Incentive compensation plans have positive incentive effects and negative dilute effects on corporate value. In Taiwanese high-tech industry, employee bonus plans have been widely adopted. The main purpose of this study is to investigate whether the capital market will place different value relevance of employee bonuses during different life cycle stages. After considering the multi-colinearity problem, the results show that the value relevance of employee bonuses varies with different life cycle stages, and that the capital market react a higher valuation to employee bonuses given by high-growth stage companies.
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