毕业设计外文翻译---股票期权、当前的公司业绩和递延收益(编辑修改稿)

毕业设计外文翻译---股票期权、当前的公司业绩和递延收益(编辑修改稿)内容摘要：

ted to the CEO that year. Consistent with Klassen and Mawani (2020) and Ittner, Lambert and Larcker (2020), stock option proportion for each firmyear is defined as follows: V SOPROP t t = Vt/ TCt ____ [1] where SOPROP is the proportion of total pensation that consists of stock options。 V is the BlackScholes value of options granted to the CEO。 and TC is the total pensation paid to the CEO in the year. In order to examine whether the granting of CEO stock options is associated with a firm’ scurrent operating performance, we classify firmyear observations into three groupsbased on the proportion of stock options. We first rank firms based on their SOPROPby year and by industry. The first group prises the bottom one third of firms (low),the second group the middle one third (medium) and the third group includes firms withtop one third (high) proportion of stock options. Empirical Model To examine the association between current performance and stock options, we regressthe proportion of stock options on firmspecific performance as well as control variablesidentified in prior studies as determinants of stock option grants. As in Core, Holthausen and Larcker (1999), we use the accounting return on assets (ROA) as the proxy for firm performance. Specifically, we examine the following relation: SOPROPit = β0 + β1 ROAit + β2 FINANCIAL_COSTit + β3 VARIABILITYit1 +β4 CHG_SALEit1 + β5 SIZEit1 + β6 GROWTHit1 + β7 LEVERAGEit1 + β8 RETURN_1it + β9 RETURN_3it + eit [2] SOPROP it = the proportion of the CEO’ s total pensation of firm i that is posed on stock options in year t as defined by equation [1]. The stock options are valued using the Black amp。 Scholes option pricing formula。 ROAit = the return on assets of firm i on year t。 FINANCIAL_COSTit = an indicator variable that equals 1 if the change in operatingine before depreciation for firm i in period t is positive andis 0 otherwise。 VARIABILITYit1 = variability of firm i’ s stock return for the period of 60 months prior to year t。 CHG_SALEit1 = change in the annual sales of firm i between period t2 and t。