首页> 外文期刊>Corporate Governance >The Diffusion Of Equity Incentive Plans In Italian Listed Companies: What Is The Trigger?
【24h】

The Diffusion Of Equity Incentive Plans In Italian Listed Companies: What Is The Trigger?

机译:意大利上市公司股权激励计划的扩散:是什么触发因素?

获取原文
获取原文并翻译 | 示例
获取外文期刊封面目录资料

摘要

Manuscript Type: EmpiricalrnResearch Question/Issue: Recent dynamics in the institutional and market environment facilitated the propagation of equity incentive plans outside the US and the UK. This study sheds light on the reasons behind the diffusion of these plans in Italy, a country where companies are usually controlled by a blockholder and these instruments were almost absent. Research Findings/Results: To gain a deep understanding of the phenomenon, we collected data on both the diffusion and the technical aspects of equity incentive plans adopted by Italian listed companies in 1999 and 2005. The results show that 1) the determinant of their adoption is the firm size, rather than the absence of a controlling shareholder; 2) these plans are not extensively used to extract company value, although few cases suggest this possibility; and 3) plans' characteristics generally comply with the requirements in tax law, so that fiscal benefits can be accessed.rnTheoretical Implications: Our findings contribute to the expansion of the traditional knowledge about reasons behind the adoption of equity incentive plans outside Anglo-Saxon countries. Further, they provide support for a symbolic perspective of corporate governance, according to which the introduction of new governance practices may not imply substantive governance reforms.rnPractical Implications: Our study recommends that policymakers improve the disclosure rules about these plans and avoid the introduction of fiscal benefits that provide an incentive to promote some compensation schemes over others. Moreover, our results encourage members of remuneration committees to pay attention to specific characteristics of the plans.
机译:原稿类型:经验研究问题/问题:制度和市场环境的最新动态促进了股权激励计划在美国和英国以外的传播。这项研究揭示了这些计划在意大利扩散的原因,在意大利,公司通常由大股东控制,而这些工具几乎不存在。研究结果/结果:为了深入了解这一现象,我们收集了有关意大利上市公司在1999年和2005年采用的股权激励计划的传播和技术方面的数据。结果表明:1)决定采用该计划的决定因素是公司规模,而不是没有控股股东; 2)尽管很少有案例表明这种可能性,但这些计划并未广泛用于获取公司价值。 3)计划的特征通常符合税法的要求,因此可以获得财政利益。rn理论意义:我们的发现有助于扩大关于盎格鲁撒克逊国家以外采用股权激励计划背后原因的传统知识。此外,它们为公司治理的象征性观点提供了支持,根据这种观点,采用新的治理实践可能并不意味着实质性的治理改革。rn实际意义:我们的研究建议政策制定者改善有关这些计划的披露规则,并避免引入财务激励措施,促使某些补偿方案优于其他补偿方案。此外,我们的结果鼓励薪酬委员会成员注意计划的特定特征。

著录项

相似文献

  • 外文文献
  • 中文文献
  • 专利
获取原文

客服邮箱:kefu@zhangqiaokeyan.com

京公网安备:11010802029741号 ICP备案号:京ICP备15016152号-6 六维联合信息科技 (北京) 有限公司©版权所有
  • 客服微信

  • 服务号