성과연동스톡옵션의 고정부스톡옵션에 대비한 효과성 검증: 금융기업과 비금융기업

This study explores how the performance-based stock options have an impact on the long-term firm value and risk-taking behaviors compared with the typical stock options. Performance-based stock options are just beginning to be used in practice and recommended as the superior compensation system that can prevent executives from being compensated just by luck. Still there remains much work on how it affects on the firm value and risk-taking behaviors practically. We analyzed a total of 128 stock options for the years between 2001 and 2005. The results show the followings. First, there are increasing trend in utilizing the perfromance-based stock options recently. Particularly, they are more utilized in the banks industry. Of the performance-based stock options, 77% belong to the performance-benchmarked stock options. Second, performance-based stock options have a positive effect on the long-term firm value unlikely to the typical stock options which declines very sharply. Particularly, it is more powerful in the banks industry. Finally, in the banks industry, performance-based stock options have improved firm value without increasing firm risk excessively. Soundness and stability regulation as well as quantitative growth is important for the banks industry, and it seems that performance-based stock option supplement the typical stock option by including those creteria as one of the measurements of performance.