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• W49202902 abstract "This study examines disclosures of the value of executive stock options by Australian listed companies in annual reports for periods ending 2002 and 2003. Drawing on ‘managerial power’ theory, the study posits that managers have incentives to limit disclosures to the lowest level possible without causing significant stakeholder outrage, The study examines also the relation between the extent to which firms underprice the disclosed value of options (ie relative to a computed benchmark) and factors that are known to influence option valuation. The results show that Australian companies underprice executive stock option disclosures in annual reports, which is consistent with US evidence that provides similar findings. The results suggest also the possibility that Australian firms manipulate the Black-Scholes (BS) valuation model opportunistically to undervalue options issued to directors and the top five executives. Size, leverage, firm age and profitability are found to be significant factors in explaining option underpricing. Further, the smaller the value of stock option remuneration in proportion to market capitalisation, the higher the undervaluation of stock options. As well as opportunism, this latter finding is consistent with less familiarity and expertise in valuing these instruments when options represent a lower proportion of management compensation to market capitalisation. The findings in this study have potential implications for market participants in understanding the nature and extent of management remuneration and the relation between remuneration and firm performance. It has also implications for the implementation of AASB 2 Share-based Payment which requires expensing of options granted as executive remuneration. Moreover, there may be regulatory and policy implications if it can be established that preferred models of pricing options for report disclosure purposes are ‘managed’ for opportunistic reasons." @default.
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• W49202902 date "2006-01-01" @default.
• W49202902 modified "2023-09-27" @default.
• W49202902 title "Option pricing and corporate report disclosures: managerial incentives to undervalue" @default.
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