Shedding light on the aim of stock options: a literature review
| Autor: | Simona Catuogno, Sara Saggese, Fabrizia Sarto, Riccardo Viganò |
|---|---|
| Přispěvatelé: | Catuogno, Simona, Saggese, Sara, Sarto, Fabrizia, Vigano', Riccardo |
| Jazyk: | angličtina |
| Rok vydání: | 2016 |
| Předmět: |
050208 finance
business.industry media_common.quotation_subject 05 social sciences Economic rent Principal–agent problem Stock options Accounting Maximization Shareholder value Shareholder Stock options – Alignment – Rent extraction – Literature review 0502 economics and business Economics Business and International Management Positive economics Empirical evidence business 050203 business & management media_common Perceived cost |
| Popis: | Stock options (hereafter SOs) have been extensively investigated by the literature. The debate has been mainly grounded in the agency theory that has interpreted these tools as mechanisms to align the conflicting interests of managers and owners towards the shareholder value maximization. However, the latest empirical evidence suggests that SOs are often used by opportunistic managers to extract rents to the detriment of shareholders. In addition, literature identifies the perceived cost as a further theoretical lens to interpret the use of SOs. Despite the growing interest around the topic, the research is still fragmented and fails to present a comprehensive picture on the factors that affect the aim of SOs. Our literature review attempts to fill this gap by providing a systematization of the studies on the topic. The paper concludes by presenting the theoretical and practical implications of the study and suggesting directions for future research. |
| Databáze: | OpenAIRE |
| Externí odkaz: |
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