol. 38(2), pages 163-184, June.
    13. Benston, George J., 1985. "The self-serving management hypothesis : Some evidence," Journal of Accounting and Economics, Elsevier, vol. 7(1-3), pages 67-84, April.
    14. Huddart, Steven & Lang, Mark, 1996. "Employee stock option exercises an empirical analysis," Journal of Accounting and Economics, Elsevier, vol. 21(1), pages 5-43, February.
    15. Jensen, Michael C & Murphy, Kevin J, 1990. "Performance Pay and Top-Management Incentives," Journal of Political Economy, University of Chicago Press, vol. 98(2), pages 225-264, April.
    16. Murphy, Kevin J., 1985. "Corporate performance and managerial remuneration : An empirical analysis," Journal of Accounting and Economics, Elsevier, vol. 7(1-3), pages 11-42, April.
    17. Fama, Eugene F & MacBeth, James D, 1973. "Risk, Return, and Equilibrium: Empirical Tests," Journal of Political Economy, University of Chicago Press, vol. 81(3), pages 607-636, May-June.
    18. Carter, Mary Ellen & Lynch, Luann J., 2004. "The effect of stock option repricing on employee turnover," Journal of Accounting and Economics, Elsevier, vol. 37(1), pages 91-112, February.
    19. Perry, Tod & Zenner, Marc, 2001. "Pay for performance? Government regulation and the structure of compensation contracts," Journal of Financial Economics, Elsevier, vol. 62(3), pages 453-488, December.
    20. Michael C. Jensen & Kevin J. Murphy, 2010. "CEO Incentives-It's Not How Much You Pay, But How," Journal of Applied Corporate Finance, Morgan Stanley, vol. 22(1), pages 64-76.
    21. Gaver, Jennifer J. & Gaver, Kenneth M., 1993. "Additional evidence on the association between the investment opportunity set and corporate financing, dividend, and compensation policies," Journal of Accounting and Economics, Elsevier, vol. 16(1-3), pages 125-160, April.
    22. Chidambaran, N. K. & Prabhala, Nagpurnanand R., 2003. "Executive stock option repricing, internal governance mechanisms, and management turnover," Journal of Financial Economics, Elsevier, vol. 69(1), pages 153-189, July.
    23. Weisbach, Michael S., 1988. "Outside directors and CEO turnover," Journal of Financial Economics, Elsevier, vol. 20(1-2), pages 431-460, January.
    24. Lucian A. Bebchuk & Robert J. Jackson, Jr., 2005. "Executive Pensions," NBER Working Papers 11907, National Bureau of Economic Research, Inc.
    25. Coughlan, Anne T. & Schmidt, Ronald M., 1985. "Executive compensation, management turnover, and firm performance : An empirical investigation," Journal of Accounting and Economics, Elsevier, vol. 7(1-3), pages 43-66, April.
    26. John Core, 2002. "Estimating the Value of Employee Stock Option Portfolios and Their Sensitivities to Price and Volatility," Journal of Accounting Research, Wiley Blackwell, vol. 40(3), pages 613-630, June.
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    Citations

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    Cited by:

    1. Sharad Asthana & Steven Balsam, 2010. "The impact of changes in firm performance and risk on director turnover," Review of Accounting and Finance, Emerald Group Publishing, vol. 9(3), pages 244-263, August.
    2. Sharad Asthana & Steven Balsam, 2007. "Determinants Of Outside Director Turnover," Working Papers 0023, College of Business, University of Texas at San Antonio.
    3. Raluca Georgiana NASTASESCU, 2009. "Stock Option Compensation and Managerial Turnover," REVISTA DE MANAGEMENT COMPARAT INTERNATIONAL/REVIEW OF INTERNATIONAL COMPARATIVE MANAGEMENT, Faculty of Management, Academy of Economic Studies, Bucharest, Romania, vol. 10(2), pages 352-366, May.
    4. Elsaid, Eahab & Davidson III, Wallace N. & Benson, Bradley W., 2009. "CEO compensation structure following succession: Evidence of optimal incentives with career concerns," The Quarterly Review of Economics and Finance, Elsevier, vol. 49(4), pages 1389-1409, November.
    5. Gao, Huasheng & Luo, Juan & Tang, Tilan, 2015. "Effects of managerial labor market on executive compensation: Evidence from job-hopping," Journal of Accounting and Economics, Elsevier, vol. 59(2), pages 203-220.
    6. Kenneth Shaw, 2012. "CEO incentives and the cost of debt," Review of Quantitative Finance and Accounting, Springer, vol. 38(3), pages 323-346, April.
    7. repec:eee:corfin:v:48:y:2018:i:c:p:76-93 is not listed on IDEAS
    8. Wei Zhang & Steven F. Cahan, 2010. "Nonrecurring Accounting Transactions and Stock Option Grants," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 37(1-2), pages 93-129.
    9. repec:spr:reaccs:v:22:y:2017:i:4:d:10.1007_s11142-017-9420-4 is not listed on IDEAS
    10. Petrov, Ivam & Chirkova, Evgeniya, 2012. "The Stock-Based Compensation Plans for Top Managemen," Economic Policy, Russian Presidential Academy of National Economy and Public Administration, vol. 6, pages 1-17.
    11. Fischer, Paul E. & Gramlich, Jeffrey D. & Miller, Brian P. & White, Hal D., 2009. "Investor perceptions of board performance: Evidence from uncontested director elections," Journal of Accounting and Economics, Elsevier, vol. 48(2-3), pages 172-189, December.
    12. Kale, Jayant R. & Reis, Ebru & Venkateswaran, Anand, 2014. "Pay inequalities and managerial turnover," Journal of Empirical Finance, Elsevier, vol. 27(C), pages 21-39.
    13. repec:eee:corfin:v:48:y:2018:i:c:p:428-441 is not listed on IDEAS
    14. John R. Becker-Blease & Susan Elkinawy & Mark Stater, 2010. "The Impact Of Gender On Voluntary And Involuntary Executive Departure," Economic Inquiry, Western Economic Association International, vol. 48(4), pages 1102-1118, October.
    15. Ithai Stern & Sharon D. James, 2016. "Whom are you promoting? Positive voluntary public disclosures and executive turnover," Strategic Management Journal, Wiley Blackwell, vol. 37(7), pages 1413-1430, July.

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