The option to quit: The effect of employee stock options on turnover

被引:42
作者
Aldatmaz, Serdar [1 ]
Ouimet, Paige [2 ]
Van Wesep, Edward D. [3 ]
机构
[1] George Mason Univ, Sch Business, 4400 Univ Dr, Fairfax, VA 22030 USA
[2] Univ North Carolina Chapel Hill, Kenan Flagler Business Sch, Campus Box 3490,McColl Bldg, Chapel Hill, NC 27599 USA
[3] Univ Colorado, Leeds Sch Business, 995 Regent Dr, Boulder, CO 80302 USA
基金
美国国家科学基金会;
关键词
Employee stock options; Turnover; PERFORMANCE; INCENTIVES; GRANTS; FIRMS;
D O I
10.1016/j.jfineco.2017.10.007
中图分类号
F8 [财政、金融];
学科分类号
0202 ;
摘要
We show that in the years following a large broad-based employee stock option (BBSO) grant, employee turnover falls at the granting firm. We find evidence consistent with a causal relation by exploiting unexpected changes in the value of unvested options. A large fraction of the reduction in turnover appears to be temporary with turnover increasing in the third year following the year of the adoption of the BBSO plan. The increase three years post-grant is equal in magnitude to the cumulative decrease in turnover over the three prior years, suggesting that long-vesting BBSO plans delay, instead of prevent, turnover. (C) 2017 Elsevier B.V. All rights reserved.
引用
收藏
页码:136 / 151
页数:16
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