Managerial stock incentives have the potential to help align the incentives of managers and shareholders. Hall and Liebman (1997 stock-based compensation has grown dramatically since 1980, suggesting that corporations regard stock incentives as being of practical importance. However, only a few studies investigate how managerial stock incentives influence management activities, and in particular, the extent to which they mitigate various agency problems.This paper investigates how corporate payout policy is affected by managerial stock incentives.
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