Yermack (1995Yermack, D. (1995). Do corporations award CEO stock options effectively? Journal of Financial Economics, 39(2-3), 237-269. doi: 10.1016/0304-405X(95)00829-4 https://doi.org/10.1016/0304-405X(95)008...
) |
792 U.S. companies in the period from 1984 to 1991 |
Regulation; accounting profit; liquidity constraint. |
Positive relationship for accounting profit and liquidity constraint in relation to using stock options and an inverse relationship for the regulation variable. |
Ding and Sun (2001Ding, D. K., & Sun, Q. (2001). Causes and effects of employee stock option plans: Evidence from Singapore. Pacific-Basin Finance Journal, 9(5), 563-599. doi: 10.1016/S0927-538X(01)00027-0. https://doi.org/10.1016/S0927-538X(01)00...
) |
262 firms form Singapore in the period from 1992 to 1995 |
Market-to-book; profit target; interest coverage; firm size. |
Positive relationship between the use of stock options and the variables market-to-book, profit target, a lower interest coverage ratio, and smaller companies. |
Kato et al. (2005Kato, H. K., Lemmon, M., Luo, M., & Schallheim, J. (2005). An empirical examination of the costs and benefits of executive stock options: Evidence from Japan. Journal of Financial Economics, 78(2), 435-461. doi: 10.1016/j.jfineco.2004.09.001. https://doi.org/10.1016/j.jfineco.2004.0...
) |
562 stock options granted by 344 different companies between June of 1997 and December of 2001 |
Growth opportunity; dividend payments; firm size; ROA; debt; ownership structure. |
Growth opportunity, dividend payments, firm size, and return on assets are positively related with the probability of adopting ESOPs. In contrast, aspects such as company leverage and ownership structure are negatively related with the adoption of ESOPs. |
Uchida (2006Uchida, K. (2006). Determinants of stock option use by Japanese companies. Review of Financial Economics, 15(3), 251-269. doi: 10.1016/j.rfe.2005.08.001. https://doi.org/10.1016/j.rfe.2005.08.00...
) |
782 Japanese companies between 1997 and 2000 |
Debt; dividend payments; firm size; growth opportunity; degree of independence. |
Leverage and dividend payments have a negative relationship with the probability of adopting ESOPs, while firm size, growth opportunities, and the degree of independence have a positive relationship. |
Tzioumis (2008Tzioumis, K. (2008). Why do firms adopt CEO stock options? Evidence from the United States. Journal of Economic Behavior & Organization, 68(1), 100-111. doi: 10.1016/j.jebo.2007.06.008. https://doi.org/10.1016/j.jebo.2007.06.0...
) |
909 U.S. companies in the period from 1994 to 2004 |
CEO rotativity; firm risk; CEO shareholder participation; CEO age; public sector companies. |
Positive relationship between both CEO rotativity and firm risk and the probability of the company adopting ESOPs; in contrast, CEO shareholder participation, CEO age, and public sector companies presented a negative relationship with the probability of adopting ESOPs. |
Chourou et al. (2008Chourou, L., Abaoub, E., & Saadi, S. (2008). The economic determinants of CEO stock option compensation. Journal of Multinational Financial Management,18(1), 61-77. doi: 10.1016/j.mulfin.2007.05.001. https://doi.org/10.1016/j.mulfin.2007.05...
) |
196 companies in the period from 2001 to 2004 |
Growth opportunity; firm size; leverage; CEO age; CEO shareholder participation; and large blockholding shareholders. |
Positive relationship with growth opportunities and firm size and negative relationship with leverage, CEO age, CEO shareholder participation, and large blockholding shareholders. |
Avallone et al. (2014Avallone, F., Quagli, A., & Ramassa, P. (2014). The effects of accounting treatment and financial crisis on the stock option plans of Italian companies. Economic and Business Review, 16(1), 77-95. Retrieved from http://www.ebrjournal.net/ojs/index.php/ebr/article/view/333. http://www.ebrjournal.net/ojs/index.php/...
) |
155 companies in the period from 2000 to 2009 |
IFRS implementation; financial crisis; alignment of incentives; liquidity constraints; tax benefits; growth opportunity. |
The obligation of IFRS 2 did not reduce ESOP adoption. In contrast, the financial crisis resulted in a reduction in the use of this model. Regarding growth opportunity and alignment of incentives, a positive correlation was verified with increased stock option plan use. Liquidity constraint and tax benefits were shown to be less significant with regard to the use of ESOPs. |
Luo (2015Luo, L. (2015). Determinants of stock option use by Chinese companies. The Journal of Applied Business Research, 31(4), 1355-1376. doi: 10.19030/jabr.v31i4.9323. https://doi.org/10.19030/jabr.v31i4.9323...
) |
212 Chinese companies from January of 2006 to June of 2013 |
Company size; dividends; types of ownership; market-to-book; previous share return. |
The company size, dividends, and ownership type variables are negatively related with the use of stock options. Market-to-book and previous share returns presented a positive correlation with remuneration based on stock options, but only for those going to senior managers. |
Dias (2010Dias, W. O. (2010). Remuneração variável nas empresas brasileiras: Estudo de determinantes da utilização de stock options (Master’s Dissertation). Universidade Federal de Minas Gerais, Belo Horizonte. Retrieved from http://hdl.handle.net/1843/BUOS-8GDMEF. http://hdl.handle.net/1843/BUOS-8GDMEF...
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237 companies in 2009 |
Capital concentration; industry regulation; firm size; growth opportunity; foreign shareholder participation. |
The capital concentration and industry regulation variables presented a negative relationship with the use of stock options, while the firm size, growth opportunity, and foreign shareholder participation variables revealed a positive relationship. |
Kaveski et al. (2015Kaveski, I. D. S., Vogt, M., Degenhart, L., Hein, N., & Scarpin, J. E. (2015). Fatores determinantes da remuneração baseada em ações de empresas brasileiras. Revista de Administração da UNIMEP, 13(2), 100-116. doi: 10.15600/1679-5350/rau.v13n2p100-116. https://doi.org/10.15600/1679-5350/rau.v...
) |
27 companies |
ROA; market-to-book; total revenue. |
All the variables were shown to be statistically significant, but only market-to-book revealed a positive relationship with stock-based remuneration. |
Moura et al. (2016Moura, G. D. de, Padilha, E. S., & Silva, T. P. da. (2016). Fatores determinantes para adoção de planos de opções de ações em companhias abertas brasileiras. Revista de Educação e Pesquisa em Contabilidade, 10(3), 272-288. doi: 10.17524/repec.v10i3.1361. https://doi.org/10.17524/repec.v10i3.136...
) |
158 publicly-traded Brazilian companies in the period from 2009 to 2012 |
Current liquidity; horizon problem; shareholder participation. |
The variables were shown to be statistically significant and with a positive relationship, and could be considered determinants for the adoption of stock options plans. |