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Determinants of stock options awards: evidence from French firms.
- Source :
- International Journal of Business Governance & Ethics; 2012, Vol. 7 Issue 4, p279-300, 22p
- Publication Year :
- 2012
-
Abstract
- The literature on managers' compensation points out several factors specific to firms and to the determinants of stock options awards. At the empirical level, most studies focused on market-oriented governance mechanisms [studies on the US context (Yermack, 1995; Tzioumis, 2008)] or network-oriented systems [studies on the Japanese context (Uchida, 2006)]. We attempt to determine the factors behind stock options awards in a country characterised by a mixed governance system (market- and network-oriented) which is France. We conducted our study on a sample of 152 firms listed on the French stock market (the SBF250 index) during the 2002-2009 period. The results supported the hypothesis that the factors behind managers' stock option compensation are firm size, growth opportunities, manager's age, dividend distribution and ownership concentration. [ABSTRACT FROM AUTHOR]
- Subjects :
- STOCK options
BUSINESS enterprises
CORPORATE governance
STOCK exchanges
DIVIDENDS
Subjects
Details
- Language :
- English
- ISSN :
- 14779048
- Volume :
- 7
- Issue :
- 4
- Database :
- Supplemental Index
- Journal :
- International Journal of Business Governance & Ethics
- Publication Type :
- Academic Journal
- Accession number :
- 84623111
- Full Text :
- https://doi.org/10.1504/IJBGE.2012.051224