Add to ORKGWe draw on behavioral agency theory to explain how decision heuristics associated with CEO stock options interact with firm slack to shape the CEO’s preference for short or long-term strategies (temporal orientation). Our findings suggest CEO current option wealth substitutes for the influence of slack resources in encouraging a long-term orientation, while prospective option wealth enhances the positive effect of slack on temporal orientation. Our theory offers explanations for non-findings in previous analysis of the relationship between CEO equity based pay and temporal orientation and provides the insights that CEO incentives created by stock options: (1) enhance the effect of available slack upon temporal orientation; and (2) can both ...
Short-term orientation aimed at maximizing quarterly results at the expense of long-term corporate p...
We show that executives cut investment when their incentives become more short term. We examine a un...
After the financial crisis, shareholders and regulators have become increasingly concerned about sho...
Issues related to time horizon have received increasing attention due to the perceived reluctance of...
We study changes in the number of CEO stock option grants. Despite some evidence of short-term rigid...
We show that executives cut investment when their incentives become more short term. We examine a un...
We document the first evidence of a structure of timing returns, award discounts/premia and CEO dilu...
How CEOs think and feel about time may have a big influence on their firms’ strategies. We examine h...
Conceiving of stock options as providing the CEO with cues for the possibility of both greater prosp...
We analyze a large data set of stock option exercises for a large data set of almost 200,000 option ...
Stock options have been advocated to encourage managers to make long-run investments like research a...
This study examines how the use of option-based compensation for directors affects their independenc...
This paper shows that short-term stock price concerns induce CEOs to take value-reducing actions. Ve...
This paper examines the determinants of stock option introduction as a part of CEO compensation in l...
We provide evidence that executives with more short-term incentives engage in myopic behavior by red...
Short-term orientation aimed at maximizing quarterly results at the expense of long-term corporate p...
We show that executives cut investment when their incentives become more short term. We examine a un...
After the financial crisis, shareholders and regulators have become increasingly concerned about sho...
Issues related to time horizon have received increasing attention due to the perceived reluctance of...
We study changes in the number of CEO stock option grants. Despite some evidence of short-term rigid...
We show that executives cut investment when their incentives become more short term. We examine a un...
We document the first evidence of a structure of timing returns, award discounts/premia and CEO dilu...
How CEOs think and feel about time may have a big influence on their firms’ strategies. We examine h...
Conceiving of stock options as providing the CEO with cues for the possibility of both greater prosp...
We analyze a large data set of stock option exercises for a large data set of almost 200,000 option ...
Stock options have been advocated to encourage managers to make long-run investments like research a...
This study examines how the use of option-based compensation for directors affects their independenc...
This paper shows that short-term stock price concerns induce CEOs to take value-reducing actions. Ve...
This paper examines the determinants of stock option introduction as a part of CEO compensation in l...
We provide evidence that executives with more short-term incentives engage in myopic behavior by red...
Short-term orientation aimed at maximizing quarterly results at the expense of long-term corporate p...
We show that executives cut investment when their incentives become more short term. We examine a un...
After the financial crisis, shareholders and regulators have become increasingly concerned about sho...