Efeitos da adoção de planos de opções de compra de ações sobre o valor das empresas brasileiras no período 2002-2009

Abstract

This work investigates the effects of the Employee Stock Options Plans (ESOP) on the company’s value listed in the Brazilian capitals market. ESOP is a mechanism of variable compensation, generally offered to executives, but able to be extended to all employees of the organization, having the alignment of interests between managers and shareholders as one of the goals of its adoption. Specifically, what increases the relevance of this study, it is observed a growing tendency of adoption of ESOPs in Brazil by open capital companies, being interesting to see if this instrument has been capable to generate an effect on the value of these companies. Additionally, there are few empirical studies about the subject in Brazil, which makes it a relevant research. To achieve this purpose, a panel data analysis will be used to try measuring if the adoption of the ESOP has generate or not value to the shareholder, even in the long term. The database used to achieve the above goal was created from public information provided by open capital companies disposable on the BOVESPA for the Securities Commission (CVM), as well as from the financial data for these companies disposable in the Economática database. The results show that there is evidence that the ESOP generates wealth for shareholders, when the ESOP becomes more well-structured, specifically regarding the exercise price, when this is fastened at-money or out-of-money. While increasing the stock price, this value is enhanced when these companies adopt best practices of corporate governance and also when the companies adopt ESOP by more than three years.