The Effect of Employee Stock Ownership Plans on Firm Performance in Taiwan

• Main Authors: CHEN CHUN HSIUNG, 陳俊雄
• Other Authors: 張元晨
• Format: Others
• Language: zh-TW
• Online Access: http://ndltd.ncl.edu.tw/handle/53009463704677725360

碩士 === 國立政治大學 === 經營管理碩士學程(EMBA) === 98 === In the US and Japan, Employee Stock Ownership Plans（ESOPs）have been practiced for more than 30 years, and related empirical studies are also abundant . However, similar studies have seldom been conducted in Taiwan. The purpose of this paper to examine whether there is significant impact on corporate performance that adopted ESOPs in Taiwan. We choose firms which have adopted ESOPs for two years or longer in a specific bank as our sample. We find that certain measures of corporate performance such as ROA、PM、Tobin's Q, improve significantly within the first three years after the plans went into effect. In general, ESOPs have positive effects on firms in the short run. However, this positive effect decreases gradually. Our results suggest that firms adopting employee bonus trust have better performance in our sample.