We found a match
Your institution may have rights to this item. Sign in to continue.
- Title
OWNERSHIP STRUCTURE AND OPERATING PERFORMANCE CHANGES SURROUNDING STOCK OPTION ADOPTIONS: EVIDENCE FROM JAPAN.
- Authors
Uchida, Konari; Matsumoto, Mamoru
- Abstract
Stock option adoptions by IPO firms account for about one-third of Japanese stock option adoptions during 1997-2000. Non-IPO firms that adopt stock options tend to decrease financial institutions' ownership levels less than the average whereas reduce other corporations' ownership levels more than the average. The result suggests firms that care more about shareholder wealth decrease cross-shareholdings as well as issue stock options. However, such firms need to keep shareholdings by financial institutions to prevent increases in agency costs of debt. Finally, we do not find a significant change in firms' operating performance surrounding stock option adoptions.
- Subjects
JAPAN; STOCK options; GOING public (Securities); FINANCIAL institutions; CAPITAL market
- Publication
Corporate Ownership & Control, 2006, Vol 4, Issue 2, p10
- ISSN
1727-9232
- Publication type
Article