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Forecasting Shareholder Value from Equity-based Compensation.

紀錄類型:	書目-語言資料,手稿 : Monograph/item
正題名/作者:	Forecasting Shareholder Value from Equity-based Compensation./
作者:	Villalobos, Mario L.
面頁冊數:	1 online resource (168 pages)
附註:	Source: Dissertation Abstracts International, Volume: 78-09(E), Section: A.
標題:	Finance. -
電子資源:	click for full text (PQDT)
ISBN:	9781369716719

Forecasting Shareholder Value from Equity-based Compensation.
Villalobos, Mario L.

Forecasting Shareholder Value from Equity-based Compensation. - 1 online resource (168 pages)

Source: Dissertation Abstracts International, Volume: 78-09(E), Section: A.

Thesis (Ph.D.)--Northcentral University, 2017.

Includes bibliographical references

Equity incentives in CEO compensation contracts have been widespread for more than 30 years. Empirical research on the relationship between equity-based incentives and share-price performance has been mixed. This study investigated whether equity-based compensation results in the creation of shareholder value (proxied by shareholder return). The purpose was (a) to establish the relationship between stock options, restricted stock, and shareholder returns, and (b) to develop a model whereby shareholder return can be estimated from the use of options and stocks in a CEO's compensation structure. The research method was quantitative with a correlation-prediction design. Data were obtained from publicly available sources in Yahoo Finance, 10K reports, and company proxy statements. Correlation analyses and fixed-effect regressions revealed that stock options (r = --.086, p = .003) and restricted stock (r = --.062, p = .024) were significantly negatively correlated with shareholder value. Yet, the correlations were weak. Only stock options were a significant contributor to the prediction model, t(1003) = --3.14, p = .002. Restricted stock was not a significant contributor, t(1003) = --0.29, p = .775. Consequently, it appears that stock option and restricted stock grants do not contribute to enhanced shareholder value. The resultant regression model demonstrated that only option grants could be used (in conjunction with relevant control variables) to predict shareholder value. Stock grants did not have a significant contributing effect to the model. Future research can replicate this study on the other components of the S&P 1500 index. A study testing the effect of incentive and non-incentive compensation on the optimal level of shareholder value could be another avenue for future research. Two other avenues of future research could be to investigate the relationship between equity-based incentives and capital expenditure investments, and to investigate the relationship between CEO cash bonuses and shareholder value.

Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2018

Mode of access: World Wide Web

ISBN: 9781369716719Subjects--Topical Terms:

559073
Finance.
Index Terms--Genre/Form:

554714
Electronic books.

Forecasting Shareholder Value from Equity-based Compensation.
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500 $a Source: Dissertation Abstracts International, Volume: 78-09(E), Section: A.
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502 $a Thesis (Ph.D.)--Northcentral University, 2017.
504 $a Includes bibliographical references
520 $a Equity incentives in CEO compensation contracts have been widespread for more than 30 years. Empirical research on the relationship between equity-based incentives and share-price performance has been mixed. This study investigated whether equity-based compensation results in the creation of shareholder value (proxied by shareholder return). The purpose was (a) to establish the relationship between stock options, restricted stock, and shareholder returns, and (b) to develop a model whereby shareholder return can be estimated from the use of options and stocks in a CEO's compensation structure. The research method was quantitative with a correlation-prediction design. Data were obtained from publicly available sources in Yahoo Finance, 10K reports, and company proxy statements. Correlation analyses and fixed-effect regressions revealed that stock options (r = --.086, p = .003) and restricted stock (r = --.062, p = .024) were significantly negatively correlated with shareholder value. Yet, the correlations were weak. Only stock options were a significant contributor to the prediction model, t(1003) = --3.14, p = .002. Restricted stock was not a significant contributor, t(1003) = --0.29, p = .775. Consequently, it appears that stock option and restricted stock grants do not contribute to enhanced shareholder value. The resultant regression model demonstrated that only option grants could be used (in conjunction with relevant control variables) to predict shareholder value. Stock grants did not have a significant contributing effect to the model. Future research can replicate this study on the other components of the S&P 1500 index. A study testing the effect of incentive and non-incentive compensation on the optimal level of shareholder value could be another avenue for future research. Two other avenues of future research could be to investigate the relationship between equity-based incentives and capital expenditure investments, and to investigate the relationship between CEO cash bonuses and shareholder value.
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