Abstract
El aumento en el uso de las opciones de compra de acciones (de aquí en adelante, “opciones”) como un componente de compensación y el fracaso subsiguiente de empresas donde su uso era común obligó al Congreso de los Estados Unidos y a la Junta de Normas de Contabilidad Financiera (FASB, por sus siglas en inglés) a desarrollar y aprobar nuevas leyes y reglamentos en el año 2002. Las mismas requerían a las Corporaciones, entre otras cosas, a divulgar información adicional y a inicialmente, reconocer de manera voluntaria, las concesiones de opciones como gasto en los estados financieros. En el año 2004 se hizo obligatorio el reconocimiento de las opciones como gasto. Esta investigación usa modelos de regresión Tobit para examinar si surge un cambio significativo en la política de pago (uso del efectivo de una empresa para pagar dividendos a sus accionistas o readquirir todas o una porción de sus acciones en circulación) para un grupo de empresas que anunciaron voluntariamente que iban a reconocer las opciones como gasto en sus estados financieros. No se observaron los aumentos esperados en la política de pago de las empresas. Los cambios hechos por las empresas fueron la aceleración de acumulación de beneficios y otros cambios en sus planes de compensación mediante el uso de opciones.
Highlights
Introduction & BackgroundThe increased use of stock options as a compensation component and the subsequent failure of firms such as Enron, WorldCom and others, where the use of options was prevalent, forced both Congress and the Financial Accounting Standards Board to enact new legislation and regulations in 2002
In 2004 option expensing became mandatory. This investigation uses Tobit regression models to examine whether there is a change in the payout policy in a group of firms after announcing their voluntary decision to expense their stock options
This investigation uses Tobit regression models to determine whether there was a significant change in the payout policy in a group of firms after announcing their voluntary decision to expense stock options awarded to employees as part of their compensation pursuant to their employment agreement
Summary
The increased use of stock options as a compensation component and the subsequent failure of firms such as Enron, WorldCom and others, where the use of options was prevalent, forced both Congress and the Financial Accounting Standards Board (hereafter, “FASB”) to enact new legislation and regulations in 2002. The new legislation and several new accounting standards require corporations, among other matters, to disclose more information related to executive compensation, and initially compelled firms to recognize voluntarily stock option grants as an expense on their financial statements. The new Standard requires public companies to adopt option expensing in interim or annual periods beginning after June 15, 2005, instead of the original effective date of January 1, 2005.7. The amendment to Regulation S-X delayed the implementation date of SFAS 123-R for public companies until their fiscal year that begins after June 15, 2005 The effect of this change for calendar year-end companies is that they would not be required to implement this new standard until the first quarter of 2006. Companies may choose to adopt the Standard earlier if possible
Sign-in/Register to view highlights & summary Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
