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

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

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.

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).

This is a preview of subscription content, access via your institution.

Literatur

  1. Black, Fischer, and Myron Scholes, 1973, The Pricing of Options and Corporate Liabilities, Journal of Political Economy 81, 637–654.

    Article  Google Scholar 

  2. Botosan, Christine A., and Marlene A. Plumlee, 2001, Stock Option Expense: The Sword of Damocles Revealed, Accounting Horizons 15, 311–327.

    Article  Google Scholar 

  3. Bureau of Labor Statistics, 2004, Job Openings and Labor Turnover Survey, www.bls.gov.

  4. Carpenter, Jennifer N., 1998, The exercise and valuation of executive stock options, Journal of Financial Economics 48, 127–158.

    Article  Google Scholar 

  5. Coopers & Lybrand, 1993, Stock Options: Accounting, Valuation and Management Issues (New York).

  6. Core, John E., and Wayne R. Guay, 2001, Stock option plans for non-executive employees, Journal of Financial Economics 62, 253–287.

    Article  Google Scholar 

  7. Core, John E., Wayne R. Guay, and S. P. Kothari, 2002, The Economic Dilution of Employee Stock Options: Diluted EPS for Valuation and Financial Reporting, The Accounting Review 77, 627–652.

    Article  Google Scholar 

  8. Cox, John C., Stephen A. Ross, and Mark Rubinstein, 1979, Option Pricing: A Simplifed Approach, Journal of Financial Economics 7, 229–263.

    Article  Google Scholar 

  9. Economist, 1999, Share and share unalike, Economist 352, 18–20.

    Google Scholar 

  10. Fehr, Hans, Leonhard Knoll, and Lutz Mikus, 2004, Taxation of Stock Options: An International Comparison, Tax Notes International 33, 463–472.

    Google Scholar 

  11. Foster III, Taylor W., Paul R. Koogler, and Don Vickrey, 1991, Valuation of Executive Stock Options and the FASB Proposal, The Accounting Review 66, 595–610.

    Google Scholar 

  12. Hall, Brian J., and Kevin J. Murphy, 2000, Optimal Exercise Prices for Executive Stock Options, American Economic Review 90, 209–214.

    Article  Google Scholar 

  13. Hall, Brian J., and Kevin J. Murphy, 2002, Stock options for undiversified executives, Journal of Accounting and Economics 33, 3–42.

    Article  Google Scholar 

  14. Hasbargen, Ulrike, and Eva Stauske, 2004, IFRS 2 und FASB Exposure Draft Share-based Payment: Auswirkungen von Bilanzierung und Gestaltung aktienbasierter Vergütung, Betriebs-Berater.

  15. Hemmer, Thomas, Steve Matsunaga, and Terry Shevlin, 1994, Estimating the Fair Value of Employee Stock Options with Expected Early Exercise, Accounting Horizons 8, 23–42.

    Google Scholar 

  16. Hess, Dirk, and Erik Lüders, 2001a, Mitarbeiter Optionen steigern den ausgewiesenen Gewinn: Eine Studie des NASDAQ 100, Finanz Betrieb Beilage Kapitalmarktorientierte Rechnungslegung, 12–17.

  17. Hess, Dirk, and Erik Lüders, 2001b, Accounting for stock-based compensation: An extended clean surplus relation, Working Paper, Zentrum für Europäische Wirtschaftsforschung.

  18. Hoffmann, Wolf-Dieter, 2004, Aktienkursorientierte Vergütungsformen (share-based payment), in Norbert Lüdenbach, and Wolf-Dieter Hoffmann, ed.: Haufe IAS/IFRS-Kommentar (Haufe Verlag) 2 edn.

  19. Hoffmann, Wolf-Dieter, and Norbert Lüdenbach, 2004, Die Bilanzierung aktienorientierter Vergütungsformen nach IFRS 2 (Share-Based Payment), Deutsches Steuerrecht (DStR) pp. 786–792.

  20. Huddart, Steven, 1994, Employee stock options, Journal of Accounting and Economics 18, 207–231.

    Article  Google Scholar 

  21. Huddart, Steven, and Mark Lang, 1996, Employee stock option exercises — An empirical analysis, Journal of Accounting and Economics 21, 5–43.

    Article  Google Scholar 

  22. Hull, John C., 2003, Options, Futures, and Ohter Derivatives (Prentice Hall: Upper Saddle River, New Jersey).

    Google Scholar 

  23. Hull, John C., and Alan White, 2004, How to Value Employee Stock Options, Financial Analysts Journal 60, 114–119.

    Article  Google Scholar 

  24. Ikäheimo, Seppo, Nuutti Kuosa, and Vesa Puttonen, 2004, The True and Fair View of Executive Stock Option Valuation, Working Paper, Helsinki School of Economics.

  25. ING, 2003, Employee Options-the influence of IFRS, www.researching.com.

  26. Ingersoll, Jonathan E. Jr., 2002, The Subjective and Objective Evaluation of Incentive Stock Options, Working Paper, Yale School of Management.

  27. Jennergren, L. Peter, and Bertil Näslund, 1993, A Comment on Valuation of Executive Stock Options and the FASB Proposal, The Accounting Review 68, 179–183.

    Google Scholar 

  28. Johnson, Shane A., and Yisong S. Tian, 2000, The value and incentive effects of nontraditional executive stock option plans, Journal of Financial Economics 57, 3–34.

    Article  Google Scholar 

  29. Kulatilaka, Nalin, and Alan J. Marcus, 1994, Valuing Employee Stock Options, Financial Analysts Journal 50, 46–56.

    Article  Google Scholar 

  30. Lambert, Richard A., David F. Larcker, and Robert E. Verrecchia, 1991, Portfolio Considerations in Valuing Executive Compensation, Journal of Accounting Research 29, 129–149.

    Article  Google Scholar 

  31. Li, Haidan, 2002, Employee Stock Options, Residual Income Valuation and Stock Price Reaction to SFAS 123 Footnote Disclosures, Working Paper, University of Iowa.

  32. Liang, J. Nellie, and Steven A. Sharpe, 1999, Share Repurchases and Employee Stock Options and their Implications for S&P 500 Share Retirements and Expected Returns, Working Paper, Federal Reserve Board.

  33. Marquardt, Carol A., 2002, The Cost of Employee Stock Option Grants: An Empirical Analysis, Journal of Accounting Research 40, 1191–1217.

    Article  Google Scholar 

  34. Morgenson, Gretchen, 1998, Stock options are not a free lunch, Forbes 161, 212–217.

    Google Scholar 

  35. Niemann, Rainer, and Dirk Simons, 2003, Costs, Benefits and Tax-induced Distortions of Stock Options Plans, Schmalenbach Business Review 55, 321–342.

    Google Scholar 

  36. Noreen, Eric, and Mark Wolfson, 1981, Equilibrium Warrant Pricing Models and Accounting for Executive Stock Options, Journal of Accounting Research 19, 384–398.

    Article  Google Scholar 

  37. Pearl Meyer and Partners, 1999, UnverÖffentlichte Studie.

  38. Rubinstein, Mark, 1995, On the Accounting Valuation of Employee Stock Options, Journal of Derivatives 3, 8–24.

    Article  Google Scholar 

  39. Sautner, Zacharias, and Martin Weber, 2006, How Do Managers Behave in Stock Option Programs? Evidence from Exercise and Survey Data, Working Paper, Universität Mannheim und Universität van Amsterdam.

  40. Smith Jr., Clifford W., and Jerold L. Zimmerman, 1976, Valuing Employee Stock Option Plans Using Option Pricing Models, Journal of Accounting Research 14, 357–364.

    Article  Google Scholar 

  41. Smithers and Co., 1998, Unveröffentlichte Studie.

  42. Tweedie, David, 2004, IASB chairman warns IFRS 2 may cut 10% off EU firms` profits, www.accountingweb.co.uk.

  43. Vater, Hendrik, 2004, Stock Options: Bewertung, steuerrechtliche Aspekte und Rechnungslegung sowie Alternativen, Dissertation Universität St. Gallen.

  44. Weygandt, Jerry J., 1977, Valuation of Stock Option Contracts, The Accounting Review 52, 40–51.

    Google Scholar 

Download references

Author information

Affiliations

Authors

Rights and permissions

Reprints and Permissions

About this article

Cite this article

Engelbergs, J., Sautner, Z. Was kosten Aktienoptionsprogramme? Alternative Bewertungsansätze und Kosteneffekte bei Euro Stoxx 50-Unternehmen. Z. Betriebswirtsch 76, 903–931 (2006). https://doi.org/10.1007/s11573-006-0044-6

Download citation

Keywords

  • Costs of stock option programs
  • stock options
  • IFRS 2

JEL

  • M41
  • M52