Dividend-protected employee stock options and payout policy
碩士 === 嶺東科技大學 === 財務金融研究所 === 99 === This paper we examine how dividend-protected employee stock options affect payout policy. Using Tobit model estimators a sample of 1723 Taiwanese firm from 2001 to2010. This study finds a positive relationship between employee stock options and payout policy, imp...
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ndltd-TW-099LTC003040202015-10-28T04:06:48Z http://ndltd.ncl.edu.tw/handle/15149152027809904837 Dividend-protected employee stock options and payout policy 股利保護員工股票選擇權與公司支付政策之研究 Chin,Chen-Ling 金珍玲 碩士 嶺東科技大學 財務金融研究所 99 This paper we examine how dividend-protected employee stock options affect payout policy. Using Tobit model estimators a sample of 1723 Taiwanese firm from 2001 to2010. This study finds a positive relationship between employee stock options and payout policy, imply that manager hold employee stock options prefer distribute cash dividend to boot the stock price. Manager also use stock repurchases to avoid dilution of EPS and reduce outstanding share. If company holds too much free cash flow, managers will not investment good plan, causing firm value decrease. Therefore, when the firm does not have the good opportunities for investment, and they might use payout policy as a positive signal to distribute excess free cash flow. Kao,Erin H. 高惠娟 2011 學位論文 ; thesis 41 zh-TW |
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碩士 === 嶺東科技大學 === 財務金融研究所 === 99 === This paper we examine how dividend-protected employee stock options affect payout policy. Using Tobit model estimators a sample of 1723 Taiwanese firm from 2001 to2010. This study finds a positive relationship between employee stock options and payout policy, imply that manager hold employee stock options prefer distribute cash dividend to boot the stock price. Manager also use stock repurchases to avoid dilution of EPS and reduce outstanding share. If company holds too much free cash flow, managers will not investment good plan, causing firm value decrease. Therefore, when the firm does not have the good opportunities for investment, and they might use payout policy as a positive signal to distribute excess free cash flow.
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author2 |
Kao,Erin H. |
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Kao,Erin H. Chin,Chen-Ling 金珍玲 |
author |
Chin,Chen-Ling 金珍玲 |
spellingShingle |
Chin,Chen-Ling 金珍玲 Dividend-protected employee stock options and payout policy |
author_sort |
Chin,Chen-Ling |
title |
Dividend-protected employee stock options and payout policy |
title_short |
Dividend-protected employee stock options and payout policy |
title_full |
Dividend-protected employee stock options and payout policy |
title_fullStr |
Dividend-protected employee stock options and payout policy |
title_full_unstemmed |
Dividend-protected employee stock options and payout policy |
title_sort |
dividend-protected employee stock options and payout policy |
publishDate |
2011 |
url |
http://ndltd.ncl.edu.tw/handle/15149152027809904837 |
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