종업원 스톡옵션 도입이 생산성에 미치는 영향

The purpose of this study is to analyze the effect of employee stock option plans on labour productivity. Particularly this study examines the differences in labour productivity between firms with adoption and firms with non-adoption of employee stock option plans. This study also examines the differences in labour productivity between before and after adoption of employee stock option schemes. Moreover, this paper tests the relation between the ratio of employee stock option value to total employee compensation and labour productivity. The samples for this study consist of companies listed on the Korea Stock Exchange as non-financial companies with employee stock option plans during the period 1999-2006, and firms which are matched on the basis of size, industry and year criteria. Empirical findings are as follows: First, the labour productivity of firms with adoption employee stock option plans is higher than that of non-adoption firms. Second, the productivity after adoption of employee stock option schemes is higher than that of before adopting plans. Lastly, higher ratio of employee stock option value to total compensation is associated with higher productivity. These results are consistent with the conjecture that the employee stock option plans play an important role in enhancing labour productivity.