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Motifs et conséquences de l'adoption des stock-options

Listed author(s):
  • Philippe Desbrières


    (Université de Bourgogne LATEC/FARGO)

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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Paper provided by Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations in its series Working Papers CREGO with number 0991101.

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Length: 25 pages
Date of creation: Nov 1999
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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Order Information: Postal: Angèle Renaud, CREGO, 2 Bd Gabriel, BP 26611, 21066 Dijon Cedex, France

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