The Interactions Between R&D Investment Decisions and Compensation Policy

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Managerial Incentives and Risk-taking (2006, background): “Ryan and Wiggins (2002) use 1997 data and find that the value of options granted has power to explain contemporaneous R&D. DeFusco et al. (1990) find that firms that approved stock option plans between 1978 and 1982 exhibited a stock return variance increase and Agrawal and Mandelker (1987) find…”
R&D sensitivity to asset sale proceeds: New evidence on financing constraints and intangible investment (2013, background): “9 Bhagat and Welch (1995) and Ryan and Wiggins (2002) actually find some evidence of a negative relation between the levels of operating cash flow and R&D investment in US firms.”
Managerial Risk, Innovation, and Organizational Decline (2009, background): “More specific to innovation investments, Ryan and Wiggins (2002) also distinguished between restricted stock and options, reasoning that whereas stock options benefit managers only when positive performance milestones are met, restricted stock ownership exposes managers to downside risk, thus…”