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

Mohamed Khenissi () and Mohamed Firas Thraya ()
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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

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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.

Keywords: restricted stock; stock-options; financial performance-extra-financial performance; actions gratuites; performance financière-performance extra-financière (search for similar items in EconPapers)
Date: 2022-04
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Published in Finance Contrôle Stratégie, 2022, 25, in press. ⟨10.4000/fcs.8859⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-04809668

DOI: 10.4000/fcs.8859

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