A literature review of CEO equity compensation: Based on the endogenous and exogenous perspectives

摘要

Equity compensation provides incentives for executives to remain with the firm to avoid forfeiture of restricted shares and some or all of the value of stock options held, and there is a rapid growth of researches on CEO equity compensation. This paper reviewed relevant literature at home and abroad, and analysed the influencing factors of equity incentives and the impact of equity compensation on the company and managers' behaviour from the exogenous perspective. On the other hand, from the endogenous perspective, this article reviewed these researches about the structure of equity incentive contracts.