The Diluted Effect of Employee Stock Dividends on Company Values-The Evidence of Taiwanese Electronics Firms
碩士 === 國立交通大學 === 管理學院碩士在職專班管理科學組 === 95 === The corporate adopt stock bonus as a portion of employee compensation, especially in Taiwanese electronic industry. Employee is granted directly with new common stocks without any future cost. The more common stock released, the more diluted rate of stoc...
| Main Authors: | , |
|---|---|
| Other Authors: | |
| Format: | Others |
| Language: | zh-TW |
| Online Access: | http://ndltd.ncl.edu.tw/handle/22708953313842697067 |
| Summary: | 碩士 === 國立交通大學 === 管理學院碩士在職專班管理科學組 === 95 === The corporate adopt stock bonus as a portion of employee compensation, especially in Taiwanese electronic industry. Employee is granted directly with new common stocks without any future cost. The more common stock released, the more diluted rate of stock will impact to original stockholder. Thus, the study focuses on the Taiwanese electronics industry and measures the dilution rate of employee bonus on stockholder’s equity. This paper investigates the relationship between dilution rate of employee bonus and company performances.
The purposes of this paper are measure the relationship between stock bonus and stockholder dilution rate. And analyze the relationship between stock bonus and earning dilution rate.
The findings show the results of the correlation analysis and regressions exhibit the negative associations between the dilution rates and market returns. The market returns tend to decrease for firms with greater stock employee bonus. This implies that the market responses to the dilutions of employee bonuses on the stockholder’s equity. It also means that market return will be shrunk if the dilution impact is greater than incentive grogram.
|
|---|