Abstract
In this paper, we examine if firm size is associated with the impact of broad-based stock options. The free-rider theory would predict that stock options may only have a motivational impact in small firms where there is a more likely to be a clearer connection between actions and the performance of the firm. Our evidence does not find any support this prediction from theory. We find that both small and large firms perform better compared to their non-stock option same size peer.
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