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When Do High-Level Managers Believe They Can Influence the Stock Price? Antecedents of Stock Price Expectancy Cognitions

Stock based rewards are often used to motivate high-level managers to take actions to increase the stock price of the firm. However, numerous constraints may weaken the perceived link between individual effort and stock price appreciation for many recipients. This study introduces a new construct, stock price expectancy, which we define as individuals’ perceptions of influence over their firm’s stock price. We examined its antecedents in a sample of 349 high-level U.S. managers and found that employment at corporate head- quarters, firm size, hierarchical level, and contact with investment analysts predicted stock price expectancy perceptions.