• Search Research Projects
  • Search Researchers
  • How to Use
  1. Back to previous page

The role of stock-based compensation and the internal control of the firm

Research Project

Project/Area Number 17530142
Research Category

Grant-in-Aid for Scientific Research (C)

Allocation TypeSingle-year Grants
Section一般
Research Field Economic theory
Research InstitutionKyoto University

Principal Investigator

OSANO Hiroshi  Kyoto University, Institute of Economic Research, Professor (90152462)

Project Period (FY) 2005 – 2007
Project Status Completed (Fiscal Year 2007)
Budget Amount *help
¥2,640,000 (Direct Cost: ¥2,400,000、Indirect Cost: ¥240,000)
Fiscal Year 2007: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000)
Fiscal Year 2006: ¥800,000 (Direct Cost: ¥800,000)
Fiscal Year 2005: ¥800,000 (Direct Cost: ¥800,000)
Keywordsstock-based compensation / corporate governance / incentive design / 株価連動型報酬
Research Abstract

This research considers the role of stock-based compensation-such as stock options and restricted stock granted to employees, and cross-shareholdings or shareholdings made in joint ventures-in mitigating the moral hazard problem that occurs when agents working in teams face the possibility of turnover and must choose a level of effort or investment in their working relationships with the other agents. In cases of both exogenous and endogenous turnover, I formally derive situations in which stock-based compensation is a component of an optimal compensation contract, and in particular, in which stock-based compensation is superior to cash-based compensation such as bonuses and severance payments. In addition, I show that stock-based compensation is not optimal for individual production. The results provide new empirical and practical implications for stock-based compensation from the viewpoint of team incentives and agents' turnover.

Report

(4 results)
  • 2007 Annual Research Report   Final Research Report Summary
  • 2006 Annual Research Report
  • 2005 Annual Research Report
  • Research Products

    (15 results)

All 2008 2006 2005

All Journal Article (14 results) (of which Peer Reviewed: 5 results) Book (1 results)

  • [Journal Article] Security Design, Insider Monitoring, and Financial Market Equilibrium2008

    • Author(s)
      Hiroshi Osano
    • Journal Title

      Corporate Governance and Corporate Finance 1

      Pages: 135-156

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      2007 Final Research Report Summary
    • Peer Reviewed
  • [Journal Article] Security Design, Insider Monitoring, and Financial Market Equilibrium2008

    • Author(s)
      Hiroshi, Osano
    • Journal Title

      Corporate Governance and Corporate Finance 1

      Pages: 135-156

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      2007 Final Research Report Summary
  • [Journal Article] Security Design, Insider Monitoing, and Financial Market Equilibrium2008

    • Author(s)
      Hiroshi Osano
    • Journal Title

      Corporate Governance and Corporate Finance 1

      Pages: 135-156

    • Related Report
      2007 Annual Research Report
    • Peer Reviewed
  • [Journal Article] 情報の経済学で振り返る「敵対的企業買収」2006

    • Author(s)
      小佐野 広
    • Journal Title

      経済セミナー 622

      Pages: 16-19

    • Related Report
      2006 Annual Research Report
  • [Journal Article] Double Moral Hazard and Renegotiation2005

    • Author(s)
      Hiroshi Osano
    • Journal Title

      Research In Economics 59

      Pages: 345-364

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      2007 Final Research Report Summary
    • Peer Reviewed
  • [Journal Article] Reforming Corporate Governance and employment Relations2005

    • Author(s)
      Hiroshi Osano
    • Journal Title

      Japan Labor Review 2

      Pages: 58-80

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      2007 Final Research Report Summary
    • Peer Reviewed
  • [Journal Article] Optimal Scheme of Injection of Public Funds Under Moral Hazard Incentive for Banks2005

    • Author(s)
      Hiroshi Osano
    • Journal Title

      Japanese Economic Review 56

      Pages: 223-247

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      2007 Final Research Report Summary
    • Peer Reviewed
  • [Journal Article] Double Moral Hazard and Renegotiation2005

    • Author(s)
      Hiroshi, Osano
    • Journal Title

      Research In Economics 59

      Pages: 345-364

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      2007 Final Research Report Summary
  • [Journal Article] Reforming Corporate Governance and employment Relations2005

    • Author(s)
      Hiroshi, Osano
    • Journal Title

      Japan Labor Review 2

      Pages: 58-80

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      2007 Final Research Report Summary
  • [Journal Article] Optimal Scheme of Injection of Public Funds Under Moral Hazard Incentive for Banks2005

    • Author(s)
      Hiroshi, Osano
    • Journal Title

      Japanese Economic Review 56

      Pages: 223-247

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      2007 Final Research Report Summary
  • [Journal Article] An Optimal Scheme for Injecting Public Funds under the Moral Hazard Incentive for Banks2005

    • Author(s)
      Hiroshi Osano
    • Journal Title

      Japanese Economic Review 56・2

      Pages: 223-247

    • Related Report
      2005 Annual Research Report
  • [Journal Article] Double Moral Hazard and Renegotiation2005

    • Author(s)
      Hiroshi Osano, Mami Kobayashi
    • Journal Title

      Research in Economics 59

      Pages: 345-364

    • Related Report
      2005 Annual Research Report
  • [Journal Article] Reforming Corporate Governance and employment Relations2005

    • Author(s)
      Hiroshi Osano, Mami Kobayashi
    • Journal Title

      Japan Labor Review 2・1

      Pages: 58-80

    • Related Report
      2005 Annual Research Report
  • [Journal Article] On Executive Agency Systems2005

    • Author(s)
      Keizo Mizuno, Nobuo Akai, Hiroshi Osano
    • Journal Title

      Osaka Economic Papers 55

      Pages: 153-159

    • NAID

      40006913901

    • Related Report
      2005 Annual Research Report
  • [Book] コーポレート・ガバナンスと人的資本2005

    • Author(s)
      小佐野 広
    • Total Pages
      221
    • Publisher
      日本経済出版社
    • Related Report
      2005 Annual Research Report

URL: 

Published: 2005-04-01   Modified: 2016-04-21  

Information User Guide FAQ News Terms of Use Attribution of KAKENHI

Powered by NII kakenhi