THE CASH FLOW AND INFORMATIONAL EFFECTS OF EMPLOYEE STOCK OWNERSHIP PLANS

• 成果类型: Article
• 署名作者: BEATTY, A
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/0304-405X(94)00812-F
• 发表日期: 1995
• 页码: 211-240
• 关键词: taxation; corporate governance; capital structure; EMPLOYEE BENEFITS

摘要

The tax, employee benefit, capital structure, and corporate control effects of ESOPs are examined by estimating the stock market reaction to ESOP announcements. This is the first empirical examination of the relationship between computed firm-specific tax savings and firm value, and therefore provides evidence that helps resolve the theoretical dispute over ESOP tax savings. The results show that investors expect ESOPs to increase cash flows through tax savings, and to reduce the likelihood of takeover for companies subject to takeover attempts when ESOPs are announced.