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Technology Transfer in Asia

In: Asia and Europe in the New Global System

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  • Akira Kuroda

Abstract

Many employee ownership arrangements, such as employee share option plans (ESOP), aim to create a better management–employee situation. Moreover, agency theory proves such plans ease agency problems, although at the expense of current shareholders. This chapter intends to verify the effect of firms’ announcement and implementation of ESOP on share prices using the Single Index Market Model (SIMM). In addition, tests to examine the relationship between cumulative abnormal returns (CAR) and several firms’ variables were carried out. Findings reveal that announcement of such plans does not create significant abnormal returns to shareholders. However, firms’ specific variables contribute to share market response in an ESOP announcement. Furthermore, significant negative abnormal returns were found before and after the implementation of the plan and firms’ variables provide some insight on the determinant factors surrounding it.

Suggested Citation

  • Akira Kuroda, 2003. "Technology Transfer in Asia," Palgrave Macmillan Books, in: Sung-Jo Park & Sierk Horn (ed.), Asia and Europe in the New Global System, chapter 13, pages 242-261, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-50306-9_13
    DOI: 10.1057/9780230503069_13
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