員工持股信託計劃（Employee Stock Ownership Plans，ESOPs）在美、日等國已行之多年，相關研究也相當多。反之，臺灣企業自實施員工持股信託計劃以來，少有專論持股信託之實證研究發表。本文即是想探討臺灣企業實施員工持股信託後對公司績效的影響。本文以在國內某家銀行承作持股信託二年以上的公司為樣本，探討企業實施員工持股信託計畫與公司績效的關連性，實證結果發現在企業實施員工持股信託計劃之後的前三年，其資產報酬率、淨利率及成長機會有明顯上升的趨勢，其中員工持股信託對公司有短期的激勵效果，但其效果會隨著時間遞減，再進一步加入控制變數之結果顯示，員工分紅持股信託對公司績效表現具有較正面的影響，對員工之激勵效果較佳。 / 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.

No description available.

Thesis (Ph. D.)--University of Missouri-Columbia, 2005. / Vita. Includes bibliographical references (leaves 126-128).

Thesis (Ph. D.)--University of Texas at Austin, 2006. / Vita. Includes bibliographical references.

The purpose of this study is twofold. First, the results of the study are used to isolate the impact of ESOP financing on actual firms as closely as possible. This is simply to point out many of the advantages and disadvantages of ESOP financing. Second, the results of the study are used to compare the relative costs of ESOP's with other deferred employee compensation. In general, the findings indicate that ESOP's have little to offer as a means of financing for publicly held corporations, However, they may have certain advantages when used as a part of a firm's total employee compensation package. The findings indicate that accounting rules for certain types of ESOP's tend to distort per share calculation in the early years of the plan. To correct this, ESOP shares should be considered outstanding only as they become unencumbered. The study found that a definite need exists for empirical data relating to ESOP's motivational effects. This is a key factor in determining how the ESOP will affect a firm's financial structure. Further study of this aspect would provide valuable information regarding the ESOP's effect on the firm's productivity.

No description available.

In this thesis the relationship between company performance and top management stock ownership in the Swedish market was examined. As well as conducting research on the influence real earnings management has on company performance, and how real earnings management relates to the top management stock ownership. The study was based on a quantitative approach with secondary data that was retrieved from Eikon Refinitiv database, where the data stretched back from 2018-2020. This research found no clear relationship between the main concepts under investigation, that is stock ownership of top management and stock returns. The authors explain this by the sampling method in this research only include companies with share holdings. Furthermore, compared to other studies looking this research considers multiple market capitalizations who may operate differently. Finally, there is a suspicion in the field of research that the relationship between the two is not of a linear nature as such a linear methodology will not find any clear results. In conclusion, this research could be added to the list that does not find a relationship between the above stated variables to the literature which could further be applied to the Swedish market. In terms of real earnings management, a strong negative influence was found on share returns. The authors suggest that this finding can be used as a basis to form investment strategies through monitoring the occurrence of REM to predict when insiders are going to buy and sell. Through pursuing this strategy, it may be possible to create superior return as this study found support for the semi-strong form of market efficiency. Unfortunately, this study found no clear guidance of resolving agency issues. Rather it was concluded that shareholdings in the top management does not resolve agency problems given the occurrence of REM. The management most likely benefit from this through trading the company stock. However, further investigation on the topic should be conducted as it seems that alignment using holdings become more or less effective at certain levels of management share ownership. Furthermore, the notion that American ways of agency alignment may not be appropriate in the Swedish market was considered but no clear conclusion could be made in this research.

Thesis (MAccounting)--Stellenbosch University, 2013. / ENGLISH ABSTRACT: The term beneficial owner is most commonly found in the dividend, interest and the royalty articles of tax treaties (Baker, 2007:15), yet there is still uncertainty surrounding the actual meaning of the term (Du Toit, 2010: 500). Since Dividends Tax became effective in South Africa as from 1 April 2012, it has become necessary to clarify what the term beneficial owner means to correctly apply section 64E of the Income Tax Act No 58 of 1962 (‘Act’). Section 64EA(a) of the Act determines that the Dividends Tax liability falls on the “beneficial owner of a dividend” [Emphasis added]. Section 64D of the Act does define the beneficial owner as “the person entitled to the benefit of the dividend attaching to the share”, the application of this definition to a discretionary trust may be challenging since legal ownership must be distinguished from economic ownership (PWC Synopsis, 2012:6). In the absence of guidance by the South African Revenue Service (‘SARS’), the first problem arises as to the interpretation of this term within the context of dividend income received by a discretionary trust (Louw, 2012:1). This leads to a second problem relating to the correct application of section 64G(3)(a)(i) of the Act, which makes provision for a reduced rate of dividends tax. The purpose of this study is to set parameters for determining who the beneficial owner of dividend income within the context of a discretionary trust is, where the dividend is paid in respect of shares held in a resident company, and to the extent that the dividend does not consist of a distribution of an asset in specie. The instances when the reduced rate is applicable in terms of section 64G(3) of the Act will also be clarified. In order to achieve these objectives, an analysis of factors that should be taken into account to define and determine beneficial ownership, was undertaken. Common- and civil law definitions were investigated. The Organisation for Economic Co-operation and Development’s (‘OECD’) Model Tax Conventions (MTCs’) and its Commentaries provided possible factors to assist in identifying the beneficial owner. In the absence of a decision by a South African court, the judgements in the five international court cases were consulted. Four steps were formulated to reach a conclusion. In terms of the these steps, the trust beneficiary remains the beneficial owner of dividend income received by a trust in the case of the income having been distributed by the trustees in having exercised their discretion in terms of the trust deed. In the case of contingent beneficiaries it is suggested that the trust, with the trustees, acting in their official capacity on behalf of the trust, would be seen as the beneficial owner of the dividend income. In terms of section 64G(3) of the Act, where a foreign trustee or a foreign trust beneficiary has been identified as the beneficial owner(s) of a dividend, the rate at which Dividends Tax is withheld could be reduced as a result of the application of a double tax agreement. / AFRIKAANSE OPSOMMING: Die begrip uiteindelik geregtigde kom mees algemeen voor in die dividende, rente en die tantième artikels van dubbel belasting ooreenkomste (Baker, 2007:15), tog is daar steeds onsekerheid oor die werklike betekenis van hierdie begrip (Du Toit, 2010: 500). Nadat Dividendbelasting op 1 April 2012 in Suid-Afrika in werking getree het, het dit noodsaaklik geword om die betekenis van die begrip uiteindelik geregtigde vas te stel ten einde artikel 64E van die Inkomstebelastingwet Nr. 58 van 1962 (‘die Wet’) korrek toe te pas. Artikel 64EA(a) van die Wet bepaal dat die aanspreeklikheid vir Dividendbelasting op die “uiteindelik geregtigde van ‘n dividend namate die dividend nie ‘n uitkering van ‘n bate in specie uitmaak nie” [klem bygevoeg] val. Artikel 64D van die Wet as "die persoon geregtig op die voordeel van die dividend verbonde aan ‘n aandeel", nogtans kan die toepassing hiervan in 'n diskresionêre trust uitdagend wees, aangesien wettige eienaarskap onderskei moet word van ekonomiese eienaarskap (PWC Synopsis, 2012:6). In die afwesigheid van leiding deur die Suid-Afrikaanse Inkomstediens ('die SAID'), ontstaan die eerste probleem weens die interpretasie van die begrip binne die konteks van dividend inkomste ontvang deur 'n diskresionêre trust (Louw, 2012:1). Dit lei tot 'n tweede probleem wat verband hou met die korrekte toepassing van artikel 64G(3)(a)(i) van die Wet, wat voorsiening maak vir 'n verminderde koers Dividendbelasting. Die doel van hierdie studie is om grense af te baken vir die bepaling van die uiteindelik geregtigde van dividend inkomste binne die konteks van 'n diskresionêre trust, waar die dividend betaal word ten opsigte van aandele gehou in 'n maatskappy wat ‘n inwoner is, tot die mate dat die dividend nie bestaan uit 'n uitkering van 'n bate inspecie nie. Die gevalle waar die verminderde tarief van toepassing is ingevolge artikel 64G(3) van die Wet, sal vasgestel word. Ten einde hierdie doelwitte te bereik, is 'n ontleding van die faktore wat in ag geneem moet word om die uiteindelik geregtigde te definieer en te bepaal, onderneem. Gemeenen siviele regs-definisies is ondersoek. Die ‘Organisation for Economic Co-operation and Development’s (‘OECD’) Model Tax Conventions (MTCs’) en sy kommentare verskaf moontlike faktore om te help in die identifisering van die uiteindelik geregtigde. In die afwesigheid van 'n besluit deur 'n Suid-Afrikaanse hof, word die besluite in die vyf internasionale hofsake geraadpleeg. Vier stappe is geformuleer om ʼn slotsom te bereik. In terme van die stappe, bly die trustbegunstigde die uiteindelik geregtigde van die dividendinkomste ontvang deur die trust, in die geval waar die inkomste uitgekeer word deur die trustees nadat hul diskresie uitgeoefen is in terme van die trustakte. In die geval van voorwaardelike begunstigdes, word dit gestel dat die trust, met die trustees wat in hul amptelike hoedanigheid namens die trust optree, gesien word as die uiteindelik geregtigde van die dividend inkomste. In terme van artikel 64G(3), waar 'n buitelandse trustee of 'n buitelandse trustbegunstigde as die uiteindelik geregtigde(s) van 'n dividend geïdentifiseer is, kan die koers waarteen Dividendbelasting weerhou word, verminder word as gevolg van die toepassing van 'n dubbelbelastingooreenkoms.

Dai Yi. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2003. / Includes bibliographical references (leaves 79-82). / Abstracts in English and Chinese. / ABSTRACT --- p.i / ACKNOWLEDGEMENT --- p.iii / TABLE OF CONTENTS --- p.iv / LIST OF TABLES --- p.vi / CHAPTER / Chapter ONE --- INTRODUCTION --- p.1 / Background / Purpose / Summary of hypotheses and results / Organization / Chapter TWO --- REVIEW OF THEORIES AND LITERATURE --- p.5 / The Literature on ownership structure / Theoretical explanations for capital structure / The Literature on investment-cash flow sensitivities / Chapter summary / Chapter THREE --- DATA COLLECTION --- p.15 / Sample selection / Ownership and control definition / Patterns of the East Asian Firm Ownership / Country characteristic variables / Chapter summary / Chapter FOUR --- THE RELATIONSHIP BETWEEN OWNERSHIP STRUCTURES AND FIRM LEVERAGE --- p.23 / Rationale for the study / Hypothesis / Description of regression variables / The Heteroscedasticity problem and solution / Regression results / Accounting for country effects / Chapter summary / Chapter FIVE --- THE RELATIONSHIP BETWEEN OWNERSHIP STRUCTURES AND INVESTMENT-CASH FLOW SENSITIVITY --- p.42 / Theoretical framework / Hypothesis / Regression specification / Summary statistics / Empirical findings / Country characteristic control / Chapter summary / Chapter SIX --- CONCLUSION --- p.52 / TABLES --- p.54 / BIBLIOGRAPHY --- p.79

Abstract There are lots of disadvantages such as the complicated of legal, the inefficiency of decision and the lack of performance. So the government had established ¡§The Privatization Promoting Group for the Executive Yuan of the Republic of China¡¨ in July 1989. The chairman of Council for economic planning and development was the convener. It had made a series of the privatization of stated-owned policy and planned the privatization of stated-owner¡¦s schedule according to different character. Recently stock releasing had already failed. The government, the administration and the employee was dissatisfied with the process of stock releasing. So our study mentioned the design of financial imagination. This design was that led into employee stock ownership plan in the success of the privatization of state-owned and included stock ownership of stock floatation. Both of the close-ended periods were extended to the infinite period. At last our study took an example for Chunghwa Telecom Company and evaluated this design if whether can be executed. My study found that this design could make the employee gain the director number of 1.3 to 2.6. It would enhance efficiently the director number and stabilize the employee ownership. My study expected that it had lots of advantages as follow: (1) Benefit for the privatization of stated-owned (2) Protecting the terms of the employee¡¦s equity (3) Making the employee ownership system (4) Solving the dispute between labor and capital (5) Rational for the stated-wealth¡¦s evaluation (6) Strengthening the corporate governance