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Çalışanlara Hisse Opsiyonu Planlamasının Sebepleri, Şartları ve İşleyişi

Year 2019, Volume: 3 Issue: 6, 145 - 156, 30.12.2019
https://doi.org/10.31006/gipad.548431

Abstract

Hisse senedi opsiyon
planı; gelecekteki bir tarihe kadar çalışanlara belli bir fiyattan ve miktardan
hisse senedi alma imkanının (opsiyonunun) tanınmasıdır. Hisse opsiyonu finansal
olarak kayıp riskini sınırlarken, çalışanlara yönelik uygulama da prim tarzında
çalışmaktadır. Çalışanlara yönelik hisse opsiyonuyla kar paylaşımı arasındaki
fark mülkiyet faktörü girdiğinde çalışanın şirketle olan bağı kuvvetlenmesi ve
uzun dönemli düşünmeye yönelmesidir. Primin, hisse opsiyonu şeklinde olması
sebebiyle, çalışanın tercih hakkı bulunmaktadır. Bu tercih kullanılırken
yatırımcının göz önünde bulundurulması gereken en önemli kriter, şirketin
potansiyel olarak büyük başarı elde etmesi, halka arz olması veya başka bir
şirkete satılabilme olasılığını sezebilmesidir. Hakkın kullanılması yönüyle
tercih yapacak bir çalışanın cevap araması gereken sorular: Şirket halka arza
ne kadar yakın? Potansiyel değeri ne kadar yüksek? Geçmiş dönemde performans
kriterlerinin ne kadarını gerçekleştirebildi? Opsiyon şartları zorlayıcı mı?
Nakit paraya ihtiyacım var mı? Vergisel avantajları nelerdir? 

References

  • Akyüz, Ş. “(2018). Stock Option ile Bir Startup Nasıl Gelişir?” https://www.startupnedir.com/stock-option-ile-startup-nasil-gelisir/ (erişim tarihi: 10.09.2019)
  • Aldatmaz, S.; Ouimet, P. and Van Wesep, E. D. (2018), “The Option to Quit: The Effect of Employee Stock Options on Turnover”, Journal of Finance, 127 (1), 136-151.
  • Arman, E. & Koray, B. (2017), “Türkiye'de 'Hisse Opsiyonu' Uygulayan Var Mı?” Arman & Koray Yollarda TV, https://www.youtube.com/watch?v=WD5bFRNy6bA
  • Ayrancı Z. B. (2017), “Stock Option: Çalışanlara Hisse Senedi Alma Opsiyonu Tanınması”, https://startuphukuku.com/stock-option/
  • Ayrancı, Z.B. (2017). Stock Option. www.startuphukuku.com (erişim tarihi: 8.7.2019)
  • Babenko, I. &Tserlukevich, Y. (2009), “Analyzing the tax benefits from employee stock options”, Journal of Finance, (64), 1797–1825.
  • Baker, G.P.; Jensen, M.C. and Murphy, K.J., (1988). Compensation and incentives: Practice vs. theory. Journal of Finance, (43), 593–616.
  • Bebchuk, L. A. and Fried. Jesse M. (2003). Executive Compensation as an Agency Problem, Journal of Economic Perspectives, 17, 3, pp. 71–92
  • Blasi, J., Kruse, D., Sésil, J., Kroumova, M. (2003a). “An assessment of employee ownership in de United States and implications for EU”, In. International Journal of Human Resource Management, 14 (6), 893-919.
  • Blasi, J.; Kruse, D. and Bernstein, A. (2003b). In the Company of Owners. The Truth about Stock Options (and Why Every Employee Should Have Them), New York, Basic Books.
  • Bolayır, G. (2019). “Çalışanlara Hisse Senedi Edindirme Opsiyonu”, https.//bolayirdogancelik.com/employee-stock-option-calisanlara-hisse-senedi-edindirme-opsiyonu/ (erişim tarihi: 9.9.2019).
  • Chang X., Fu, K., Low A. and Zhang W. (2015). “Non-executive Employee Stock Options and Corporate Innovation”, 115, 1, 168-188.
  • Coffin, R. (2019). “Stock Option Explained”, https://www.youtube.com/watch?v=VJgHkAqohbU (erişim tarihi: 10.7.2019)
  • Cooper, M. J., Gulen, Huseyin and Rau, P. Raghavendra (2016). “Performance for Pay? The Relation Between CEO Incentive Compensation and Future Stock Price Performance”, https://ssrn.com/abstract=1572085
  • Core, J.E. & Guay, W.R. (2001). “Stock option plans for non-executive employees”, Journal of Financial Economics 61, 253–287.
  • Coşkun, F. (2017). “Türkiye’deki Hisse Opsiyon Planları”, http://www.erdem-erdem.av.tr/yayinlar/hukuk-postasi/turkiyedeki-hisse-opsiyon-planlari/ (erişim tarihi: 7.7.2019)
  • Devos, E., Elliott, W.B. and Warr, R. (2015). “CEO Opportunism. Journal of Accounting and Economics”, 60, 2, 18-35.
  • Ederer, F.P. (2009). “Launching a thousand ships: Incentives for parallel innovation”, Unpublished working paper, Massachusetts Institute of Technology.
  • Ederer, F.P. and Manso, G. (2013). “Is pay for performance detrimental to innovation?”, Management Science, (59), 1496–1513.
  • Holmstrom, B. (1989). “Agency costs and innovation”, Journal of Economic Behavior and Organization, (12), 305–327.
  • Fang H.; Nofsinger J. R. and Quan J. (2015). “The effects of employee stock option plans on operating performance in Chinese firms”, Journal of Banking and Finance, 54, 141–159
  • Graham, J.R., Lang, M.H., Shackelford, D.A., (2004). “Employee stock options, corporate taxes, and debt policy”, Journal of Finance, (59), 1585–1618.
  • Hochberg, Y.V. & Lindsey, L. (2010). “Incentives, targeting, and firm performance: An analysis of non executive stock options”, Review of Financial Studies 23, 4148–4186.
  • Jones, D. & Kato, T. (1995). “The Productivity Effects of Employee Stock-Ownership Plans and Bonuses - Evidence from Japanese Panel-Data. American Economic Review, 85 (3), 391-414.
  • Kahneman, D. & Tversky, A. (1979). Prospect theory. An analysis of decision under risk. Econometrica, 47, 263-291.
  • Kessler, B. (2016). “What Are Stock Options?”, https://www.youtube.com/watch?v=t4l8veo7VNg (erişim tarihi: 8.02.2019)
  • Kruse, D. L. (1996). “Why do firms adopt profit-sharing and employee ownership plans? In. British Journal of Industrial Relations”, 34(4), 515-538.
  • O'Donnell, S. (1999). “Compensation Design as a Tool for Implementing”, Management International Review, 39 (2), 149–65.
  • Oyer, P. (2004). “Why do firms use incentives that have no incentive effects?”, Journal of Finance, (59), 1619-1649.
  • Oyer, P. & Schaefer, S. (2005), “Why do some firms give stock options to all employees? An empirical examination of alternative theories”, Journal of Financial Economics, 76, 99-133.
  • Pendleton, A. D., Poutsma, F., van Ommeren, J. W.,Brewster, C. (2001). Profit sharing in the European Union, Luxembourg, Office for European Communities.
  • Perotin, V.,Robinson, A. (1998). A Comparative Paper On Profit Sharing Britain, France, Germany and Italy, In. Advances in the Economic Labour-Managed Firms.
  • Poutsma, E. (2001). Patterns of Financial Participation in Europe. Working Paper, Radbound University.
  • Poutsma, E. & de Nijs, W.F. (2003). “Broad-based employee financial participation”, International Journal of Human Resource, 14 (6), 863-893.
  • Samuelson, R, J. (2002). “Stock Option Madness”, Washinton Post, https://www.washingtonpost.com/archive/opinions/2002/01/30/stock-option-madness/c7203d7c-e510-4dbb-b9b5-e0c3b3f6266c/?noredirect=on&utm_term=.c03aebd0de6d (erişim tarihi: 01.07.2019).
  • Shojaee, H. (2013). “Employee Stock Options Explained”, https://www.youtube.com/watch?v=sakQ5cqbNlE (erişim tarihi: 9.04.2019).
  • Türk Vergi Kanunu (2019). Türk Vergi Hukukunda Sermaye İratlarının Vergilendirilmesi, www.tvk.org (erişim tarihi: 8.04.2019).

The Reasons, Conditions, And Process of Stock Options for Employees

Year 2019, Volume: 3 Issue: 6, 145 - 156, 30.12.2019
https://doi.org/10.31006/gipad.548431

Abstract

Stock option is given
by a company to an employee to buy certain number of shares in the company at a
stated fixed price. While the financial share option limits the risk of
financial loss, the practice of stock option for employees works as a bonus.
The difference between the share option for the employees and the profit
sharing is the strengthening of the employee's relationship with the company
and start thinking at long-term benefits when the ownership factor enters into
the picture. As this application is an option, the employee has the right to
choose. Many issues should be considered when using this preference. The most
important criterion here is to seize whether the company could potentially
achieve great success and be offered to the public offering or to be sold to another
company? Questions to be answered by an employee who chooses to use the stock
option: How close is the company to the public? How high is the potential
value? How much of the performance criteria has it achieved in the past? Are
the option conditions challenging? Do I need cash? What are the tax advantages?

References

  • Akyüz, Ş. “(2018). Stock Option ile Bir Startup Nasıl Gelişir?” https://www.startupnedir.com/stock-option-ile-startup-nasil-gelisir/ (erişim tarihi: 10.09.2019)
  • Aldatmaz, S.; Ouimet, P. and Van Wesep, E. D. (2018), “The Option to Quit: The Effect of Employee Stock Options on Turnover”, Journal of Finance, 127 (1), 136-151.
  • Arman, E. & Koray, B. (2017), “Türkiye'de 'Hisse Opsiyonu' Uygulayan Var Mı?” Arman & Koray Yollarda TV, https://www.youtube.com/watch?v=WD5bFRNy6bA
  • Ayrancı Z. B. (2017), “Stock Option: Çalışanlara Hisse Senedi Alma Opsiyonu Tanınması”, https://startuphukuku.com/stock-option/
  • Ayrancı, Z.B. (2017). Stock Option. www.startuphukuku.com (erişim tarihi: 8.7.2019)
  • Babenko, I. &Tserlukevich, Y. (2009), “Analyzing the tax benefits from employee stock options”, Journal of Finance, (64), 1797–1825.
  • Baker, G.P.; Jensen, M.C. and Murphy, K.J., (1988). Compensation and incentives: Practice vs. theory. Journal of Finance, (43), 593–616.
  • Bebchuk, L. A. and Fried. Jesse M. (2003). Executive Compensation as an Agency Problem, Journal of Economic Perspectives, 17, 3, pp. 71–92
  • Blasi, J., Kruse, D., Sésil, J., Kroumova, M. (2003a). “An assessment of employee ownership in de United States and implications for EU”, In. International Journal of Human Resource Management, 14 (6), 893-919.
  • Blasi, J.; Kruse, D. and Bernstein, A. (2003b). In the Company of Owners. The Truth about Stock Options (and Why Every Employee Should Have Them), New York, Basic Books.
  • Bolayır, G. (2019). “Çalışanlara Hisse Senedi Edindirme Opsiyonu”, https.//bolayirdogancelik.com/employee-stock-option-calisanlara-hisse-senedi-edindirme-opsiyonu/ (erişim tarihi: 9.9.2019).
  • Chang X., Fu, K., Low A. and Zhang W. (2015). “Non-executive Employee Stock Options and Corporate Innovation”, 115, 1, 168-188.
  • Coffin, R. (2019). “Stock Option Explained”, https://www.youtube.com/watch?v=VJgHkAqohbU (erişim tarihi: 10.7.2019)
  • Cooper, M. J., Gulen, Huseyin and Rau, P. Raghavendra (2016). “Performance for Pay? The Relation Between CEO Incentive Compensation and Future Stock Price Performance”, https://ssrn.com/abstract=1572085
  • Core, J.E. & Guay, W.R. (2001). “Stock option plans for non-executive employees”, Journal of Financial Economics 61, 253–287.
  • Coşkun, F. (2017). “Türkiye’deki Hisse Opsiyon Planları”, http://www.erdem-erdem.av.tr/yayinlar/hukuk-postasi/turkiyedeki-hisse-opsiyon-planlari/ (erişim tarihi: 7.7.2019)
  • Devos, E., Elliott, W.B. and Warr, R. (2015). “CEO Opportunism. Journal of Accounting and Economics”, 60, 2, 18-35.
  • Ederer, F.P. (2009). “Launching a thousand ships: Incentives for parallel innovation”, Unpublished working paper, Massachusetts Institute of Technology.
  • Ederer, F.P. and Manso, G. (2013). “Is pay for performance detrimental to innovation?”, Management Science, (59), 1496–1513.
  • Holmstrom, B. (1989). “Agency costs and innovation”, Journal of Economic Behavior and Organization, (12), 305–327.
  • Fang H.; Nofsinger J. R. and Quan J. (2015). “The effects of employee stock option plans on operating performance in Chinese firms”, Journal of Banking and Finance, 54, 141–159
  • Graham, J.R., Lang, M.H., Shackelford, D.A., (2004). “Employee stock options, corporate taxes, and debt policy”, Journal of Finance, (59), 1585–1618.
  • Hochberg, Y.V. & Lindsey, L. (2010). “Incentives, targeting, and firm performance: An analysis of non executive stock options”, Review of Financial Studies 23, 4148–4186.
  • Jones, D. & Kato, T. (1995). “The Productivity Effects of Employee Stock-Ownership Plans and Bonuses - Evidence from Japanese Panel-Data. American Economic Review, 85 (3), 391-414.
  • Kahneman, D. & Tversky, A. (1979). Prospect theory. An analysis of decision under risk. Econometrica, 47, 263-291.
  • Kessler, B. (2016). “What Are Stock Options?”, https://www.youtube.com/watch?v=t4l8veo7VNg (erişim tarihi: 8.02.2019)
  • Kruse, D. L. (1996). “Why do firms adopt profit-sharing and employee ownership plans? In. British Journal of Industrial Relations”, 34(4), 515-538.
  • O'Donnell, S. (1999). “Compensation Design as a Tool for Implementing”, Management International Review, 39 (2), 149–65.
  • Oyer, P. (2004). “Why do firms use incentives that have no incentive effects?”, Journal of Finance, (59), 1619-1649.
  • Oyer, P. & Schaefer, S. (2005), “Why do some firms give stock options to all employees? An empirical examination of alternative theories”, Journal of Financial Economics, 76, 99-133.
  • Pendleton, A. D., Poutsma, F., van Ommeren, J. W.,Brewster, C. (2001). Profit sharing in the European Union, Luxembourg, Office for European Communities.
  • Perotin, V.,Robinson, A. (1998). A Comparative Paper On Profit Sharing Britain, France, Germany and Italy, In. Advances in the Economic Labour-Managed Firms.
  • Poutsma, E. (2001). Patterns of Financial Participation in Europe. Working Paper, Radbound University.
  • Poutsma, E. & de Nijs, W.F. (2003). “Broad-based employee financial participation”, International Journal of Human Resource, 14 (6), 863-893.
  • Samuelson, R, J. (2002). “Stock Option Madness”, Washinton Post, https://www.washingtonpost.com/archive/opinions/2002/01/30/stock-option-madness/c7203d7c-e510-4dbb-b9b5-e0c3b3f6266c/?noredirect=on&utm_term=.c03aebd0de6d (erişim tarihi: 01.07.2019).
  • Shojaee, H. (2013). “Employee Stock Options Explained”, https://www.youtube.com/watch?v=sakQ5cqbNlE (erişim tarihi: 9.04.2019).
  • Türk Vergi Kanunu (2019). Türk Vergi Hukukunda Sermaye İratlarının Vergilendirilmesi, www.tvk.org (erişim tarihi: 8.04.2019).
There are 37 citations in total.

Details

Primary Language Turkish
Subjects Business Administration
Journal Section Research Papers
Authors

Mustafa Akın 0000-0002-1850-9118

Publication Date December 30, 2019
Published in Issue Year 2019 Volume: 3 Issue: 6

Cite

APA Akın, M. (2019). Çalışanlara Hisse Opsiyonu Planlamasının Sebepleri, Şartları ve İşleyişi. Girişimcilik İnovasyon Ve Pazarlama Araştırmaları Dergisi, 3(6), 145-156. https://doi.org/10.31006/gipad.548431
AMA Akın M. Çalışanlara Hisse Opsiyonu Planlamasının Sebepleri, Şartları ve İşleyişi. GİPAD. December 2019;3(6):145-156. doi:10.31006/gipad.548431
Chicago Akın, Mustafa. “Çalışanlara Hisse Opsiyonu Planlamasının Sebepleri, Şartları Ve İşleyişi”. Girişimcilik İnovasyon Ve Pazarlama Araştırmaları Dergisi 3, no. 6 (December 2019): 145-56. https://doi.org/10.31006/gipad.548431.
EndNote Akın M (December 1, 2019) Çalışanlara Hisse Opsiyonu Planlamasının Sebepleri, Şartları ve İşleyişi. Girişimcilik İnovasyon ve Pazarlama Araştırmaları Dergisi 3 6 145–156.
IEEE M. Akın, “Çalışanlara Hisse Opsiyonu Planlamasının Sebepleri, Şartları ve İşleyişi”, GİPAD, vol. 3, no. 6, pp. 145–156, 2019, doi: 10.31006/gipad.548431.
ISNAD Akın, Mustafa. “Çalışanlara Hisse Opsiyonu Planlamasının Sebepleri, Şartları Ve İşleyişi”. Girişimcilik İnovasyon ve Pazarlama Araştırmaları Dergisi 3/6 (December 2019), 145-156. https://doi.org/10.31006/gipad.548431.
JAMA Akın M. Çalışanlara Hisse Opsiyonu Planlamasının Sebepleri, Şartları ve İşleyişi. GİPAD. 2019;3:145–156.
MLA Akın, Mustafa. “Çalışanlara Hisse Opsiyonu Planlamasının Sebepleri, Şartları Ve İşleyişi”. Girişimcilik İnovasyon Ve Pazarlama Araştırmaları Dergisi, vol. 3, no. 6, 2019, pp. 145-56, doi:10.31006/gipad.548431.
Vancouver Akın M. Çalışanlara Hisse Opsiyonu Planlamasının Sebepleri, Şartları ve İşleyişi. GİPAD. 2019;3(6):145-56.