HEC-Ecole de gestion de l'Université de Liège
HEC-Ecole de gestion de l'Université de Liège

Impact of stock option compensation plans for the top management on the performance of the Bel20 firms

Olischläger, Axel ULiège
Promotor(s) : Artige, Lionel ULiège
Date of defense : 21-Aug-2017 • Permalink :
Title : Impact of stock option compensation plans for the top management on the performance of the Bel20 firms
Translated title : [fr] Impact d'une rémunération du top management sous forme de stock option sur les performances des entreprises du Bel20
Author : Olischläger, Axel ULiège
Date of defense  : 21-Aug-2017
Advisor(s) : Artige, Lionel ULiège
Committee's member(s) : Gehde-Trapp, Monika 
Hübner, Georges ULiège
Language : English
Number of pages : 33
Keywords : [en] Stock options, performance, market performance, empirical evidence
[en] belgium, impact of stock options, equity-based, compensation, top executives
[en] grants
[en] Bel20 firms,
Discipline(s) : Business & economic sciences > Finance
Target public : Researchers
Professionals of domain
Institution(s) : Université de Liège, Liège, Belgique
Degree: Master en sciences économiques,orientation générale, à finalité spécialisée en Economics and Finance
Faculty: Master thesis of the HEC-Ecole de gestion de l'Université de Liège


[en] This thesis focuses on the impact of granting stock options as part of the top executives’ compensation on the subsequent market performance of the Bel20 firms. Special attention has been given to the characteristics of the options i.e. their grant size, their fair value and the length of their vesting period. Using data related to stock options granted over the period 2006-2013 for the Bel20 firms, we found that the firm performance subsequent to the grant is positively correlated with the grant size and the fair value of the options granted. Our results suggest that large grants and valuable stock options at granting provide top executives with high incentives, leading to a higher firm performance the year following the grant. Overall, our results support the agency theory developed by Jensen & Meckling (1976).



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  • Olischläger, Axel ULiège Université de Liège > Master sc. éco., or. gén., à fin.


Committee's member(s)

  • Gehde-Trapp, Monika Université de Hohenheim
  • Hübner, Georges ULiège Université de Liège - ULg > HEC Liège : UER > Gestion financière
    ORBi View his publications on ORBi
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  • Total number of downloads 16

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