The Relationship Between Employee Stock Bonus and Firm Performance – The Mediating Effects of Intellectual Capital
李岳蓉、莊智薰
E-mail: 9607743@mail.dyu.edu.tw
ABSTRACT
Employee stock bonus has been introduced in Taiwan for several years. It is believed that employee stock bonus can promote firm performance. However, “Why employee stock bonus influences firm performance?” is a research question that was seldom discussed. It is possible that employee stock bonus could facilitate the accumulation of intellectual capital, and intellec-tual capital contributes to financial performance. This study hypothesizes that intellectual capital acts as a mediator in the relationship between employee stock bonus and firm performance. Data of this study were drawn from all public-held companies in Taiwan (except for fi-nancial holding companies) from 1994 to 2005. Employing Value Added Intellectual Coeffi-cient (VAICTM) to evaluate the efficiency of intellectual capital utilization, and using return on asses (ROA), return on equity (ROE), earnings per share (EPS), market-to-book (M/B) ratio, and Tobin’s q as indicators of firm performance, the current study investigated the associations of employee stock bonus, intellectual capital, and firm performance. Results of this study showed positive relationships between employee stock bonus and firm performance, between intellectual capital and firm performance, and between employee stock bonus and firm performance. It also found a mediating effect of intellectual capital in the relationship between employee stock bonus and firm performance. Employee stock bonus is a managing practice that encourages employees to learn and grow, and firms shouldn’t ignore in-tellectual capital while making decisions.
Keywords : employee stock bonus ; intellectual capital ; firm performance Table of Contents
內容目錄 中文摘要 ．．．．．．．．．．．．．．．．．．．． iii 英文摘要 ．．．．．．．．．．．．．．．．．．．
． iv 誌謝辭 ．．．．．．．．．．．．．．．．．．．．． v 內容目錄 ．．．．．．．．．．．．．．．．．．．． vi 表目錄 ．．．．．．．．．．．．．．．．．．．．． viii 圖目錄 ．．．．．．．．．．．．．．．．．．．．． ix 第 一章 緒論．．．．．．．．．．．．．．．．．．． 1 第一節 研究背景及動機．．．．．．．．．．．．．． 1 第二節 研究目的．．．．．．．．．．．．．．．．． 2 第三節 研究流程．．．．．．．．．．．．．．．．． 3 第二章 文獻 探討．．．．．．．．．．．．．．．．． 6 第一節 員工分紅入股．．．．．．．．．．．．．．． 6 第二節 智慧資本
．．．．．．．．．．．．．．．．． 9 第三節 員工分紅入股、智慧資本與組織績效之關聯 性．．．．．．．．．．．
．．．．．．．．． 20 第三章 研究方法．．．．．．．．．．．．．．．．． 26 第一節 研究架構．．．．．．．．．
．．．．．．．． 26 第二節 研究樣本．．．．．．．．．．．．．．．．． 26 第三節 研究設計．．．．．．．．．．
．．．．．．． 28 第四章 實證結果．．．．．．．．．．．．．．．．． 37 第一節 敘述性統計．．．．．．．．．．
．．．．．． 37 第二節 相關性檢定．．．．．．．．．．．．．．．． 37 第三節 迴歸分析．．．．．．．．．．．．
．．．．． 40 第五章 討論與建議．．．．．．．．．．．．．．．． 58 第一節 討論．．．．．．．．．．．．．．．
．．．． 58 第二節 管理意涵．．．．．．．．．．．．．．．．． 62 第三節 研究限制與建議．．．．．．．．．．．
．．． 64 參考文獻 ．．．．．．．．．．．．．．．．．．．． 65 REFERENCES
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