Stock option plan practices in family firms: The idiosyncratic private benefits approach

Alvarez Perez, 2005, Stock option plans for CEO compensation, Corporate Ownership and Control, 3, 88, 10.22495/cocv3i1p8 Anderson, 2003, Founding-family ownership and firm performance: Evidence from S&P 500, The Journal of Finance, 3, 1301, 10.1111/1540-6261.00567 Angel, 1997, The compensation of Spanish executives: A test of managerial talent allocation model, International Journal of Industrial Organization, 15, 511, 10.1016/S0167-7187(96)01033-8 Arthurs, 2003, The boundaries and limitations of agency theory and stewardship in the venture capitalist/entrepreneur relationship, Entrepreneurship Theory and Practice, 28, 145, 10.1046/j.1540-6520.2003.00036.x Barack, R., Cohen, S., & Lauterbach, B. (2008). The effect of CEO pay on firm valuation in closely held firms. Working paper. Barclay, 1989, Private benefits from control of public corporations, Journal of Financial Economics, 25, 371, 10.1016/0304-405X(89)90088-3 Barontini, 2009, CEO compensation and performance in family firms, Social Science Research Network Barontini, 2006, The effect of family control on firm value e performance: Evidence from continental Europe, European Financial Management, 12, 689, 10.1111/j.1468-036X.2006.00273.x Bebchuk, 1999, A theory of path dependence in corporate ownership and governance, Standford Law Review, 52, 127, 10.2307/1229459 Bebchuk, 2012, Managerial power and rent extraction in the design of executive compensation, The University of Chicago Law Review, 52, 127 Bebchuk, L. A., Fried, J. M., & Walker, D. I. (2002b). Managerial power and rent extraction in the design of executive compensation. Working paper n. 9068, NBER. Bertrand, 2001, Do people mean what they say? Implication for survey data, Economic and Social Behavior, 91, 67 Bertrand, 2006, The role of family in family firms, The Journal of Economic Perspectives, 20, 73, 10.1257/jep.20.2.73 Block, J. H. (2008). Family management, family ownership, and downsizing: Evidence from S&P 500 Firms. SSRN working paper. Block, J. H. & Thams, A. (2007). Long-term orientation in family firms: A Bayesian Analysis of R&D spending. SSRN working paper. Bloom, 1998, Relationship among risk, incentive pay, and organizational performance, The Academy of Management Journal, 41, 283, 10.2307/256908 Boyd, 1995, CEO duality and firm performance: A contingency model, Strategic Management Journal, 16, 301, 10.1002/smj.4250160404 Braun, 2007, Should the CEO also be chair of the board? An empirical examination of family-controlled public firms, Family Business Review, 20, 111, 10.1111/j.1741-6248.2007.00090.x Brickley, 1997, Leadership structure: Separating the CEO and chairman of the board, Journal of Corporate Finance, 3, 189, 10.1016/S0929-1199(96)00013-2 Burkart, 2003, Family firms, The Journal of Finance, LVIII, 2167, 10.1111/1540-6261.00601 Carrasco-Hernandez, 2007, The determinant of employee compensation in family firms: Empirical evidence, Family Business Review, 20, 215, 10.1111/j.1741-6248.2007.00096.x Casson, 1999, The economics of the family firm, Scandinavian Economic History Review, 47, 10, 10.1080/03585522.1999.10419802 Cavalluzzo, K. S., & Sankaraguruswamy, S. (2000). Pay-to-accounting performance and ownership structure in privately-held small corporations. Working paper, SSRN. Choe, 2009, Diversification discount, information rents and internal capital markets, The Quarterly Review of Economics and Finance, 49, 178, 10.1016/j.qref.2007.10.003 Chrisman, 2004, Comparing the agency costs of family and non-family firms: Conceptual issue and exploratory evidence, Entrepreneur. Theory and Practice, 28, 335, 10.1111/j.1540-6520.2004.00049.x Code Combined, 2008 Cohen, 2008, Differences in pay between owner and non-owner CEOs: Evidence from Israel, Journal of Multinational Financial Management, 18, 4, 10.1016/j.mulfin.2007.02.005 Corbetta, 1996, Board of directors in Italian family business, Family Business Review, 9, 403, 10.1111/j.1741-6248.1996.00403.x Corbetta, 2004, Self-serving or self-actualizing? Models of man and agency costs in different types of family firms: A commentary on comparing the agency costs of family and non-family firms: Conceptual issues and exploratory evidence, Entrepreneurship Theory and Practice, 28, 335, 10.1111/j.1540-6520.2004.00050.x Core, 1999, The use of equity grants to manage optimal equity incentive level, Journal of Accounting an Economics, 28, 151, 10.1016/S0165-4101(99)00019-1 Crespi, R., & Gispert, C. (1998). Board remuneration, performance and corporate governance in large Spanish companies. Unpublished manuscript. Department d’economia de l’empresa, Universitata autonoma de Barcelona. Cyert, 2002, Corporate governance, takeovers and top-management compensation, Theory and evidence, management science, 48, 453, 10.1287/mnsc.48.4.453.205 Davis, 1997, Toward a stewardship theory of management, Academy of Management Review, 22, 20, 10.5465/amr.1997.9707180258 Demsetz, 1985, The structure of corporate ownership: Causes and consequences, Journal of Political Economy, 6, 1155, 10.1086/261354 Djankov, 2008, The law and economics of self-dealing, Journal of Financial Economics, 88, 430, 10.1016/j.jfineco.2007.02.007 Donckles, 1991, Are family business really different? European experiences from STRATOS, Family Business Review, 4, 149, 10.1111/j.1741-6248.1991.00149.x Duffhues, 2008, Is the pay-performance relationship always positive? Evidence from the Netherlands, Journal of Multinational Financial Management, 18, 45, 10.1016/j.mulfin.2007.02.004 Dyck, 2004, Private benefits of control: An international comparison, The Journal of Finance, 59, 537, 10.1111/j.1540-6261.2004.00642.x Dyer, 2006, Examining the family effect on firm performance, Family Business Review, 19, 253, 10.1111/j.1741-6248.2006.00074.x Dyer, 2006, Family firms and social responsibility: Preliminary evidence from S&P 500, Entrepreneurship Theory and Practice, 30, 785, 10.1111/j.1540-6520.2006.00151.x European Corporate Governce Forum, 2009 Faccio, 2002, The ultimate ownership of Western Union corporations, Journal of Financial Economics, 65, 365, 10.1016/S0304-405X(02)00146-0 Fama, 1983, Separation of ownership and control, Journal of Law and Economics, 26, 301, 10.1086/467037 Gilson, 2006, Controlling shareholders and corporate governance: Complicating the comparative taxonomy, Harvard Law Review, 119, 1641 Gimeno, 1997, Survival of the fittest: Entrepreneurial human capital and the persistence of underperforming firms, Administrative Science Quarterly, 42, 750, 10.2307/2393656 Gomez-Mejia, 2003, The determinant of executive compensation in family controlled public corporations, Academy of Management Journal, 46, 226, 10.2307/30040616 Gomez-Mejia, 2006, CEO incentives, innovation, and performance in technology-intensive firms: A reconciliation of outcome and behaviour based incentives schemes, Strategic Management Journal, 27, 1057, 10.1002/smj.560 Habberson, 2003, Familiness: A unified systems theory of family business performance, Journal of Business Venturing, 18, 451, 10.1016/S0883-9026(03)00053-3 Haid, A., & Yurtoglu, B. B. (2006). Ownership structure and executive compensation in Germany. Working paper. Hall, 1998, Are CEOs really paid like bureaucrats?, Quarterly Journal of Economics, 33-1, 3 Harris, 1994, Is strategy different for family-owned business?, Family Business Review, 7, 159, 10.1111/j.1741-6248.1994.00159.x Hilb, 2008 Himmelberg, 1999, Understanding the determinants of managerial ownership and the link between ownership and performance, Journal of Financial Economics, 53, 353, 10.1016/S0304-405X(99)00025-2 Hoi, 2004, The design of incentives compensation for directors, Corporate Governance, 4, 371, 10.1108/14720700410547495 Holdereness, 1989, The role of minority shareholders in public held corporations, Journal of Financial Economics, 13, 324 Holmstrom, 1979, Moral Hazard and Observability, Bell Journal of Economics James, 1999, Owner as a manager, extended horizons and the family firms, International Journal of the Economics of Business, 6, 41, 10.1080/13571519984304 Janakiraman, 2010, Institutional investors, managerial ownership, and executive compensation, Journal of Accounting, Auditing and Finance, 25, 673, 10.1177/0148558X1002500409 Jensen, 1990, Performance pay and top management incentive, Journal of Political Economy, 98, 1, 10.1086/261677 Jensen, 1976, Theory of the firm: Managerial behaviour, agency costs, and ownership structure, Journal of Financial Economics, 3, 305, 10.1016/0304-405X(76)90026-X Johnson, 2000, Indexed executive stock option, Journal of Financial Economics, 57, 35, 10.1016/S0304-405X(00)00050-7 Johnson, 2000, Tunnelling, The American Economic Review, 90, 732, 10.1257/aer.90.2.22 Kaufman, 1990 Kuang, 2009, Performance-vested stock option and interest alignment, The British Accounting Review, 41, 46, 10.1016/j.bar.2008.10.001 La Porta, 2000, Investor protection and corporate governance, The Journal of Financial Economics, 58, 3, 10.1016/S0304-405X(00)00065-9 Le Breton-Miller, 2006, Why do some family business out-compete? Governance, long-term orientation and sustainable capability, Entrepreneurship Theory and Practice, 30, 731, 10.1111/j.1540-6520.2006.00147.x Manz, 1986, Self-leadership: Toward an expanded theory of self-influence process in organizations, Academy Science Quarterly, 38, 438 McConaughy, 2000, Family CEO vs NonFamily CEO in the family-controlled firm: An examination of the level and sensitivity of pay to performance, Family Business Review, 13, 121, 10.1111/j.1741-6248.2000.00121.x Melis, 2010, Executive remuneration in blockholder-dominated firms. How do Italian firms use stock options?, Journal of Management and Governance, 10, 1007 Melis, 2012, Executive director remuneration in blockholder-dominated firms: how do Italian firms use stock option?, Journal of Management and Governance, 16, 511, 10.1007/s10997-010-9163-0 Mork, 1988, Management ownership and market valuation: An empirical analysis, Journal of Financial Economics, 20, 293, 10.1016/0304-405X(88)90048-7 Mork, 2005, 319 Murphy (1999). Why do firms use incentives that have no incentives effects? Working paper. Muslu, 2010, Executive directors, pay disclosures, and incentive compensation in large European companies, Journal of Accounting, Auditing and Finance, 25, 569, 10.1177/0148558X1002500406 Nelson, 2003, The persistence of founder influence: Management, ownership, performance effects and initial public offering, Strategic Management Journal, 24, 707, 10.1002/smj.328 Pacces, 2008, The good, the bad, and the ugly’ private benefit of control and their regulatory implications, Journal of Corporate Ownership and Control, 6, 477, 10.22495/cocv5i4c4p7 Pacces, A. M. (2009). Control matters: Law and economics of private benefits of control. Working paper. ECGI. Prencipe, 2011, Corporate governance and earnings management in family-controlled companies, Journal of Accounting, Auditing & Finance, 26, 199, 10.1177/0148558X11401212 Rajgopal, 2002, Are executive stock options associated with future earnings, Journal of Financial Economics, 36, 3 Rappaport, 1999, New thinking on how to link executive pay with performance, Harvard Business Review, 77, 91 Rechner, 2006, CEO duality and organizational performance: A longitudinal analysis, Strategic Management Journal, 12, 155, 10.1002/smj.4250120206 Ryan, 2004, Who is in whose pocket? Director compensation, board independence, and barriers to effective monitoring, Journal of Financial Economics, 73, 497, 10.1016/j.jfineco.2003.11.002 Schulze, 2001, Toward a theory of agency and altruism in family firms, Journal of Business Venturing, 18, 473, 10.1016/S0883-9026(03)00054-5 Schulze, 2001, Agency relationship in family firms: Theory and evidence, Organisational Science, 12, 99, 10.1287/orsc.12.2.99.10114 Simon, 1947 Smith, 1983, Type of entrepreneur, type of firm and managerial motivation; implications for organizational life cycle theory, Strategic Management Journal, 4, 325, 10.1002/smj.4250040404 Songini, L., & Gnan, L. Family involvement and agency cost control mechanisms in family small and medium-sized enterprises. Journal of Small Business Management, in press. Sraer, D., & Thesmar, D. (2006). Performance and behavior of family firms: Evidence from the French stock market. Working paper. Tagiuri, 1992, On the goals of successful family business, Family Business Review, 5, 43, 10.1111/j.1741-6248.1992.00043.x Tiscini, 2008 Uhlaner, 2004, Family business and corporate social responsibility in a sample of Dutch firms, Journal of Small Business and Enterprise Development, 11, 186, 10.1108/14626000410537128 Vilaseca, 2002, The shareholder role il family business: Conflict of interest and objectives between nonemployed shareholders and top management team, Family Business Review, 15, 299, 10.1111/j.1741-6248.2002.00299.x Villalonga, 2006, How do family ownership, control and management affect firm value?, Journal of Financial Economics, 80, 385, 10.1016/j.jfineco.2004.12.005 Villalonga, 2010, Family control of firms and industries, Financial Management, 39, 863, 10.1111/j.1755-053X.2010.01098.x Werner, 1995, Other's people money: The effects of ownership on compensation strategy and managerial pay, Academy of Management Journal, 38, 301, 10.2307/256849 Wiklund, 2006, Commentary: Family firms and social responsibility: Preliminary evidence from the S&P 500, Entrepreneurship Theory and Practice, 30, 803, 10.1111/j.1540-6520.2006.00152.x Zattoni, 1999, The structure of corporate groups: The Italian case, Corporate Governance: An International Review, 7, 38, 10.1111/1467-8683.00127 Zattoni, 2007, Stock incentive plans in Europe: Empirical evidence and design implication, Corporate Ownership and Control, 4, 54, 10.22495/cocv4i4p5 Zattoni, 2009, The diffusion of equity incentive plans in Italian listed companies: What is the trigger?, Corporate Governance: An International Review, 17, 224, 10.1111/j.1467-8683.2009.00732.x