本研究主要探討1999年至2013年共15年橫跨分紅費用化前後期，了解台灣企業採用與廢棄股票分紅的理由為何。透過制度理論(institution theory)衍生四種自變數(independent variable)：監督成本、成長機會、獲利能力與產業採用比例，並加入控制變數(control variable)：產業別、資本投入、勞動投入，以邏輯斯迴歸(Logistic regression)分析討論應變數(dependent variable)：股票分紅採用與否。此外，以多元邏輯斯迴歸(Multinomial logistic regression)分析探討研究期間5年為一期共3期台灣企業股票分紅採用與廢棄類型演化過程。 本研究對象為台灣證劵交易所公開上市上櫃公司，資料來源為台灣經濟新報資料庫(TEJ)、公開資訊觀測站、各公司年報與公開說明書。樣本總共有921家公司，觀察值總共為12780筆資料。產業別分成24種：生技醫藥業、半導體業等。 本研究結果指出，台灣企業受到制度環境的影響劇烈。在分紅費用化前期，監督成本、獲利能力較高的公司傾向發放股票分紅，2008年後期受到分紅費用化影響，只有獲利能力較高的公司仍傾向發放股票分紅；制度環境所探討的產業採用率不論是前後期，其影響程度劇烈，說明企業受到產業環境影響，產生出模仿的舉動而進而採用或廢棄股票分紅。 ;The research is mainly explore the reason why Taiwan companies adopt or abandon the stock bonus incentive from 1999 to 2013 which it cross the expensing regulations. The research through the institutional theory to generate four independent variables: monitoring cost, growth opportunity, ROA and industry adopt ratio; three control variables: standard industrial classification, total assets, number of employees. The research through logistic regression to realize the cause which is adopt or abandon, multinomial logistic regression to realize the evolution of employee stock bonus incentives in Taiwan. With regard to the dataset. After deleting observations with missing records, our actual dataset was consisting of 921 firms and 12780 observations, obtained from the Taiwan Economical Journal (TEJ) database. It also combined data from firm annual financial reports, obtained from the Market Observation Post Systems online services. The data consisted of pooled cross-sectional and time-series firm-level data for Taiwanese publicly listed, covering 15 years, from 1999 to 2013. The findings indicated that Taiwan companies adopt or abandon the stock bonus which is impact on institution. Institutional pressure dominates firms’ behavior. ROA and industry adopt ratio is the main reason.
