Wpływ opcji na akcje na skłonność menedżerów do podejmowania działalności badawczo-rozwojowej w perspektywie behawioralnej teorii agencji
The Impact of Stock Options on the Manager Propensity to Undertake Research and Development Activities in the Behavioral Agency Theory Perspective

Summary/Abstract: Purpose – The aim of this article is to identify contexts in which there are possibilities to include stock options in the structure of manager’s compensation. The research will be based on the current literature and will be conducted from the angle of engaging in research and development activities. Design/methodology/approach – Literary studies, based on the current state of knowledge of the impact of stock options compensation on taking the long-term projects by managers. Findings – Empirical results, previously proposed in the literature studies, reveal a difficulty in demonstrating the direct impact of stock options compensation on engaging in research and development activities by managers. Researchers associated with the behavioral agency theory are looking for factors moderating the above relation. The article presents the results of studies indicating two of these factors: the profitability of the company and stage of manager’s tenure. Originality/value – The assumption which is commonly found in the literature agency indicates a positive impact of stock options compensation on the manager’s willingness to engage in long-term projects, such as R&D. This article indicates that this assumption applies only in certain conditions, i.e. at the appropriate level of performance of the company and the appropriate phase of manager’s tenure. In addition, the author analyzes this problem from the perspective of behavioral finance, which is still not common in Poland.

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