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You searched Library Catalogue - Title: 250 candy recipes / Culinary Arts Institute.
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Call Number (WOU)
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SP CEMBA 2011 76
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Author
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Gondyah, Mahanra Rao
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Title
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Employee share options and firm performance of companies listed on Bursa Malaysia: a case study of 2 manufacturing companies in Malaysia / Mahanra Rao A/L Gondyah
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Abstract
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This paper examines the impact of employee share option schemes (ESOs) on two
companies which are Press Metal Berhad (PM) and LB Aluminium Berhad (LB). The
adoption of ESOs is supposed to align the interests of owners and managers of the
companies and hence improve corporate performance. The findings of this study
would be useful for companies who wish to adopt such schemes and to market
regulators. The financial and operational indicators were studied for a total period of
11 years (five pre-ESOs and five post-ESOs). In line with findings of other studies
done in Malaysia, Singapore and other countries, it was found that the deterioration in
financial performance was not arrested by ESOs and indeed LB experienced a greater
deterioration than PM post ESOs. The operational and productivity of LB showed
marginal improvements post ESOs whereas that of PM did not improve. The
alignment of interest theory may not be applicable as the majority owners were also
the managers. This study concludes that ESOs do not motivate employees and the
objectives of ESOs were not fulfilled. This study finds the beneficiaries of ESOs are
the majority shareholders/managers and the losers are the minority shareholders.
Based on the results of this study, it is difficult to make a case about the usefulness of
ESOs and market regulators may have to regulate the issuance of ESOs
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Notes
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Final project report submitted in partial fulfilment of the requirements for the Degree of Master of Business Administration (CeMBA)
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Publisher/Year
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Penang : School of Business and Administration, Wawasan Open University, 2011
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Physical Description
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132 p.; 30 cm.
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Subject
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Wawasan Open University -- Dissertations
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Subject
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Employee stock options -- Malaysia
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