The results of the robustness test using different indicators to measure the elements of the stock option plan
| Non-executive granting proportion | Granting range | Incentive period | Exercise proportion | Price-to-strike ratio | Performance assessment criteria | |
|---|---|---|---|---|---|---|
| Delta | 0.064 (0.71) | 0.032 (0.36) | 0.033 (0.31) | −0.056 (−0.55) | −0.033 (−0.34) | 0.092 (1.03) |
| Vega | 0.899 (0.43) | 0.689*** (3.33) | −0.096 (−0.36) | 0.256 (0.84) | 0.129 (0.39) | 0.569*** (2.98) |
| Elements | −0.180 (−0.48) | −0.189 (−0.25) | −0.436*** (−2.63) | 0.275* (1.91) | 0.086 (1.15) | −0.116 (−1.07) |
| Vega*elements | −0.509 (−0.24) | −3.334** (−2.23) | 0.855** (2.21) | 0.595* (1.90) | 0.444 (1.46) | −0.813*** (−3.01) |
| Industry | Yes | Yes | Yes | Yes | Yes | Yes |
| Year | Yes | Yes | Yes | Yes | Yes | Yes |
| Adj-R2 (%) | 52.15 | 52.65 | 52.28 | 57.90 | 52.56 | 54.09 |
| n | 933 | 933 | 545 | 635 | 933 | 933 |
| Non-executive | Granting range | Incentive period | Exercise | Price-to-strike ratio | Performance | |
|---|---|---|---|---|---|---|
| Delta | 0.064 (0.71) | 0.032 (0.36) | 0.033 (0.31) | −0.056 (−0.55) | −0.033 (−0.34) | 0.092 (1.03) |
| Vega | 0.899 (0.43) | 0.689 | −0.096 (−0.36) | 0.256 (0.84) | 0.129 (0.39) | 0.569 |
| Elements | −0.180 (−0.48) | −0.189 (−0.25) | −0.436 | 0.275 | 0.086 (1.15) | −0.116 (−1.07) |
| Vega*elements | −0.509 (−0.24) | −3.334 | 0.855 | 0.595 | 0.444 (1.46) | −0.813 |
| Industry | Yes | Yes | Yes | Yes | Yes | Yes |
| Year | Yes | Yes | Yes | Yes | Yes | Yes |
| Adj- | 52.15 | 52.65 | 52.28 | 57.90 | 52.56 | 54.09 |
| 933 | 933 | 545 | 635 | 933 | 933 |
Notes:
***p < 0.01; **p < 0.05; *p < 0.1
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