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Journal of Business Economics

, Volume 76, Issue 9, pp 903–931 | Cite as

Was kosten Aktienoptionsprogramme? Alternative Bewertungsansätze und Kosteneffekte bei Euro Stoxx 50-Unternehmen

  • Jörg Engelbergs
  • Zacharias Sautner
Article
  • 120 Downloads

Zusammenfassung

Im Rahmen diese Studie wurden unter Verwendung verschiedener Bewertungsmodelle die Kosten der Aktienoptionsprogramme der Euro Stoxx 50-Unternehmen ermittelt und verglichen. Dabei konnte gezeigt werden, dass eine Erfassung dieser Kosten die Jahresabschlüsse der betrachteten Unternehmen erheblich beeinflusst. Die untersuchten Optionsprogramme hätten mit einem durchschnittlichen Wert von etwa 140 Mio. Euro signifikante Auswirkungen auf den Jahresabschluss 2003 gehabt. Im Einzelfall würden die Aufwendungen sogar über 20% des bilanziellen Eigenkapitals entsprechen. Das Gesamtbild ist jedoch sehr uneinheitlich. Da einige Unternehmen nur moderaten Gebrauch von Aktienoptionen machen, hätte sich im Median, je nach Wahl des Bewertungsansatzes, eine Reduktion des Gewinns um ungefähr 2% bis 3,5% ergeben.

What are the costs of stock option programs? Alternative valuation approaches and cost effects for Euro Stoxx 50 companies

Summary

Using different valuation models, we estimated the accounting costs of employee stock option programs for Euro Stoxx 50 companies. Moreover, we compared the impact of different valuation approaches. We have shown that expensing the costs of stock options would have had a significant impact on reported annual financial statements. With an average value of 140 million Euro, stock option grants would have significantly affected annual corporate results of the year 2003. In some cases, the expense of stock options would have exceeded 20% of the reported equity capital. However, the overall picture is not very uniform. As some companies use stock options rather moderately, median corporate profits would have been decreased by approximately 2% to 3.5% (depending on the valuation model employed).

Keywords

Costs of stock option programs stock options IFRS 2 

JEL

M41 M52 

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Copyright information

© Gabler-Verlag 2006

Authors and Affiliations

  • Jörg Engelbergs
    • 1
  • Zacharias Sautner
    • 2
  1. 1.Boston Consulting GroupDösseldorfGermany
  2. 2.Finance an der Universiteit van AmsterdamAmsterdamNiederlande

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