{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2025,5,14]],"date-time":"2025-05-14T07:44:11Z","timestamp":1747208651538,"version":"3.40.5"},"reference-count":41,"publisher":"Virtus Interpress","issue":"2","license":[{"start":{"date-parts":[[2018,9,5]],"date-time":"2018-09-05T00:00:00Z","timestamp":1536105600000},"content-version":"vor","delay-in-days":3534,"URL":"https:\/\/creativecommons.org\/licenses\/by-nc\/4.0"},{"start":{"date-parts":[[2018,9,5]],"date-time":"2018-09-05T00:00:00Z","timestamp":1536105600000},"content-version":"tdm","delay-in-days":3534,"URL":"https:\/\/creativecommons.org\/licenses\/by-nc\/4.0"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["COC"],"published-print":{"date-parts":[[2009]]},"abstract":"<jats:p>The main purpose of this study is to investigate the determinants of stock options attribution. We hypothesize that the equity held by managers, the ownership concentration, the liquidity constraints, the firm risk and the firm size are related to the firm\u2019s attribution of stock options. Using a sample of 44 companies listed in Euronext Lisbon, we find that only equity held by managers and firm size are related to the firm\u2019s attribution of stock options, documenting a positive relationship for both.<\/jats:p>","DOI":"10.22495\/cocv7i2c2p2","type":"journal-article","created":{"date-parts":[[2017,1,22]],"date-time":"2017-01-22T19:50:02Z","timestamp":1485114602000},"page":"260-268","source":"Crossref","is-referenced-by-count":1,"title":["Determinants of executive stock options: Portuguese evidence"],"prefix":"10.22495","volume":"7","author":[{"ORCID":"https:\/\/orcid.org\/0000-0003-3566-3771","authenticated-orcid":false,"given":"Sandra","family":"Alves","sequence":"first","affiliation":[]},{"given":"J\u00falio","family":"Martins","sequence":"additional","affiliation":[]},{"given":"Carlos","family":"Ferreira","sequence":"additional","affiliation":[]}],"member":"9787","published-online":{"date-parts":[[2009]]},"reference":[{"key":"ref0","doi-asserted-by":"publisher","unstructured":"AGGARWAL, R. K., SAMWICK, A. A., (1999), \"The Other Side of the Trade-off: The Impact of Risk on Executive Compensation\", Journal of Political Economy, Vol. 107, No. 1, pp. 65-105.","DOI":"10.1086\/250051"},{"key":"ref1","doi-asserted-by":"publisher","unstructured":"AGRAWAL, A., KNOEBER, C. R., (1996), \"Firm Performance and Mechanisms to Control Agency Problems between Managers and Shareholders\", Journal of Financial and Quantitative Analysis, Vol. 31, No. 3, pp. 377-397.","DOI":"10.2307\/2331397"},{"key":"ref2","doi-asserted-by":"publisher","unstructured":"BEATTY, R. P., ZAJAC, E. J., (1994), \"Managerial Incentives, Monitoring, and Risk, Ownership, and Board Structure in Initial Public Offerings\", Administrative Science Quarterly, Vol. 39, No. 2, pp. 313-335.","DOI":"10.2307\/2393238"},{"key":"ref3","doi-asserted-by":"publisher","unstructured":"BELKAOUI, A. R., PAVLIK, E., (1993), \"Effects of Ownership Structure, Firm Performance, Size and Diversification Strategy on CEO Compensation: A Path Analysis\", Managerial Finance, Vol. 19, No. 2, pp. 33-54.","DOI":"10.1108\/eb013713"},{"key":"ref4","doi-asserted-by":"publisher","unstructured":"CORE, J. E., GUAY, W. R., (2001), \"Stock option plans for non-executive employees\", Journal of Financial Economics, Vol. 61, No. 2, pp. 253-287.","DOI":"10.1016\/s0304-405x(01)00062-9"},{"key":"ref5","doi-asserted-by":"publisher","unstructured":"DEMSETZ, H., LEHN, K., (1985), \"The Structure of Corporate Ownership: Causes and Consequences\", Journal of Political Economy, Vol. 93, No. 6, pp. 1155-1177.","DOI":"10.1086\/261354"},{"key":"ref6","doi-asserted-by":"publisher","unstructured":"ERICKSON, J., PARK, Y. W., REISING, J., SHIN, H. H., (2005), \"Board composition and firm value under concentrated ownership: The Canadian evidence\", Pacific-Basin Finance Journal, Vol. 13, No. 4, pp. 387-410.","DOI":"10.1016\/j.pacfin.2004.11.002"},{"key":"ref7","doi-asserted-by":"crossref","unstructured":"FAMA, E. F., JENSEN, M. C., (1983), \"Separation of Ownership and Control\", The Journal of Law and Economics, Vol. 26, No. 2, pp. 301-325.","DOI":"10.1086\/467037"},{"key":"ref8","doi-asserted-by":"publisher","unstructured":"FRYE, M. B., (2004), \"Equity-Based Compensation for Employees: Firm Performance and Determinants\", The Journal of Financial Research, Vol. 27, No. 1, pp. 31-54.","DOI":"10.1111\/j.1475-6803.2004.00076.x"},{"key":"ref9","doi-asserted-by":"publisher","unstructured":"GAVER, J. J., GAVER, K. M., (1993), \"Additional evidence on the association between the investment opportunity set and corporate financing, dividend, and compensation policies\", Journal of Accounting and Economics, Vol. 16, No. 1-3, pp. 125-160.","DOI":"10.1016\/0165-4101(93)90007-3"},{"key":"ref10","doi-asserted-by":"publisher","unstructured":"GAVER, J. J., GAVER, K. M., (1995), \"Compensation Policy and Investment Opportunity Set\", Financial Management, Vol. 24, No. 1, pp. 19- 32.","DOI":"10.2307\/3665874"},{"key":"ref11","doi-asserted-by":"publisher","unstructured":"GOMEZ-MEJIA, L., WISEMAN, R. M., (1997), \"Reframing Executive Compensation: An Assessment and Outlook\", Journal of Management, Vol. 23, No. 3, pp. 291-374.","DOI":"10.1016\/s0149-2063(97)90035-0"},{"key":"ref12","unstructured":"HAIR, J. F., ANDERSON, R. E., TATHAM, R. L., BLACK, W. 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H., (1976), \"Theory of the Firm: Managerial Behavior, Agency and Ownership Structure\", Journal of Financial Economics, Vol. 3, No. 4, pp. 305-360.","DOI":"10.1016\/0304-405x(76)90026-x"},{"key":"ref17","doi-asserted-by":"publisher","unstructured":"JENSEN, M. C., MURPHY, K. J., (1990), \"Performance Pay and Top-Management Incentives\", Journal of Political Economy, Vol. 98, No. 2, pp. 225- 264.","DOI":"10.1086\/261677"},{"key":"ref18","doi-asserted-by":"publisher","unstructured":"KATO, H. K., LEMMON, M., LUO, M., SCHALLHEIM, J., (2005), \"An empirical examination of the costs and benefits of executive stock options: Evidence from Japan\", Journal of Financial Economics, Vol. 78, No. 2, pp. 435-461.","DOI":"10.1016\/j.jfineco.2004.09.001"},{"key":"ref19","unstructured":"KEDIA, S., MOZUMDAR, A., (2004), \"Performance Impact of Employee Stock Options\", Working Paper, Harvard University and Virginia Tech."},{"key":"ref20","doi-asserted-by":"publisher","unstructured":"LEE, P. M., O\u201fNEILL, H. M., (2003), \"Ownership structures and R&D investments of U.S. and Japanese firms: agency and stewardship perspectives\", Academy of Management Journal, Vol. 46, No. 2, pp. 212-225.","DOI":"10.2307\/30040615"},{"key":"ref21","doi-asserted-by":"publisher","unstructured":"MCCONNELL, J. J., SERVAES, H., 1990, \"Additional evidence on equity ownership and corporate value\", Journal of Financial Economics, Vol. 27, N.\u00ba 2, pp. 595-612.","DOI":"10.1016\/0304-405x(90)90069-c"},{"key":"ref22","doi-asserted-by":"publisher","unstructured":"MEHRAN, H., (1995), \"Executive compensation structure, ownership, and firm performance\", Journal of Financial Economics, Vol. 38, No. 2, pp. 163-184.","DOI":"10.1016\/0304-405x(94)00809-f"},{"key":"ref23","doi-asserted-by":"publisher","unstructured":"MEHRAN, H., TRACY, J., (2001), \"The Effect of Employee Stock Options on the Evolution of Compensation in the 1990s\", Economic Policy Review, Vol. 7, No. 3, pp. 17-34.","DOI":"10.3386\/w8353"},{"key":"ref24","doi-asserted-by":"publisher","unstructured":"MORCK, R., SHLEIFER, A., VISHNY, R. W., 1988, \"Management ownership and market valuation - an empirical analysis\", Journal of Financial Economics, Vol. 20, pp. 293-315.","DOI":"10.1016\/0304-405x(88)90048-7"},{"key":"ref25","doi-asserted-by":"publisher","unstructured":"NAGAOKA, S., (2005), \"Determinants of the introduction of stock options by Japanese firms: Analysis from the incentive and selection perspectives\", The Journal of Business, Vol. 78, No. 6, pp. 2289-2315.","DOI":"10.1086\/497050"},{"key":"ref26","doi-asserted-by":"publisher","unstructured":"OYER, P., SCHAEFER, S., (2005), \"Why do some firms give stock options to all employees?: An empirical examination of alternative theories\", Journal of Financial Economics, Vol. 76, No. 1, pp. 99-133.","DOI":"10.1016\/j.jfineco.2004.03.004"},{"key":"ref27","unstructured":"PASTERNACK, D., (2002), \"Essays on Stock Options, Incentives, and Managerial Action\", Publications of the Swedish School of Economics and Business Administration."},{"key":"ref28","unstructured":"ROSENBERG, M., (2003), \"Stock Option Compensation in Finland: An analysis of economic determinants, contracting frequency, and design\", Working Paper, Swedish School of Economics and Business Administration."},{"key":"ref29","unstructured":"ROSS, S. A., (1973), \"The Economic Theory of Agency: The Principal\u201fs Problem\", American Economic Review, Vol. 63, No. 2, pp. 134-139."},{"key":"ref30","doi-asserted-by":"publisher","unstructured":"RYAN, H. E., WIGGINS, R. A., (2001), \"The influence of firm-and manager-specific characteristics on the structure of executive compensation\", Journal of Corporate Finance, Vol. 7, No. 2, pp. 101-123.","DOI":"10.1016\/s0929-1199(00)00021-3"},{"key":"ref31","doi-asserted-by":"publisher","unstructured":"RYAN, H. E., WIGGINS, R. A., (2002), \"The Interactions Between R&D Investment Decisions and Compensation Policy\", Financial Management, Vol. 31, No. 1, pp. 5-29.","DOI":"10.2307\/3666319"},{"key":"ref32","doi-asserted-by":"publisher","unstructured":"SANDERS, W. G., CARPENTER, M. A., (1998), \"Internationalization and firm governance: The roles of CEO compensation, top team composition, and board structure\", Academy of Management Journal, Vol. 41, No. 2, pp. 158-178.","DOI":"10.2307\/257100"},{"key":"ref33","doi-asserted-by":"publisher","unstructured":"SHLEIFER, A., VISHNY, R. W., (1986), \"Large Shareholders and Corporate Control\", Journal of Political Economy, Vol. 94, No. 3, pp. 461-488.","DOI":"10.1086\/261385"},{"key":"ref34","doi-asserted-by":"publisher","unstructured":"SHLEIFER, A., VISHNY, R. W., (1997), \"A Survey of Corporate Governance\", The Journal of Finance, Vol. 52, No. 2, pp. 737-783.","DOI":"10.1111\/j.1540-6261.1997.tb04820.x"},{"key":"ref35","doi-asserted-by":"publisher","unstructured":"SMITH, C. W., WATTS, R. 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S., (1988), \"Outside Directors and CEO Turnover\", Journal of Financial Economics, Vol. 20, No. pp. 341-460.","DOI":"10.1016\/0304-405x(88)90053-0"},{"key":"ref40","doi-asserted-by":"publisher","unstructured":"YERMACK, D., (1995), \"Do Corporations Award CEO Stock-Options Effectively\", Journal of Financial Economics, Vol. 39, No. 2-3, pp. 237-269.","DOI":"10.1016\/0304-405x(95)00829-4"}],"container-title":["Corporate Ownership and Control"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/virtusinterpress.org\/IMG\/pdf\/10-22495_cocv7i2c2p2.pdf","content-type":"application\/pdf","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/virtusinterpress.org\/IMG\/pdf\/10-22495_cocv7i2c2p2.pdf","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,9,14]],"date-time":"2020-09-14T11:10:15Z","timestamp":1600081815000},"score":1,"resource":{"primary":{"URL":"http:\/\/virtusinterpress.org\/DETERMINANTS-OF-EXECUTIVE-STOCK.html"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2009]]},"references-count":41,"journal-issue":{"issue":"2","published-online":{"date-parts":[[2009]]},"published-print":{"date-parts":[[2009]]}},"URL":"https:\/\/doi.org\/10.22495\/cocv7i2c2p2","archive":["Portico","Portico"],"relation":{},"ISSN":["1810-3057","1727-9232"],"issn-type":[{"type":"electronic","value":"1810-3057"},{"type":"print","value":"1727-9232"}],"subject":[],"published":{"date-parts":[[2009]]}}}