Intensité des plans de stock-options et tendances stratégiques

Philippe Pasquet () and Bruno Mazières
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Philippe Pasquet: CREOP - Centre de Recherches sur l'Entreprise, les Organisations et le Patrimoine - GIO - Gouvernance des Institutions et des Organisations - UNILIM - Université de Limoges
Bruno Mazières: CREOP - Centre de Recherches sur l'Entreprise, les Organisations et le Patrimoine - GIO - Gouvernance des Institutions et des Organisations - UNILIM - Université de Limoges

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Abstract: CEO-managers and shareholders-owners separation, common to large firms, imply the last to protect themselves from opportunist behaviours. One of the main means used are stock-options, which are supposed to reconcile interests of both sides, according to a majority of Anglo-Saxon researches ; then CEO-managers should implement strategies that create value. So our problematical is : which strategic trends the allowed stock-options level is able to involve on French large firms sample ? Our study pointed out that the level of stock-options plans may involve diversification, appearance of CEO opportunist behaviours or an additional leverage. It seems that the function of this incentive should be cautiously interpreted and induce some prudence as to their influence.

Keywords: stockoptions; consequentive creation; strategy; agency; payment; Stock-options; création de valeur; stratégie; agence; rémunération (search for similar items in EconPapers)
Date: 2007-03
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Published in La Revue des Sciences de Gestion, 2007, 224-225, pp113-121. ⟨10.1051/larsg:2007023⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-00957723

DOI: 10.1051/larsg:2007023

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