Czy menedżerskie opcje na akcje mogą być efektywnym instrumentem minimalizującym koszty agencji w spółkach akcyjnych?
Could managerial stock options be effective instrument of agency conflict minimization in joint-stock companies?

Summary/Abstract: Agency conflict occurs in many entities, in which management is divided from capital. One of such entities are companies, in particular joint-stock companies. To minimize the agency conflict it is necessary to bear the agency costs. There are proposed various instruments aiming to minimize the agency costs. They originate from legal acts as well as from economical instruments. One of frequently used instruments are managerial stock options – the instrument aiming to unify the aims of managers and principals. Recently, especially after the financial crisis from 2008, managerial stock options are strongly criticised. Their usage was considered to be one of the crisis’ causes. In current article the author will try to answer the question if managerial stock options are efficient instrument minimizing the agency costs in joint-stock companies. The conclusions will be compared with data acquired as a consequence of empirical research conducted on the joint-stock companies listed on Warsaw Stock Exchange.

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