Stock-options and the performance of CAC40 listed companies

Aziz El Marzougui Abdelaziz El Marzougui Abdelazi, Amine Lahiani, LANOUAR CHARFEDDINE


This paper analyses two main issues. First, the determinants of the top-executives compensation of the CAC40s’ listed firms. Second, the impact of the equity-based compensation on the firm market and accounting performance. Our results show that stock-options grant for CAC40s’ top-executives are uncorrelated with its determinants and have no impact on the firm performance over the period of analysis. These results support the theoretical approach of the managerial power and entrenchment.

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International Journal of Economics and Finance  ISSN  1916-971X (Print) ISSN  1916-9728 (Online)  Email:

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