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An innovative business practice attributed to the information technology industry is the aggressive use of employee stock options to compensate executives and other employees. The pervasiveness of stock options among high-tech firms in Silicon Valley is often described as a phenomenon unique to the Valley's culture. In this study, we investigate whether the… (More)
In this study, we investigate how divergence from the industry level of investment in information technology (IT) affects firm value. Theoretical arguments suggest that greater investment in IT relative to industry peers may positively affect firm value and that smaller relative investment may negatively affect firm value, but these arguments have not been… (More)
High valuation multiples on IT spending suggest that companies are underinvesting in IT.
Since alternative forms of compensation have different incentive and risk attributes and may respond differently to observable firm performance measures, analysis of relations between executive pay and performance must consider the interplay between the components of total compensation. In this study, interrelations between compensation components and… (More)
In spite of strong theoretical motivation, empirical studies of executive compensation have provided only limited evidence of relative performance evaluation (RPE). Some research findings support a weak-form RPE hypothesis that executive pay is positively related to firm performance and negatively related to peer-group performance, but there is little… (More)