Regression results of stock options element design and innovation output
| Non-executive granting proportion | Granting range | Incentive period | Exercise proportion | Price-to-strike ratio | Performance assessment criteria | |
|---|---|---|---|---|---|---|
| (1) | (2) | (3) | (4) | (5) | (6) | |
| Delta | 0.088 (0.99) | 0.057 (0.60) | 0.063 (0.70) | 0.020 (0.22) | 0.061 (0.67) | 0.069 (0.78) |
| Vega | −1.973** (−2.52) | 1.167*** (4.13) | 0.040 (0.16) | −0.237 (−1.08) | 0.059 (0.11) | 0.806*** (3.92) |
| Non | 0.357 (1.29) | |||||
| Vega*non | 2.534*** (3.00) | |||||
| Range | 0.086*** (2.72) | |||||
| Vega* range | −0.250*** (−3.65) | |||||
| T | −0.155 (−1.40) | |||||
| Vega*T | 0.521** (2.00) | |||||
| Exep | 0.038 (0.35) | |||||
| Vega*exep | 1.097*** (4.39) | |||||
| Premium | −0.009 (−0.05) | |||||
| Vega* premium | 0.362 (0.68) | |||||
| Perf | −0.051 (−0.43) | |||||
| Vega*perf | −1.225*** (−4.86) | |||||
| R&D | 1.697*** (3.14) | 1.830*** (3.37) | 1.702*** (3.12) | 1.785*** (3.31) | 1.797*** (3.29) | 1.736*** (3.25) |
| Dual | 0.154* (1.71) | 0.180** (2.01) | 0.187** (2.07) | 0.151* (1.67) | 0.192** (2.13) | 0.200** (2.27) |
| Cash | −0.877*** (−2.67) | −0.790** (−2.38) | −0.769** (−2.32) | −0.680** (−2.07) | −0.774** (−2.33) | −0.699** (−2.16) |
| Roe | 0.343 (0.65) | 0.453 (0.85) | 0.544 (1.02) | 0.633 (1.13) | 0.541 (1.01) | 0.249 (0.47) |
| Grow | −0.196** (−2.33) | −0.270*** (−3.10) | −0.237*** (−2.79) | −0.231*** (−2.75) | −0.223*** (−2.62) | −0.268*** (−3.21) |
| Size | 0.759*** (12.00) | 0.794*** (11.26) | 0.764*** (11.72) | 0.779*** (12.16) | 0.769*** (12.06) | 0.785*** (12.59) |
| Tech | 0.172 (1.60) | 0.154 (1.43) | 0.187* (1.73) | 0.151 (1.40) | 0.187* (1.73) | 0.212** (2.00) |
| Cons | −14.531*** (−10.38) | −15.682*** (−9.78) | −14.653*** (−10.20) | −15.094*** (−10.56) | −14.845*** (−10.48) | −15.036*** (−9.85) |
| Industry | Yes | Yes | Yes | Yes | Yes | Yes |
| Year | Yes | Yes | Yes | Yes | Yes | Yes |
| Adj-R2 (%) | 53.16 | 52.82 | 52.33 | 53.68 | 52.14 | 54.23 |
| n | 933 | 933 | 933 | 925 | 933 | 933 |
| Non-executive granting | Granting range | Incentive period | Exercise | Price-to-strike | Performance assessment | |
|---|---|---|---|---|---|---|
| (1) | (2) | (3) | (4) | (5) | (6) | |
| Delta | 0.088 (0.99) | 0.057 (0.60) | 0.063 (0.70) | 0.020 (0.22) | 0.061 (0.67) | 0.069 (0.78) |
| Vega | −1.973 | 1.167 | 0.040 (0.16) | −0.237 (−1.08) | 0.059 (0.11) | 0.806 |
| Non | 0.357 (1.29) | |||||
| Vega*non | 2.534 | |||||
| Range | 0.086 | |||||
| Vega* range | −0.250 | |||||
| T | −0.155 (−1.40) | |||||
| Vega*T | 0.521 | |||||
| Exep | 0.038 (0.35) | |||||
| Vega*exep | 1.097 | |||||
| Premium | −0.009 (−0.05) | |||||
| Vega* premium | 0.362 (0.68) | |||||
| Perf | −0.051 (−0.43) | |||||
| Vega*perf | −1.225 | |||||
| R&D | 1.697 | 1.830 | 1.702 | 1.785 | 1.797 | 1.736 |
| Dual | 0.154 | 0.180 | 0.187 | 0.151 | 0.192 | 0.200 |
| Cash | −0.877 | −0.790 | −0.769 | −0.680 | −0.774 | −0.699 |
| Roe | 0.343 (0.65) | 0.453 (0.85) | 0.544 (1.02) | 0.633 (1.13) | 0.541 (1.01) | 0.249 (0.47) |
| Grow | −0.196 | −0.270 | −0.237 | −0.231 | −0.223 | −0.268 |
| Size | 0.759 | 0.794 | 0.764 | 0.779 | 0.769 | 0.785 |
| Tech | 0.172 (1.60) | 0.154 (1.43) | 0.187 | 0.151 (1.40) | 0.187 | 0.212 |
| Cons | −14.531 | −15.682 | −14.653 | −15.094 | −14.845 | −15.036 |
| Industry | Yes | Yes | Yes | Yes | Yes | Yes |
| Year | Yes | Yes | Yes | Yes | Yes | Yes |
| Adj- | 53.16 | 52.82 | 52.33 | 53.68 | 52.14 | 54.23 |
| 933 | 933 | 933 | 925 | 933 | 933 |
Notes:
***p < 0.01; **p < 0.05; *p < 0.1