Study on Equity-Based Incentive Plan and Firm Operation Performance:Perspective of Analyst Attention
Abstract:
Security analysts can affect a company's operating performance and governance. Us- ing the data of the Shanghai and Shenzhen stock market，this paper explores the impact of eq- uity-based incentive plans on firm operation performance. The regression results show that man- agers' equity incentive plans can significantly improve the company's operation performance. Furthermore，the results of mediating effect tests show that the manager's equity incentive plan can increase analyst attention，thereby enriching the information of the company for sharehold- ers who supervises the management team to improve the listed company's operating performance.
Keywords:
Equity-Based Incentive Plan;Analyst Attention;Operation Performance
