Based on the robustness checks, we find that the empirical results inthis study are robust with respect to industrial and yearly controls. In addition, the impact of stock-based compensation on firm performance increases with firm profitability. This result also holds in the tests of market performance, Tobin’s q, as the dependent variable, or the pay for-, a lagged stock-based/total compensation ratio does not change the result. Therefore, the non-monotonic relationship between stock- based compensation and firm performance can be captured in the quartile regression regardless of the variations in different industries and years, and the various measures of accounting or market performance. In contrast, we find a compen- sation and firm performance that appears in the related literature could be the neglect of risk adjustment in measuring firm performance. This interesting issue deserves further analysis in future research.
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