The paper investigates how the long-term value of a publicly traded firm and its stock price affect linear executive compensation under asymmetric and ambiguous information in the stock market. We analyze comparative statics of weights on firm value and stock price in managerial incentive contract. Each weight is affected by the proportion of informed traders, the degree of ambiguity and market liquidity volatility. If the proportion of informed traders or the degree of ambiguity increases, the executive compensation becomes more sensitive to firm value and less sensitive to stock price. The increase of market liquidity volatility has reverse effects on the weights.