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We also examine whether firms alter their leverage in response to changing levels of tax benefits. After record profitability and stock returns in the late 1990s, the stock market experienced a decline in the early 2000s, leaving many companies with options worth much less than in previous years, and in some cases, worth nothing. Given that options with strike priced lower than the underlying stock’s market value will not be exercised, there is no tax benefit or cash flow boost as a result of these options. Consequently, during this period, many companies found that their operating cash flows were significantly lower than in past years, even though there had been no significant change in their sales or core business. We examine the impact of this mar5ket downturn on companies’ capital structures. Our results again are consistent with the argument that tax benefits of employee stock options are used as a substitute for debt and that changes in the level of tax benefits are associated with adjustments in leverage.
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