Bacha, Obiyathulla Ismath; Zain, Sharifah Raihan Syed Mohd - In: Asian Academy of Management Journal of Accounting and … 5 (2009) 1, pp. 117-138
This paper examines several issues related to the implementation of ESOs among Malaysian companies. We examine a total of 52 companies, 26 ESO firms and their matched industry peers over a span of 12 years. We find ESO firm stocks to have marginally higher mean returns and lower volatility than...
