Southville International School and Colleges
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Taxation and executive compensation: Evidence from stock options / by Andrew Bird

Type: materialTypeLabelBookSeries: Journal of Financial Economics 127 (2). Publisher: Amsterdam Elsevier February 2018Description: Pages 285-302.ISSN: 0304-405X.Subject(s): Executive compensation | Taxation | Stock options
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Abstract
Understanding the effects of taxes on executive compensation provides insight into the process determining this compensation and is a key input to top income tax rate policy. A 2010 tax reform in Canada, which greatly increased the effective tax rate on stock option compensation for a subset of firms, provides a natural experiment with which to address this issue. Difference-in-differences estimates suggest that this tax increase resulted in an immediate reduction in both stock option grants and the fraction of total compensation made up of stock options with limited, if any, substitution towards other components of compensation.

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