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- W1246543305 abstract "Employee’s stock bonus is the prevalent mechanism to reward employees in Taiwan, specifically in high-tech industries. High-tech industries take advantage of employee’s stock bonuses to enhance the attraction and retention of crucial employees and provide superior incentives for employees to enhance the shareholder value. Nevertheless, broad-based use of employee’s stock bonuses can promote job-hopping within the high-tech industries and heavily dilute shareholder wealth. In this study we select non-financial TESC listed companies which distributed stock bonus from 1996 to 2003 to examine whether the firms which grant employee’s stock bonus can reduce the agency problem and lower firms’ cost of equity. Our empirical results indicate employee’s stock bonus have a positive effect on the cost of equity when we regard historical stock returns as a proxy for the cost of equity. However, we can not get consistent results with above when we use the estimates from the Ohlson-Juettner Model and Modified PEG Ratio Model.Additionally, the results show that employee’s stock bonus provides more incentive effect to the firms with more agency problems when we divide our sample based on information transparency, and shareholding of institutional investor. Because Taiwanese listed companies are typical of family-controlled companies, the empirical results may result the bias when we test how the agency cost of shareholding of directors and supervisors affect the relation between employees’ stock bonus and the cost of equity." @default.
- W1246543305 created "2016-06-24" @default.
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- W1246543305 date "2005-01-01" @default.
- W1246543305 modified "2023-09-23" @default.
- W1246543305 title "Employee’s Stock Bonus and the Cost of Equity: Empirical Evidence from Taiwan" @default.
- W1246543305 hasPublicationYear "2005" @default.
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