Please use this identifier to cite or link to this item: https://dspace.ctu.edu.vn/jspui/handle/123456789/4488
Full metadata record
DC FieldValueLanguage
dc.contributor.authorYu, Hai Chin-
dc.contributor.authorLưu, Tiến Thuận-
dc.date.accessioned2018-09-26T13:46:34Z-
dc.date.available2018-09-26T13:46:34Z-
dc.date.issued2014-
dc.identifier.urihttp://dspace.ctu.edu.vn/jspui/handle/123456789/4488-
dc.description.abstractUsing simultaneous equation models (SEMs) in which executive compensation and risk taking are endogenous, we find that different attributes of chief executive officers (CEOs) have various impacts on the relationship between compensation and the risk taking. The authors find that equity-based compensation induces managers to undertake value enhancing and risky projects, whereas cash-based compensation has an inverse effect. Although equity-based compensation induces managers to undertake projects with high risks, only option-based compensation positively motivates managers to take risks, and stock-based compensation conversely mitigates this incentive. The authors also find that overconfident CEOs undertake value-added risky projects by any type of compensation, whether cash-, stock- or option-based. However, for CEOs who are not overconfident or who have limited overconfidence, only equity-based compensation, particularly option-based compensation, induce them to take risks. Additionally, we find that CEOs rewarded with a high ratio of cash-to-total compensation, similar to CEOs with a high ratio of inside-debt claims, are less risky. The other CEO attributes, such as age, tenure and dominance, are found to significantly influence the impact of compensation on risks. Results of this study have some important implications for the design of compensation packages by considering the executives’ attributes.vi_VN
dc.language.isoenvi_VN
dc.relation.ispartofseriesBanks and Bank Systems;9 .- p.48-72-
dc.subjectRisk takingvi_VN
dc.subjectCompensationvi_VN
dc.subjectOverconfidencevi_VN
dc.subjectDominancevi_VN
dc.subjectBlack-Scholes volatilityvi_VN
dc.titleCEO compensation, CEO attributes and corporate risk taking evidence from US listed corporationsvi_VN
dc.typeArticlevi_VN
Appears in Collections:Tạp chí quốc tế

Files in This Item:
File Description SizeFormat 
_file_424.75 kBAdobe PDFView/Open
Your IP: 54.234.136.147


Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.