The Long-term Performance of Corporation Issuing Employee Stock Options of Taiwan Stock Exchange

• Main Authors: Yu-Ju Lin, 林雨儒
• Other Authors: Wenyi Lin
• Format: Others
• Language: zh-TW
• Published: 2008
• Online Access: http://ndltd.ncl.edu.tw/handle/40542635920928038364

碩士 === 逢甲大學 === 財務金融學所 === 96 === Abctract Park and Song （1995） depends on the ownership structure of the firm adopting employee stock option plan to examine the average long-term firm performance. Blasi et al. （1996） depends on ratio employees owned of the company stock to examine firm performance. Cui and Mak（2001） examines the relationship between managerial ownership and firm performance. These papers find adopting employee stock option plans makes firm performance better. Nevertheless, there has not yet depended on free cash flows to examine long-term firm performance issuing employee stock option. This paper examines the relationship between long-term firm performance issuing employee stock options and free cash flows. Results indicate if firm issuing employee stock options has higher free cash flows, long-term performance is negative significant. This paper finds if a firm issuing employee stock options has more free cash flows, long-term performance is worse. This finding is an useful information for shareholders to monitor the firm.