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Broad-based Employee Stock Options in US 'New Economy' FirmsJames C. SesilCity University of Hong Kong Maya K. KroumovaNew York Institute of Technology Joseph BlasiRutgers School of Management and Labor Relations - New Brunswick Douglas L. KruseRutgers University British Journal of Industrial Relations, Vol. 40, pp. 273-294, 2002 Abstract: This paper compares the performance of 229 "New Economy" firms offering broad-based stock options to that of their non-stock option counterparts. A simple comparison of these firms reveals that the former have higher shareholder returns, Tobin's q and new knowledge generation. Multivariate analysis using panel data also suggests that the adoption of a stock option plan results in higher levels of value added per employee. However, we do not find evidence that these plans result in superior growth in Tobin's q or new knowledge generation.
Number of Pages in PDF File: 22 Accepted Paper SeriesDate posted: May 6, 2003Suggested CitationContact Information
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