Abstract:
The objective of this article is to study the explanatory factors of the development of restricted stock grants in France. The theoretical framework of this article lies to agency theory, the predominant approach in studying determinants of executive compensation. This article aims to complete the existing literature, mainly American, by providing results from the French context. Based on a sample of 103 listed firms, regression analyses show that the expansion of restricted stock units is attributed to its tax regime and the negative perception of stock options. The results remain robust to potential endogeneity issues.
Keywords: restricted stock, bonus shares, stock options, taxation, media coverage
