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We begin by examining the types of firms that report large levels of tax benefits due to the exercise of employee stock options. Our results indicate that these firms have lower long-term leverage, lower dividends per share, and higher profitability than firms without tax benefits due to options exercise. These firms also have more options outstanding and more options exercised. This is consistent with the motion that high growth firms are more likely to offer stock options than older. More established forms. It should be pointed out that these characteristics are also consistent with employees not exercising underwater options.
Next, we examine the capital structure of firms with option-related tax benefits. DeAngelo and Masulis(1998) present a tradeoff model of optimal capital structure that incorporates the impact of debt and non-debt corporate tax shields. They argue that deductions for depreciation and tax-loss carryforwards are substitutes for the tax benefits of debt financing. Since tax benefits due to the exercise of options are an additional non-debt tax shield. Their model would suggest that firms with large tax benefits relative to assets should also include less debt in their capital structure. Using methodologies similar to Mackie-Mason(1990), we examine the capital structure and debt-equity choice of forms with tax benefits due to employee stock options. In particular, we examine whether the tax benefits of employee stock options are used as a substitute for debt. Our results indicate that both long- and short-term leverage are decreasing functions of the level of tax benefits from option exercise.