• The Korean Journal of Financial Management
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• v.26 no.2
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• pp.1-32
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• 2009

This paper is the data analysis of exercise patterns of ESOs and primary factors that influence on their early exercise. ESOs are prematurely exercised soon after the vesting period is over and it is argued that risk aversion, profitability through exercise, firm characteristics and behavioral factors influence on such early exercise patterns. This paper examined 111 previously-exercised stock options that had been granted to 3,267 employees from year 2000 to year 2006, and analyzed the early exercise patterns and their primary factors. The result shows that stock options were exercised approximately 3.15 years after being granted, and 0.37 year after the vesting period was over. Such an early exercise pattern was found to be influenced by risk aversion, profitability and firm characteristics.

• 한국벤처창업학회:학술대회논문집
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• 2023.04a
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• pp.45-50
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• 2023

본 논문은 스타트업과 벤처기업의 임직원이 상장후 적법한 절차에 따라 스톡옵션 행사를 하였지만, 주식시장의 주가에 악영향을 미치며 일반투자자 피해가 발생하여 도덕적 해이 논란이 촉발되었고 이 문제에 대해 정부 규제당국이 직접적인 추가규제를 예정하고 있는 상황에서 주식매수선택권제도(Stock Option, 이하 스톡옵션)의 보완 수단인 양도제한조건부주식(Restricted Stock Unit, 이하 RSU)제도를 도입함으로써 시장중심적으로 이 문제를 풀어내는 선진 스타트업 벤처금융 방안을 제시하는 것이 목적이다. 이를 위해, 본 논문은 첫째, RSU의 개념에 대해 제한조건부주식(Restricted Stock, 이하 RS)와 비교논의를 통해 제시하며. RSU의 스톡옵션에 대한 보완적 특징 설명에서는 기존 스톡옵션제도와 RSU를 비교 설명하였다. 둘째, RSU의 단점과 한계점을 설명하고 그 한계점을 극복하며 국내 스타트업과 벤처기업들이 이를 효과적으로 도입 할 수 있는 방안을 제시하였다. 셋째, RSU의 도입 현황을 제시하며 향후 RSU 도입 위한 정책방안들을 제안하였다. 본 논문은 이를 통해 RSU가 기본 스톡옵션제도의 규제강화를 통한 시장 위축적인 해결보다는, 새로운 대안을 주식연계형 보상방안 대안을 제시함으로써 보다 시장친화적인 제도를 마련함으로써 국내 스타트업과 벤처기업의 인력수급 해소와 사업활성화에 큰 의미를 벤처생태계 스스로가 풀어내는데에 기여할 것으로 기대한다.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.6
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• pp.1-10
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• 2023

Strong Critics of' Moral Hazard, due to plummeting severely their stock price down and damage falling on plain investor, has been skyrocketed against massively and simultaneously exercising stock option right of C-Level members in Stock market listed startups right after IPO regardless of proper and legal process followed. Korean Financial Supervisory Board initiate new act of extending to apply'Lock-up Rule'even to stock option of core interest group after IPO. However, it will cause startups and venture more difficulties to recruit top level of talented staffs. This paper aims to propose RSU(Restricted Stock Unit) as alternative to breakthrough the current deadlock issue with respect to stock option controversy many startups facing. This paper to meet goal, first, including Korean introducing status of RSU, it clarify the concept of RSU by comparing exploration with Restricted Stock and define characteristic of RSU by comparing Stock Option. Second, it bring more effective ways of startups introducing RSU in Korea overcoming its limitations and challenges. Third, it carry out FGI to legal expert deeply involved of introducing RSU in Korea at policy domain. FGI focus on defining core challenging factors and their level of huddles of introducing RSU in Korea with proposing breakthrough policies to landing RSU softly in Korea. Fourth, it suggest valid policies of introducing and stabilizing RSU in Korea completely. This paper expect some contributions Korean startups and venture on finding market friendly right breakthrough out of stock option dilemma currently in.

• Management & Information Systems Review
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• v.28 no.1
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• pp.71-97
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• 2009

In this study, I compare the ability of alternative accounting method for employee stock option to reflect firm value using the Ohlson's(1995) valuation model for 200 firms. The each methods, I compare are employee stock option expense recognition based on the K-GAAP disclosures, and asset recognition at the grant date based on the SFAS No. 123 Exposure Draft: Accounting for stock-based compensation. The model include: (1) a model that uses reported earnings, equity book value, and compensation expense based on the K-GAAP disclosures; (2) a model that uses pro-forma earnings, equity book value and adds a measure of the unrecognized asset arising form granting of employee stock options. Finding form estimating equations that the K-GAAP method for calculating compensation has no explanatory power, and the SFAS No.123 Draft Exposure method for arising asset and fair value compensation better captures than market's perception of the economic impact of stock options on firm values. However, the correlation of employee stock option compensation expense is positive. These results suggest that incentive benefits derived from employee stock option plans outweigh the cost associated with plan. In addition, I couldn't find evidence that company in KOSDAQ that have high growth potential benefit more from employee stock option plan compared to lager, more mature firm in SEC.