Gunter Fischer 
Aktienoptionsprogramme. Theoretische Grundlagen, Möglichkeiten und Grenzen [PDF ebook] 

Diplomarbeit aus dem Jahr 1999 im Fachbereich BWL – Investition und Finanzierung, Note: 1.3, Europa-Universität Viadrina Frankfurt (Oder), Sprache: Deutsch, Abstract: This paper examines the advantages and disadvantages of stock option plans. After a description of the fundamental concepts of agency theory and shareholder value, stock option plans are discussed in the context of corporate governance. In consideration of benefits and handicaps stock option plans are shown to be an effective tool for an interest realignment between shareholders and management.
In an additional empirical analysis the connection of stock option plans with four factors is investigated. There are strong indications that German companies with a small Board (Aufsichtsrat) are more likely to establish stock option plans. This is consistent with other empirical studies.