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L'impact de l'octroi d'options sur actions sur la performance et le risque : Cas des entreprises de la nouvelle économie

Author

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  • Asma Bouchekoua

    (LIGUE - Laboratoire Interdisciplinaire en Gestion : Université-Entreprise - M.E.N.E.S.R. - Ministère de l'Education nationale, de l’Enseignement supérieur et de la Recherche)

Abstract

The aim of this study is to examine performance and risk consequences of stock option grant in new economy firms. We examine the association between the unexpected level option incentives and future firm performance and risk. We find that the performance effects from equity grants in new economy firms are related to the organizational level of the grant recipients. Lower than expected grants of options to top five managers are associated with poorer performance in subsequent year. In the case of non executive employees, future stock returns are negatively related to superior than expected option grants. We also find a statistically significant relationship between higher than expected option grants to executives and subsequent firm volatility. Finally, although option appear to increase firm risk, there is no evidence that this enhancing or damaging shareholder value.

Suggested Citation

  • Asma Bouchekoua, 2008. "L'impact de l'octroi d'options sur actions sur la performance et le risque : Cas des entreprises de la nouvelle économie," Post-Print halshs-00522397, HAL.
    • Handle: RePEc:hal:journl:halshs-00522397
    Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-00522397
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