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首页> 外文期刊>Journal of the Japanese and International Economies >The adoption of stock option plans and their effects on firm performance during Japan's period of corporate governance reform
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The adoption of stock option plans and their effects on firm performance during Japan's period of corporate governance reform

机译：日本公司治理改革时期股票期权计划的采用及其对公司绩效的影响

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This paper empirically investigates the adoption of stock option plans and their effects on firm performance in Japan. Using the sample of the period of corporate governance reform in the 2000s, we find that the adoption of stock option plans was more likely at firms in an industry where many firms had already introduced stock option plans. The result indicates a type of herding behavior among Japanese firms. We further find that firms rushed to grant stock options just before the adoption of the new accounting standard (ASBJ Statement No. 8). Unique to Japan, this standard requires stock option expensing only for newly granted options. We also find that operating performance decreased, but that payout and liquidity ratios remained almost constant after the adoption of stock option plans. Overall, the results do not support the view, at least in the Japanese context, that stock options can function as a primary incentive for improving firm performance. (C) 2017 Elsevier Inc. All rights reserved.
机译：本文对日本股票期权计划的采用及其对公司绩效的影响进行了实证研究。使用2000年代公司治理改革时期的样本，我们发现，在许多公司已经引入了股票期权计划的行业中，采用股票期权计划的可能性更大。结果表明日本企业之间存在一种羊群行为。我们进一步发现，在采用新会计准则（ASBJ第8号声明）之前，公司就急于授予股票期权。该标准是日本独有的，它仅要求新授予的期权的股票期权费用。我们还发现，经营绩效下降了，但是在采用股票期权计划后，支付率和流动性比率几乎保持不变。总体而言，该结果至少在日本背景下并不支持股票期权可以作为改善公司绩效的主要动力的观点。 （C）2017 Elsevier Inc.保留所有权利。

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