The Effects of Non-Expensed Employee Stock Bonus on Firm Performance: Evidence from Taiwanese High-Tech Firms

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题名:	The Effects of Non-Expensed Employee Stock Bonus on Firm Performance: Evidence from Taiwanese High-Tech Firms
作者:	Liu, Nien-Chi: Chen, Ming-Yuan;Wang, Mei-ling
贡献者:	淡江大學企業管理學系
日期:	2014-01
上传时间:	2015-10-23 10:39:46 (UTC+8)
出版者:	Wiley-Blackwell Publishing Ltd.
摘要:	The choice of whether to expense broad-based stock incentives has been a highly controversial debate in both academic research and practice circles. We provide insightful findings to reconcile certain debates regarding the effectiveness of non-expensed, broad-based stock incentives. Using a unique longitudinal dataset from Taiwanese high-tech firms over the 1997–2008 period, our results indicate that non-expensed employee stock bonus incentives exerted positive effects on short-term organizational value added creation. The dilution effects of broad-based stock incentives in Taiwan, however, exerted a negative influence on profitability and eroded share return. The negative effects were even more severe in the following year, and overexploitation of employee stock bonus also damaged the long-term organizational performance of Taiwanese high-tech firms. This negative aspect of non-expensed employee stock incentives resulted in more evidence for changing the regulatory context of broad-based stock incentives in Taiwan.
關聯:	British Journal of Industeial Relations
DOI:	10.1111/bjir.12051
显示于类别:	[企業管理學系暨研究所] 期刊論文

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