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標題
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The Effects of Non-Expensed Employee Stock Bonus on Firm Performance: Evidence from Taiwanese High-Tech Firms |
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學年
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104 |
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學期
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2 |
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出版（發表）日期
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2016/03/01 |
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作品名稱
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The Effects of Non-Expensed Employee Stock Bonus on Firm Performance: Evidence from Taiwanese High-Tech Firms |
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作品名稱（其他語言）
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著者
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Nien-Chi Liu; Ming-Yuan Chen; Mei-Ling Wang |
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單位
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出版者
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著錄名稱、卷期、頁數
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British Journal of Industrial Relations 54(1), pp.30-54 |
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摘要
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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. |
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關鍵字
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語言
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英文 |
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ISSN
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1467-8543 |
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期刊性質
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國外 |
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收錄於
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SSCI; |
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產學合作
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通訊作者
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審稿制度
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否 |
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國別
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英國 |
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公開徵稿
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出版型式
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,電子版 |