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
收藏
页码：1545 / 1586
页数：42
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