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The Relation Between Insider‐Trading Restrictions and Executive Compensation
Open accessAbstract
In this study I investigate the relation between firm‐level insider‐trading restrictions and executive compensation. Using a trading‐window proxy for the existence of such restrictions, I test predictions that insiders will demand compensation for these restrictions and that firms will need to increase incentives to restricted insiders. I find that firms that restrict insider trading pay a premium in total compensation relative to firms not restricting insider trading, after controlling for economic determinants of pay. Furthermore, these firms use more incentive‐based compensation and their insiders hold larger equity incentives relative to firms that do not restrict insider trading. These results hold after controlling for the endogenous decision to restrict insiders and are consistent with the notion that insider trading plays a role in rewarding and motivating executives.
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Cites
Sample Selection Bias as a Specification Error
Heckman, J. J. (1979) · Econometrica · doi:10.2307/1912352 · Cited by 28,779
Models for Sample Selection Bias
Winship, C., & Mare, R. D. (1992) · Annual Review of Sociology · doi:10.1146/annurev.so.18.080192.001551 · Cited by 812
Cited by
Corporate governance and blockchains
Yermack, D. (2017) · Review of Finance · doi:10.1093/rof/rfw074 · Cited by 1,082
Disclosure Tone and Shareholder Litigation
Rogers, J. L., Van Buskirk, A., & Zechman, S. L. C. (2011) · SSRN Electronic Journal · doi:10.2139/ssrn.1331608 · Cited by 592
Commitment to social good and insider trading
Gao, F., Lisic, L. L., & Zhang, I. X. (2014) · Journal of Accounting and Economics · doi:10.1016/j.jacceco.2014.03.001 · Cited by 375
Metadata
- Authors
- Roulstone, D. T.
- Venue
- Journal of Accounting Research
- Publisher
- Wiley
- Published
- 2003-04-17
- Volume
- 41
- Issue
- 3
- Pages
- 525-551
- ISSN
- 0021-8456 (ISSN-L)
- 1475-679X
- OpenAlex
- W2026122661
- Cited by
- 291
- References
- 2
- FWCI
- 14.92
- Type
- journal article
- Language
- en
- Open access
- green
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
