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    Please use this identifier to cite or link to this item: http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/109557


    Title: The Effects of Non-Expensed Employee Stock Bonus on Firm Performance: Evidence from Taiwanese High-Tech Firms
    Authors: Nien-Chi Liu;Ming-Yuan Chen;Mei-Ling Wang
    Date: 2016-03-01
    Issue Date: 2017-02-24 02:10:36 (UTC+8)
    Publisher: Wiley-Blackwell Publishing Ltd.
    Abstract: 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.
    Relation: British Journal of Industrial Relations 54(1), pp.30-54
    DOI: 10.1111/bjir.12051
    Appears in Collections:[企業管理學系暨研究所] 期刊論文

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