Articlegreen2002

THE ROLE OF POWER AND POLITICS IN THE REPRICING OF EXECUTIVE OPTIONS.

176 citations0/0 files storedAcademy of Management Journal

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Corporate Finance and Governance Auditing, Earnings Management, Governance Stochastic processes and financial applications

Abstract

We explore how CEO power affects the repricing of executive options. The spread between an option's exercise, or strike, price, and the market value of a stock impacts the likelihood of repricing. This effect is enhanced when the CEO of the firm in question is also the chairman of its board. Firm and CEO visibility, more board members appointed after a CEO's hiring than before it, a staggered board, and relatively high percentages of CEO and institutional ownership reduce the impact of the spread on the likelihood of repricing.

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References

1976Theory of the firm: Managerial behavior, agency costs and ownership structure 1983Separation of Ownership and Control 1988Outside directors and CEO turnover 2008Executive compensation 1992POWER IN TOP MANAGEMENT TEAMS: DIMENSIONS, MEASUREMENT, AND VALIDATION.1992Legal Ambiguity and Symbolic Structures: Organizational Mediation of Civil Rights Law 1998A Behavioral Agency Model of Managerial Risk Taking 1989Firm characteristics and analyst following

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