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Motifs et conséquences de l'adoption des stock-options

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Author Info

  • Philippe Desbrières

    ()
    (Université de Bourgogne LATEC/FARGO)

Abstract

Cet article présente les justifications théoriques de l'utilisation des stock-options par les firmes et du comportement de leurs bénéficiaires, ainsi que les résultats d'études empiriques venant les étayer ou les réfuter. Il met en évidence les caractéristiques spécifiques (niveaux du prix d'exercice, de la diffusion des options...) des plans adoptés en France dans chaque contexte de référence (mise en place d'un contrat incitatif destiné aux managers, attribution d'une rémunération financièrement et fiscalement avantageuse). De nombreux travaux empiriques montrent que les stock-options peuvent contribuer à orienter le comportement des managers de manière à créer davantage de richesse actionnariale.This paper presents theoritical arguments and empirical results that help to understand why firms use stock-option plans as well as the behavior of the managers involved. It shows specific features (levels of the exercice price and of the diffusion of options...) of French stock-options plans in two contexts (adoption of an incentice performance-based compensation for managers, choice of a less costly compensation mecanism). A lot of empirical studies show that stock-option plans contribute to encourage managers to create more shareholder value.

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Bibliographic Info

Paper provided by Université de Bourgogne - Crego EA 7317/Fargo (Research center in Finance,organizational ARchitecture and GOvernance) in its series Working Papers FARGO with number 0991101.

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Length: 25 pages
Date of creation: Nov 1999
Date of revision:
Publication status: published in Banque & Marchés,n°43, novembre-décembre 1999,p.5-17.
Handle: RePEc:dij:wpfarg:0991101

Note: article publié dans Banque & Marchés,n°43, novembre-décembre 1999, p.5-17.
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Postal: 2 Bd Gabriel, BP 26611, 21066 Dijon Cedex, France
Phone: +33(0)380395435
Fax: +33(0)380395488
Web page: http://leg2.u-bourgogne.fr/FARGO/

Order Information:
Postal: Gérard Charreaux, Fargo-Leg, Université de Bourgogne 2 Bd Gabriel, BP 26611, 21066 Dijon Cedex, France

Related research

Keywords: stock-options; rémunération; incitation; performance; compensation ; incentive;

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Cited by:
  1. Philippe Desbrières, 2000. "La rémunération des dirigeants sous forme d'actions et de stock-options," Working Papers FARGO 1001102, Université de Bourgogne - Crego EA 7317/Fargo (Research center in Finance,organizational ARchitecture and GOvernance).
  2. Philippe Desbrières & Sylvie Saint-Onge & Michel Magnan, 2000. "Les plans d'option sur actions:théorie et pratique," Working Papers FARGO 1000102, Université de Bourgogne - Crego EA 7317/Fargo (Research center in Finance,organizational ARchitecture and GOvernance).
  3. Chloé Guillot-Soulez, 2013. "Introduction des actions gratuites en droit français et évolution des pratiques de rémunération en actions," Post-Print halshs-00863638, HAL.

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