CFO pay convexity, risk taking and corporate hedging

被引：2

作者：

Barbi, Massimiliano ^{[1
]}

Febo, Valentina ^{[2
,4
]}

Massimiliani, Irene ^{[3
]}

机构：

[1] Univ Bologna, Dept Management, Bologna, Italy

[2] Metis Lab, EM Normandie Business Sch, Dept Law Finance & Control, Clichy, France

[3] Accenture, Milan, Italy

[4] Normandie Business Sch, 30-32 Rue Henri Barbusse, F-92110 Clichy, France

来源：

EUROPEAN FINANCIAL MANAGEMENT | 2024年 / 30卷 / 03期

关键词：

CFO; compensation; derivatives; hedging; STOCK OPTION PORTFOLIOS; AFFECT FIRM VALUE; UPPER ECHELONS; MANAGEMENT; CHIEF; COMPENSATION; SPECULATION; DERIVATIVES; PRICE; OIL;

D O I：

10.1111/eufm.12455

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We study how a CFO's risk-taking incentives affect corporate hedging by utilising hand-collected data from 2009 to 2019 on corporate hedging and managerial compensation for a sample of US oil and gas firms. The relative convexity of CFO equity compensation negatively affects the likelihood and extent of hedging. When the CFO and CEO have diverging risk-taking incentives, the relative convexity of the CFO's equity payoff prevails over that of the CEO. This evidence underscores the primary role of the CFO in steering a firm's hedging strategy.

引用

页码：1545 / 1586

页数：42

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