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|a (JST)25146202
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|a DE-627
|b ger
|c DE-627
|e rakwb
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|a eng
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|a Matta, Elie
|e verfasserin
|4 aut
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|a Too Risky to Hold? The Effect of Downside Risk, Accumulated Equity Wealth, and Firm Performance on CEO Equity Reduction
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|c 2008
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|a Text
|b txt
|2 rdacontent
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|a Computermedien
|b c
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|a Although the alignment effect of equity ownership is often studied with emphasis on changes in firm strategy, the exposure of CEOs' firm-specific wealth to firm risk is more easily controlled by changing their level of equity holdings than by changing firm strategic risk. We rely on prospect theory and the behavioral theory of the firm to examine the antecedents of CEO equity reduction and investigate whether it serves to decouple CEO wealth from firm risk. Given its central role in loss avoidance, we underline the effect of the firm's downside risk and distinguish the total loss potential on equity holdings from the loss potential due to firm-specific factors. Allowing for own-performance referents, we also consider firm performance and the value of a CEO's equity holdings in the analysis. Based on a sample of 208 U.S. CEOs for the years 1997-1999, we find empirical support for the role of downside risk and firm performance in CEO equity reductions. Implications on incentive alignment through equity ownership are presented.
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|a Copyright 2008 INFORMS
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|a Agency theory
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|a Prospect theory
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|a Behavioral theory of the firm
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|a Equity ownership
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|a Downside risk
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|a CEO
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|a Economics
|x Economic disciplines
|x Labor economics
|x Employment
|x Occupations
|x Businesspeople
|x Business executives
|x Chief executive officers
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4 |
|a Business
|x Business engineering
|x Business risks
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650 |
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4 |
|a Economics
|x Economic disciplines
|x Financial economics
|x Finance
|x Financial analysis
|x Risk management
|x Risk aversion
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650 |
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4 |
|a Economics
|x Economic disciplines
|x Financial economics
|x Finance
|x Financial management
|x Financial risk
|x Investment risk
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650 |
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|a Behavioral sciences
|x Human behavior
|x Risk taking
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650 |
|
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|a Business
|x Business administration
|x Business management
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650 |
|
4 |
|a Business
|x Accountancy
|x Financial accounting
|x Assets
|x Equity
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650 |
|
4 |
|a Economics
|x Macroeconomics
|x Money
|x Cash
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650 |
|
4 |
|a Economics
|x Economic disciplines
|x Financial economics
|x Finance
|x Financial management
|x Portfolio management
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650 |
|
4 |
|a Business
|x Business structures
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650 |
|
4 |
|a Economics
|x Economic disciplines
|x Labor economics
|x Employment
|x Occupations
|x Businesspeople
|x Business executives
|x Chief executive officers
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650 |
|
4 |
|a Business
|x Business engineering
|x Business risks
|
650 |
|
4 |
|a Economics
|x Economic disciplines
|x Financial economics
|x Finance
|x Financial analysis
|x Risk management
|x Risk aversion
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650 |
|
4 |
|a Economics
|x Economic disciplines
|x Financial economics
|x Finance
|x Financial management
|x Financial risk
|x Investment risk
|
650 |
|
4 |
|a Behavioral sciences
|x Human behavior
|x Risk taking
|
650 |
|
4 |
|a Business
|x Business administration
|x Business management
|
650 |
|
4 |
|a Business
|x Accountancy
|x Financial accounting
|x Assets
|x Equity
|
650 |
|
4 |
|a Economics
|x Macroeconomics
|x Money
|x Cash
|
650 |
|
4 |
|a Economics
|x Economic disciplines
|x Financial economics
|x Finance
|x Financial management
|x Portfolio management
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650 |
|
4 |
|a Business
|x Business structures
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|a research-article
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|a McGuire, Jean
|e verfasserin
|4 aut
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0 |
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|i Enthalten in
|t Organization Science
|d Institute for Operations Research and the Management Sciences
|g 19(2008), 4, Seite 567-580
|w (DE-627)320635775
|w (DE-600)2024496-4
|x 15265455
|7 nnns
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1 |
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|g volume:19
|g year:2008
|g number:4
|g pages:567-580
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|u https://www.jstor.org/stable/25146202
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|d 19
|j 2008
|e 4
|h 567-580
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