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Profit Sharing, Operation Performance, and Earnings Management
|關鍵字:||Profit Sharing Plan;員工分紅;Employee Stock Ownership Plan;Economic Value Added;Earnings Management;員工入股;經濟附加價值;盈餘管理||出版社:||會計學研究所||摘要:||
The paper explores the effects of the profit sharing on earnings per share and economic value added of the firm. It can help us to understand about which the profit sharing system is the best incentive payment for employees and to increase earnings per share and economic value added of the firms in Taiwan. However, managers maybe hurt the wealth of the shareholders by earnings management in order to increase self-interest. Hence, this paper also studies the relationship between profit sharing and earnings management. In a word, our paper examines the relationship among profit sharing, operating performance and earnings management based on the data collected from the electronic companies in Taiwanese Stock Market from 1999 to 2003 years.
The empirical results show that: the profit sharing plan / the stock ownership plan increases the earnings per share of the firm. However, it decreases the economic value added of the firm. Moreover, though the invigorative effect of employee stock ownership plan is better than that of the profit sharing plan in the traditional accounting-based performance, it has no relationship to the EVA in finance-based performance. The research also finds that the application of the profit sharing plan and the stock ownership plan lead to the problem of earnings management, and the problem seems to be more prominent for the stock ownership plan. It means that after consider earnings management, the effect of the stock ownership plan does not always excelled that of the profit sharing plan.
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