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논문 기본 정보

자료유형
학술저널
저자정보
구상욱 (배재대학교)
저널정보
한국유통경영학회 유통경영학회지 유통경영학회지 제23권 제6호
발행연도
2020.12
수록면
167 - 182 (16page)

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Purpose: This paper is to prove the effectiveness of the antecedents regarding the ESOP which are composed of three independent variables by collecting 216 survey responses from Korean conglomerates and mid-sized corporations in the engineering and construction industry. This study examines how a firm can be influenced by the company’s adoption, owner prerogatives, earnings, employees’ characteristics, bonding through the ESOPs. Next research could have great payoffs and balances in understanding employee ownership and promoting economic stability for the firm sustainability. Research design, data, and methodology: The hypotheses on the determinants of ESOP adoption as follows: (1) ESOPs can provide prerogatives of cost reduction to selling-owners. (2) In cyclical and highly competitive industries, it is easier to generate enough earnings to pay off the debt and the retirement fund. (3) ESOP decreases the company’s ability to bond work. 216 survey responses were collected as ESOP cases from Korean general contractors in the engineering and construction industry. This study applies binary logistic regression analysis for the ESOP adoption. Results: Hypothesis 1 and 3 are statistically significant, but the hypothesis 2 is not statistically significant. It is important for the contractors in the engineering and construction industry to remain selling-owner prerogatives and meet bonding requirements for the adoption of ESOPs. Conclusions: The theoretical contribution in this study is to clarify whether securing the selling-owner prerogatives and bonding requirements would be competitively advantageous to maximize the values through ESOPs in the perspective of corporate management and leadership including many topics such as human resource performance management, governance, decision making process efficiency, and so on. Regarding selling-owner prerogatives, the practical contributions in this study are to provide the counterplans for flexibility management in decision making, cost minimization in establishing ESOP, and tax reduction with dividends. Additionally, regarding bonding requirements, since the ESOP is a system that allows employees and the company to co-exist and induce a virtuous cycle, many tax benefits are granted.
#Adoption of ESOPs #Selling-Owner Prerogatives #Maturity of Earnings #Cyclicality of Earnings #Bonding Requirements

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참고문헌 (76)

참고문헌 신청
Abrams, J. H. / 2010 / Quantitative Business Valuation: A Mathematical Approach for Today’s Professional / John Wiley &Sons google schola Beatty, A. / 1995 / The Cash Flow and Informational Effects of Employee Stock Ownership Plans / Journal of financial economics 38(2):211~240 google schola Blair, M. / 2000 / The New Relationship: Human Capital in the American Corporation / The Brookings Institution google schola Blasi, J. / 1996 / Employee Stock Ownership and Corporate Performance among Public Companies / ilr Review 50(1):60~79 google schola Blasi, J. R. / 2003 / In the Company of Owners: The Truth about Stock Options (and Why Every Employee Should Have Them) / Basic Books google schola

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