IMPACT OF DIVIDEND-PROTECTED EMPLOYEE STOCK OPTIONS ON PAYOUT POLICIES: EVIDENCE FROM TAIWAN

被引：3

作者：

Wu, Ming-Cheng ^{[1
]}

Kao, Erin H. C. ^{[2
]}

Fung, Hung-Gay ^{[3
]}

机构：

[1] Natl Changhua Univ Educ, Dept Business Educ, Changhua 500, Taiwan

[2] Ling Tung Univ, Taichung 408, Taiwan

[3] Univ Missouri, St Louis, MO 63121 USA

来源：

PACIFIC ECONOMIC REVIEW | 2008年 / 13卷 / 04期

关键词：

D O I：

10.1111/j.1468-0106.2008.00411.x

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This study used a sample of 1035 Taiwanese firms to examine the impact of dividend protected employee stock options on stock repurchase and cash dividend policies from 2000 to 2005. This study finds a positive relationship between cash dividends and executive options, implying that executives holding stock options might prefer to distribute cash dividends to boost the stock price. This result, unlike in earlier studies, arises from the dividend protected characteristic of Taiwanese employee stock options. Finally, free cash flow, firm profitability, level of debt, investment opportunities and firm size are found to considerably influence payout decisions.

引用

页码：431 / 452

页数：22

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