Perilaku Eksekutif dalam Menentukan Return Ekspektasian Melalui Program Opsi Saham  

Oleh:

Astika, Ida Bagus Putra

Jenis: Article from Journal - ilmiah internasional - terdaftar di DIKTI
Dalam koleksi: The Indonesian Journal of Accounting Research (Jurnal Riset Akuntansi Indonesia) vol. 11 no. 3 (Sep. 2008), page 327-347.
Topik: Employee Stock Option Plan; Earnings Management; Exposure and Exercise

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: RR17.7 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

Previous research documents that executives manage earnings before the grant date and before the exercise of employee stock options (Yermark, 1997; Asyik, 2005). This study extends prior research by investigating whether the number of stock options granted is associated with earnings management before the grant date and whether the number of employee stock option exercised is associated with earnings management before the exercise date. I collect data from listed firms in Jakarta Stock Exchange that granted executive stock options from 1999 to 2005. Consistent with previous study, the results show the number of employee stock options granted is positively related to discretionary accruals before the grant date, suggesting that the more options a firm grants, the more lilely executive manage earnings downward to lower the option exercise price. In addition, the study also shows that consistent with the hypothesis, the number of employee stock options exercised is positively related to discretionary accruals before the exercise date, indicating that the more options executive exercise the more likely they manage earnings upward before the exercise date to take advantage of a higher stock price.

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