Employee stock options and corporate investment expenditure

• Main Author: 陳孟芳
• Other Authors: 吳明政
• Format: Others
• Language: zh-TW
• Published: 2011
• Online Access: http://ndltd.ncl.edu.tw/handle/12809373230638467330

碩士 === 國立彰化師範大學 === 商業教育學系 === 99 === Abstract The objective of the paper is to investigate the proceeds from ESO exercises response to company investment expenditure. Then, adding the life cycle to compare. The research period is from 2000 to 2010.Our empirical results show that, for all sample data, the proceeds from ESO exercises, expected and unexpected proceeds, executive and non-executive proceeds all have significantly positive relationship to company investment expenditure. This implies that the proceeds from ESO exercises can add the internal fund to company, it would be beneficial to make the company invest. With different life cycle, the proceeds from ESO exercises, expected and unexpected proceeds also have significantly positive relationship to company investment expenditure. But the executive and non-executive proceeds have different effect to different life cycle. This implies stock options not only encourage employee but also bring more fund to company.