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Do Vesting Requirements Increase the...

Clark, Jeffrey Douglas.

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Do Vesting Requirements Increase the Incentive Effects of Stock Compensation for Rank-and-File Employees?

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	Do Vesting Requirements Increase the Incentive Effects of Stock Compensation for Rank-and-File Employees?/
作者:	Clark, Jeffrey Douglas.
出版者:	Ann Arbor : ProQuest Dissertations & Theses, : 2019,
面頁冊數:	110 p.
附註:	Source: Dissertations Abstracts International, Volume: 81-03, Section: A.
Contained By:	Dissertations Abstracts International81-03A.
標題:	Accounting. -
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=13885138
ISBN:	9781085721752

Do Vesting Requirements Increase the Incentive Effects of Stock Compensation for Rank-and-File Employees?
Clark, Jeffrey Douglas.

Do Vesting Requirements Increase the Incentive Effects of Stock Compensation for Rank-and-File Employees? - Ann Arbor : ProQuest Dissertations & Theses, 2019 - 110 p.

Source: Dissertations Abstracts International, Volume: 81-03, Section: A.

Thesis (Ph.D.)--University of Pittsburgh, 2019.

This item must not be sold to any third party vendors.

My dissertation consists of three chapters. The first chapter's primary purpose is to introduce readers to my dissertation. In it, I note the importance of research on motivating employees to provide effort. I also introduce my specific topic, how vesting requirements moderate the effectiveness of stock-based compensation in motivating employee effort, and discuss challenges that researchers confront when studying employee effort. In the second chapter, my co-authors, Willie Choi and Adam Presslee, and I identify seven factors researchers should consider when designing a real-effort task to ensure a strong, positive, and consistent link between participants' effort intensity and their performance. With these factors in mind, we design an experiment to test for incentive effects on effort and performance using three effort-intensive tasks: the decode task, the letter search task, and the slider task. Contrary to our expectation, we find significant variation across tasks in our ability to detect incentive effects and limit the effects of the seven factors, with the strongest evidence coming from the slider task. Our list of factors helps researchers design effort-intensive tasks that allow them to conduct a more effective test of theory. Following this conclusion, I use the slider task to effectively test the theories I use in the third chapter of this dissertation. In the third chapter, I provide evidence that firms commonly compensate rank-and-file employees with restricted stock that has vesting requirements, despite economic arguments that it is a less effective incentive than cash. Using an experiment, I investigate whether restricted stock compensation can motivate greater employee effort than other economically equivalent contracts. First, I demonstrate individuals view restricted stock compensation as a penalty contract. Second, I leverage research on framing and the endowment effect to predict a penalty-framed stock contract (representing restricted stock) will be valued more highly and motivate greater effort than an economically equivalent penalty-framed cash contract or an economically equivalent bonus-framed stock or cash contract. The results of my experiment are consistent with this prediction. That is, I find effort is greatest under a contract with the features of restricted stock with vesting requirements, which helps explain the prevalence of such compensation arrangements for rank-and-file employees.

ISBN: 9781085721752Subjects--Topical Terms:

557516
Accounting.
Subjects--Index Terms:

Bonus

Do Vesting Requirements Increase the Incentive Effects of Stock Compensation for Rank-and-File Employees?
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520 $a My dissertation consists of three chapters. The first chapter's primary purpose is to introduce readers to my dissertation. In it, I note the importance of research on motivating employees to provide effort. I also introduce my specific topic, how vesting requirements moderate the effectiveness of stock-based compensation in motivating employee effort, and discuss challenges that researchers confront when studying employee effort. In the second chapter, my co-authors, Willie Choi and Adam Presslee, and I identify seven factors researchers should consider when designing a real-effort task to ensure a strong, positive, and consistent link between participants' effort intensity and their performance. With these factors in mind, we design an experiment to test for incentive effects on effort and performance using three effort-intensive tasks: the decode task, the letter search task, and the slider task. Contrary to our expectation, we find significant variation across tasks in our ability to detect incentive effects and limit the effects of the seven factors, with the strongest evidence coming from the slider task. Our list of factors helps researchers design effort-intensive tasks that allow them to conduct a more effective test of theory. Following this conclusion, I use the slider task to effectively test the theories I use in the third chapter of this dissertation. In the third chapter, I provide evidence that firms commonly compensate rank-and-file employees with restricted stock that has vesting requirements, despite economic arguments that it is a less effective incentive than cash. Using an experiment, I investigate whether restricted stock compensation can motivate greater employee effort than other economically equivalent contracts. First, I demonstrate individuals view restricted stock compensation as a penalty contract. Second, I leverage research on framing and the endowment effect to predict a penalty-framed stock contract (representing restricted stock) will be valued more highly and motivate greater effort than an economically equivalent penalty-framed cash contract or an economically equivalent bonus-framed stock or cash contract. The results of my experiment are consistent with this prediction. That is, I find effort is greatest under a contract with the features of restricted stock with vesting requirements, which helps explain the prevalence of such compensation arrangements for rank-and-file employees.
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