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L'incitation des dirigeants par les plans de stock options et la performance de la firme

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Author Info

  • Chédli Baccouche

    (ISCAE - Université de la Manouba)

  • Hakim Ben Othman

    (UREMO - IHEC)

Registered author(s):

    Abstract

    L'incitation des dirigeants par les stock options peut - elle aboutir à un rapprochement des intérêts des dirigeants et des actionnaires ? et par la même agir sur la perfomance de la firme ? Cette étude porte sur un échantillon d'entreprises françaises de la SBF 120. Nous avons testé la relation entre la rémunération en stock options et la performance à travers un modèle de régressions simples, puis multiples en présence de variables de contrôle issues de la littérature en question. Les résultats des régresssions simples traduisent la non significativité de la rémunération des dirigeants par les stock options dans l'explication de la performance. Les régressions multiples montrent une amélioration du pouvoir explicatif de la perfrormance.

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    Bibliographic Info

    Paper provided by HAL in its series Post-Print with number halshs-00587774.

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    Date of creation: May 1999
    Date of revision:
    Publication status: Published - Presented, 20ÈME CONGRES DE L'AFC, 1999, France
    Handle: RePEc:hal:journl:halshs-00587774

    Note: View the original document on HAL open archive server: http://halshs.archives-ouvertes.fr/halshs-00587774/en/
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    Web page: http://hal.archives-ouvertes.fr/

    Related research

    Keywords: stock options; incitation des dirigeants; théorie de l'agence; gouvernement d'entreprise;

    References

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    1. Mehran, Hamid, 1995. "Executive compensation structure, ownership, and firm performance," Journal of Financial Economics, Elsevier, vol. 38(2), pages 163-184, June.
    2. Yellen, Janet L, 1984. "Efficiency Wage Models of Unemployment," American Economic Review, American Economic Association, vol. 74(2), pages 200-205, May.
    3. Murphy, Kevin J., 1985. "Corporate performance and managerial remuneration : An empirical analysis," Journal of Accounting and Economics, Elsevier, vol. 7(1-3), pages 11-42, April.
    4. Lawrence F. Katz, 1986. "Efficiency Wage Theories: A Partial Evaluation," NBER Chapters, in: NBER Macroeconomics Annual 1986, Volume 1, pages 235-290 National Bureau of Economic Research, Inc.
    5. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
    6. Weisbach, Michael S., 1988. "Outside directors and CEO turnover," Journal of Financial Economics, Elsevier, vol. 20(1-2), pages 431-460, January.
    7. Wilbur G. Lewellen, 1968. "Executive Compensation in Large Industrial Corporations," NBER Books, National Bureau of Economic Research, Inc, number lewe68-1.
    8. Barclay, Michael J. & Holderness, Clifford G., 1989. "Private benefits from control of public corporations," Journal of Financial Economics, Elsevier, vol. 25(2), pages 371-395, December.
    9. Black, Fischer & Scholes, Myron S, 1973. "The Pricing of Options and Corporate Liabilities," Journal of Political Economy, University of Chicago Press, vol. 81(3), pages 637-54, May-June.
    10. Fama, Eugene F & Jensen, Michael C, 1983. "Agency Problems and Residual Claims," Journal of Law and Economics, University of Chicago Press, vol. 26(2), pages 327-49, June.
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