SAPUI5 does not by default register an event handler for this event because of performance reasons. For example, how to register this event, see the Dialog control.
This can either be done in public properties, or in private member variables. The latter is usually defined in the init() method of the control and start with an underscore.
Whenever the control state changes because, for example, a property is changed, the default behavior is to rerender the control. SAPUI5 calls the control renderer with the updated state and takes care of replacing the HTML in the page. It is also possible to implement the control change exlicitly in the control, which then adapts the HTML to represent the new state. In this case, the default rerendering can be suppressed (see below).
#!jssap.m.Button.prototype.setText = function(sText) { this.setProperty("text", sText); };
#!jssap.m.Button.prototype.setText = function(sText) { this.setProperty("text", sText, true); };
Usually you then need to handle the visualization of the change yourself; in this case you might want to find the DOM element where your control text is located and exchange the text.