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Motifs et conséquences de l'adoption des stock-options

Author

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  • 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.

Suggested Citation

  • Philippe Desbrières, 1999. "Motifs et conséquences de l'adoption des stock-options," Working Papers CREGO 0991101, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations.
    • Handle: RePEc:dij:wpfarg:0991101
    Note: article publié dans Banque & Marchés,n°43, novembre-décembre 1999, p.5-17.
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    Citations

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    Cited by:

    1. Philippe Desbrières & Sylvie Saint-Onge & Michel Magnan, 2000. "Les plans d'option sur actions:théorie et pratique," Working Papers CREGO 1000102, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations.
    2. Philippe Desbrières, 2000. "La rémunération des dirigeants sous forme d'actions et de stock-options," Working Papers CREGO 1001102, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations.
    3. Rim El Houcine & Adel Boubaker, 2014. "Share Repurchasing and the Policies of Stock-Options," International Journal of Academic Research in Accounting, Finance and Management Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Accounting, Finance and Management Sciences, vol. 4(1), pages 175-187, January.
    4. Chloé Guillot-Soulez, 2013. "Introduction des actions gratuites en droit français et évolution des pratiques de rémunération en actions," Post-Print halshs-00863638, HAL.

    More about this item

    Keywords

    stock-options; rémunération; incitation; performance; compensation ; incentive;
    All these keywords.

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General

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