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All Journal The Indonesian Journal of Accounting Research
SETIYONO MIHARJO
Universitas Gadjah Mada
Economics, Econometrics & Finance

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The Value-Relevance of Stock Options SETIYONO MIHARJO
The Indonesian Journal of Accounting Research Vol 13, No 1 (2010): IJAR January 2010
Publisher : The Indonesian Journal of Accounting Research

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33312/ijar.214

Abstract

Stock options have become an increasingly important component of executive compensation. One of the primary reasons firms grant stock options to their executives is to motivate them to increase the firm value. If the stock price increases, executives will be rewarded through the increase in the value of their options. Theoretically, the higher the stock price, the higher the value of those options and the wealthiest the executives will become. Granting stock options to di- rectors, however, may raise a question about its effectiveness since monitoring management is the primary reason of their appointment. Nonetheless, if the directors are also agents, whose interests are not necessarily aligned with those of the shareholders, the same arguments will apply to them. Consistent with these arguments, this study empiri- cally shows that the value of CEO stock options and the value of director stock options are positively associated with the firm value. These results suggest that besides earnings and book value of equity, the value of CEO stock options and the value of director stock options have value-relevance in explaining the firm value.
Corporate Growth and CEO Compensation: Case from Indonesia lindrianasari lindrianasari; Jogiyanto Hartono; SUPRIYADI SUPRIYADI; SETIYONO MIHARJO
The Indonesian Journal of Accounting Research Vol 15, No 2 (2012): IJAR May 2012
Publisher : The Indonesian Journal of Accounting Research

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33312/ijar.254

Abstract

This study aims to obtain empirical evidence on whether   corporate growth affects the amount of compensation received by CEOs in Indonesia. The contribution of this study is to provide emporical   evidence on how CEOs perceive their level of compensation when they succeeded in increasing the value of the firm. The samples are 395 firm-year from 2005-2008. Test results show that growth has a positive relationship with the amount of compensation received by the CEO in Indonesia. Net income and total assets are significantly related to the amount of compensation received by CEOs, while stock price is not.
Co-Authors Jogiyanto Hartono Lindrianasari Supriyadi .