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L’effet d’octroi conditionnel des actions gratuites sur la performance future. Le cas des sociétés cotées au SBF 120

Author

Listed:
  • Mohamed Khenissi

    (MAGELLAN - Laboratoire de Recherche Magellan - UJML - Université Jean Moulin - Lyon 3 - Université de Lyon - Institut d'Administration des Entreprises (IAE) - Lyon, CERAG - Centre d'études et de recherches appliquées à la gestion - UGA - Université Grenoble Alpes, Iaelyon - Iaelyon School of Management - UJML - Université Jean Moulin - Lyon 3 - Université de Lyon)

  • Mohamed Firas Thraya

    (IDRAC Business school Lyon - Institut pour le Développement et la Recherche d'Action Commerciale - Université de Lyon)

Abstract

The study aims to investigate the impact of restricted stock grants on future performance (financial and non-financial). Based on a sample of companies listed on the SBF 120 stock market index between 2006 and 2018, the empirical analysis shows that restricted stock has a significantly positive effect on financial and extra-financial performance (measured by the CSR score). Institutional investors and the State shareholding accentuate the positive effect on CSR performance. Family ownership weakens the effect on financial performance.

Suggested Citation

  • Mohamed Khenissi & Mohamed Firas Thraya, 2022. "L’effet d’octroi conditionnel des actions gratuites sur la performance future. Le cas des sociétés cotées au SBF 120," Post-Print hal-04809668, HAL.
    • Handle: RePEc:hal:journl:hal-04809668
    DOI: 10.4000/fcs.8859
    as

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