From Short-Term Volatility to Long-Term Growth: Restricted Stock Units’ Impact on Earnings per Share and Profit Growth Across Sectors
Abstract
:1. Introduction
1.1. Research Background and Need
1.2. Research Objectives
2. Literature Review
2.1. Scholarly Background and Purpose of RSU Implementation
2.2. Previous Research Trends
2.3. The Importance of EPS and Operating Profit
3. Research Design
3.1. Information of Data-Set for Research
3.2. Industrial Classification Methods and Criteria
3.3. Validity of Industrial Classification and Grouping Criteria
3.4. Theoretical Basis for Hierarchical Regression and Control Variable Selection
3.5. Hypotheses of Research and Analytical Framework
- Hypotheses related to Group 1
- Hypotheses related to Group 2
- Hypotheses related to Group 3
- Hypotheses related to Group 4
- Hypotheses related to Group 5
4. Result
4.1. Results of Hypotheses H1.1.–H1.4. Regarding Group 1
4.2. Results of Hypotheses H2.1.–H2.4. Regarding Group 2
4.3. Results of Hypotheses H3.1.–H3.4. Regarding Group 3
4.4. Results of Hypotheses H4.1.–H4.4. Regarding Group 4
4.5. Results of Hypotheses H5.1.–H5.4. Regarding Group 5
5. Discussion
6. Conclusions and Implications for Future Research
Author Contributions
Funding
Institutional Review Board Statement
Informed Consent Statement
Data Availability Statement
Conflicts of Interest
References
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Stock Option | RSUs | |
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Management Perspective |
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Financial and Accounting |
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Compensation Structure |
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Performance Incentives |
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Category | Category Detail | Entry |
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Group 1 | Consumer-Related Industries | Consumer Staples, Consumer Discretionary |
Group 2 | Resource and Energy-Related Industries | Energy, Materials, Utilities |
Group 3 | Industrial and Infrastructure- Related Industries | Industrials, Real Estate |
Group 4 | Technology and Communication-Related Industries | Information Technology, Communication Services |
Group 5 | Health Related Industries | Health Care |
Independent Variable | Model 1 | Model 2 | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
B | S.E | β | t | Collinearity Statistics | B | S.E | β | t | Collinearity Statistics | |||
TOL | VIF | TOL | VIF | |||||||||
Intercept | 2.676 | 0.803 | - | 3.332 | - | - | 1.629 | 0.799 | - | 2.039 | - | - |
Inflation | −16.977 | 21.304 | −0.122 | −0.797 | 0.436 | 2.292 | −19.925 | 19.821 | −0.143 | −1.005 | 0.436 | 2.296 |
Interest Rate | −11.060 | 10.802 | −0.178 | −1.128 | 0.408 | 2.452 | −9.869 | 9.131 | −0.143 | −0.974 | 0.408 | 2.462 |
Economic Growth Rate | −11.358 | 15.572 | −0.111 | −0.729 | 0.444 | 2.254 | −12.833 | 14.481 | −0.125 | −0.886 | 0.443 | 2.256 |
ROA | 0.025 | 0.026 | 0.110 | 0.946 | 0.758 | 1.319 | 0.021 | 0.024 | 0.093 | 0.864 | 0.757 | 1.321 |
Total Assets | 0.000 | 0.000 | −0.131 | −1.141 | 0.773 | 1.293 | 0.000 | 0.000 | −0.121 | −0.940 | 0.769 | 1.301 |
Operating Profits | 3.0225 | 0.865 | 0.391 | 3.482 | 0.812 | 1.232 | 2.2535 | 0.835 | 0.291 | 2.704 | 0.761 | 1.315 |
RSUs Adoption | - | - | - | - | - | - | 0.815 | 0.221 | 0.357 | 3.685 | 0.937 | 1.067 |
R2 = 0.183, Adjusted R2 = 0.122 F = 2.996, p < 0.05 | R2 = 0.303, Adjusted R2 = 0.241 ⊿R2 = 0.120, ⊿Adjusted R2 = 0.119 F = 4.912, p < 0.001 | |||||||||||
Durbin– Watson | - | 1.947 |
Independent Variable | Model 1 | Model 2 | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
B | S.E | Β | t | Collinearity Statistics | B | S.E | β | t | Collinearity Statistics | |||
TOL | VIF | TOL | VIF | |||||||||
Intercept | 2.291 | 0.728 | - | 4.013 | - | - | 2.290 | 0.764 | - | 2.998 | - | - |
Inflation | −27.314 | 19.261 | −0.210 | −1.418 | 0.434 | 2.305 | −28.218 | 18.801 | −0.217 | −1.501 | 0.434 | 2.307 |
Interest Rate | −8.170 | 8.789 | −0.142 | −0.930 | 0.411 | 2.431 | −7.516 | 8.582 | −0.130 | −0.876 | 0.411 | 2.434 |
Economic Growth Rate | −17.906 | 14.052 | −0.187 | −1.274 | 0.444 | 2.251 | −18.427 | 13.715 | −0.192 | −1.344 | 0.444 | 2.252 |
ROA | 0.020 | 0.024 | 0.095 | 0.847 | 0.750 | 1.333 | 0.019 | 0.023 | 0.089 | 0.876 | 0.750 | 1.334 |
Total Assets | 0.000 | 0.000 | −0.152 | −1.392 | 0.804 | 1.244 | 0.000 | 0.000 | −0.146 | −1.372 | 0.803 | 1.245 |
Operating Profits | 0.000 | 0.000 | 0.384 | 3.620 | 0.846 | 1.182 | 0.000 | 0.000 | 0.355 | 3.397 | 0.833 | 1.201 |
RSUs Adoption | - | - | - | - | - | - | 0.457 | 0.203 | 0.216 | 2.247 | 0.984 | 1.016 |
R2 = 0.227, Adjusted R2 = 0.170 F = 3.972, p < 0.01 | R2 = 0.273, Adjusted R2 = 0.210 ⊿R2 = 0.046, ⊿Adjusted R2 = 0.040 F = 4.296, p < 0.001 | |||||||||||
Durbin– Watson | - | 2.182 |
Independent Variable | Model 1 | Model 2 | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
B | S.E | β | t | Collinearity Statistics | B | S.E | β | t | Collinearity Statistics | |||
TOL | VIF | TOL | VIF | |||||||||
Intercept | 9.904 | 0.706 | - | 14.034 | - | - | 9.347 | 0.752 | - | 12.434 | - | - |
Inflation | −41.029 | 18.994 | −0.287 | −2.160 | 0.451 | 2.217 | −41.697 | 18.686 | −0.292 | −2.231 | 0.451 | 2.218 |
Interest Rate | 27.067 | 8.453 | 0.431 | 3.202 | 0.440 | 2.274 | 27.232 | 8.316 | 0.435 | 3.286 | 0.440 | 2.274 |
Economic Growth Rate | −33.477 | 10.247 | −0.314 | −3.267 | 0.472 | 2.171 | −33.743 | 13.621 | −0.317 | −2.477 | 0.472 | 2.171 |
ROA | −0.040 | 0.023 | −0.172 | −1.714 | 0.792 | 1.263 | −0.040 | 0.023 | −0.175 | −1.772 | 0.792 | 1.263 |
Total Assets | 0.000 | 0.500 | 0.429 | 4.469 | 0.867 | 1.153 | 0.000 | 0.500 | 0.427 | 4.366 | 0.861 | 1.161 |
RSUs Adoption | - | - | - | - | - | - | 0.393 | 0.204 | 0.170 | 1.930 | 0.992 | 1.008 |
R2 = 0.353, Adjusted R2 = 0.313 F = 8.194, p < 0.001 | R2 = 0.382, Adjusted R2 = 0.336 ⊿R2 = 0.029, ⊿Adjusted R2 = 0.023 F = 8.246, p < 0.001 | |||||||||||
Durbin– Watson | - | 1.977 |
Independent Variable | Model 1 | Model 2 | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
B | S.E | β | t | Collinearity Statistics | B | S.E | β | t | Collinearity Statistics | |||
TOL | VIF | TOL | VIF | |||||||||
Intercept | 9.940 | 0.715 | - | 13.909 | - | - | 8.896 | 0.719 | - | 12.388 | - | - |
Inflation | −41.561 | 19.227 | −0.285 | −2.162 | 0.452 | 2.211 | −42.656 | 17.837 | −0.293 | −2.391 | 0.452 | 2.212 |
Interest Rate | 27.690 | 8.585 | 0.432 | 3.225 | 0.439 | 2.276 | 27.913 | 7.904 | 0.436 | 3.305 | 0.439 | 2.274 |
Economic Growth Rate | −31.724 | 14.036 | −0.292 | −2.260 | 0.471 | 2.123 | −31.946 | 13.708 | −0.294 | −2.494 | 0.471 | 2.123 |
ROA | −0.032 | 0.024 | −0.135 | −1.353 | 0.790 | 1.266 | −0.033 | 0.024 | −0.138 | −1.491 | 0.790 | 1.264 |
Total Assets | 0.000 | 0.000 | 0.466 | 4.883 | 0.858 | 1.165 | 0.000 | 0.000 | 0.442 | 4.979 | 0.858 | 1.165 |
RSUs Adoption | - | - | - | - | - | - | 0.730 | 0.195 | 0.309 | 3.738 | 0.994 | 1.006 |
R2 = 0.370, Adjusted R2 = 0.331 F = 9.398, p < 0.001 | R2 = 0.465, Adjusted R2 = 0.424 ⊿R2 = 0.095, ⊿Adjusted R2 = 0.093 F = 11.431, p < 0.001 | |||||||||||
Durbin– Watson | - | 1.947 |
Independent Variable | Model 1 | Model 2 | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
B | S.E | β | t | Collinearity Statistics | B | S.E | β | t | Collinearity Statistics | |||
TOL | VIF | TOL | VIF | |||||||||
Intercept | 1.803 | 0.470 | - | 3.833 | - | - | 1.380 | 0.513 | - | 2.692 | - | - |
Inflation | 11.845 | 13.238 | 0.111 | 0.891 | 0.543 | 1.841 | 11.669 | 13.091 | 0.109 | 0.892 | 0.542 | 1.844 |
Interest Rate | −12.424 | 6.222 | −0.306 | −1.997 | 0.398 | 2.794 | −12.404 | 6.129 | −0.305 | −2.024 | 0.398 | 2.794 |
Economic Growth Rate | 18.400 | 11.238 | 0.216 | 1.637 | 0.484 | 2.067 | 18.312 | 11.026 | 0.215 | 1.661 | 0.484 | 2.066 |
ROA | −0.011 | 0.015 | −0.073 | −0.787 | 0.793 | 1.263 | −0.011 | 0.015 | −0.073 | −0.787 | 0.793 | 1.263 |
Total Assets | 0.000 | 0.000 | 0.291 | 2.391 | 0.566 | 1.768 | 0.000 | 0.000 | 0.294 | 2.492 | 0.566 | 1.768 |
Operating Profits | 0.000 | 0.000 | 0.258 | 2.154 | 0.583 | 1.715 | 0.000 | 0.000 | 0.246 | 2.075 | 0.581 | 1.720 |
RSUs Adoption | - | - | - | - | - | - | 0.286 | 0.148 | 0.174 | 1.926 | 0.997 | 1.003 |
R2 = 0.253, Adjusted R2 = 0.203 F = 5.027, p < 0.001 | R2 = 0.283, Adjusted R2 = 0.226 ⊿R2 = 0.030, ⊿Adjusted R2 = 0.023 F = 4.970, p < 0.001 | |||||||||||
Durbin– Watson | - | 2.401 |
Independent Variable | Model 1 | Model 2 | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
B | S.E | β | t | Collinearity Statistics | B | S.E | β | t | Collinearity Statistics | |||
TOL | VIF | TOL | VIF | |||||||||
Intercept | 2.326 | 0.496 | - | 4.685 | - | - | 1.634 | 0.531 | - | 3.084 | - | - |
Inflation | 3.773 | 14.110 | 0.035 | 0.267 | 0.545 | 1.834 | 4.313 | 13.099 | 0.039 | 0.329 | 0.545 | 1.834 |
Interest Rate | −8.516 | 6.674 | −0.205 | −1.276 | 0.353 | 2.833 | −8.721 | 6.399 | −0.210 | −1.363 | 0.353 | 2.835 |
Economic Growth Rate | 6.072 | 12.080 | 0.077 | 0.503 | 0.485 | 2.067 | 6.702 | 12.067 | 0.077 | 0.555 | 0.485 | 2.067 |
ROA | −0.011 | 0.016 | −0.070 | −0.708 | 0.932 | 1.073 | −0.011 | 0.016 | −0.070 | −0.703 | 0.932 | 1.073 |
Total Assets | 0.000 | 0.000 | 0.298 | 2.487 | 0.658 | 1.521 | 0.000 | 0.000 | 0.298 | 2.569 | 0.658 | 1.521 |
Operating Profits | 0.000 | 0.000 | 0.172 | 1.458 | 0.658 | 1.521 | 0.000 | 0.000 | 0.178 | 1.574 | 0.658 | 1.521 |
RSUs Adoption | - | - | - | - | - | - | 0.455 | 0.154 | 0.271 | 2.953 | 0.999 | |
R2 = 0.196, Adjusted R2 = 0.141 F = 3.576, p < 0.01 | R2 = 0.269, Adjusted R2 = 0.210 ⊿R2 = 0.073, ⊿Adjusted R2 = 0.069 F = 4.580, p < 0.001 | |||||||||||
Durbin– Watson | - | 2.357 |
Independent Variable | Model 1 | Model 2 | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
B | S.E | β | t | Collinearity Statistics | B | S.E | Β | t | Collinearity Statistics | |||
TOL | VIF | TOL | VIF | |||||||||
Intercept | 9.015 | 0.688 | - | 13.102 | - | - | 8.895 | 0.698 | - | 12.743 | - | - |
Inflation | −26.827 | 19.437 | −0.162 | −1.380 | 0.552 | 1.813 | −26.827 | 19.531 | −0.162 | −1.374 | 0.552 | 1.813 |
Interest Rate | 16.948 | 9.167 | 0.269 | 1.849 | 0.358 | 2.791 | 16.948 | 9.216 | 0.269 | 1.840 | 0.358 | 2.791 |
Economic Growth Rate | −1.722 | 16.545 | −0.013 | −0.104 | 0.485 | 2.106 | −1.722 | 16.602 | −0.013 | −0.104 | 0.485 | 2.106 |
ROA | 0.025 | 0.022 | 0.102 | 1.135 | 0.940 | 1.064 | 0.025 | 0.023 | 0.102 | 1.132 | 0.940 | 1.064 |
Total Assets | 0.000 | 0.000 | 0.471 | 5.124 | 0.898 | 1.114 | 0.000 | 0.000 | 0.471 | 5.099 | 0.898 | 1.114 |
RSUs Adoption | - | - | - | - | - | - | 0.080 | 0.223 | 0.031 | 0.358 | 1.000 | 1.000 |
R2 = 0.318, Adjusted R2 = 0.280 F = 8.394, p < 0.001 | R2 = 0.319, Adjusted R2 = 0.273 ⊿R2 = 0.001, ⊿Adjusted R2 = −0.007 F = 6.949, p < 0.001 | |||||||||||
Durbin– Watson | - | 2.029 |
Independent Variable | Model 1 | Model 2 | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
B | S.E | β | t | Collinearity Statistics | B | S.E | β | t | Collinearity Statistics | |||
TOL | VIF | TOL | VIF | |||||||||
Intercept | 1.054 | 0.168 | - | 6.293 | - | - | 0.819 | 0.168 | - | 4.883 | - | - |
Inflation | −4.614 | 4.743 | −0.124 | −0.973 | 0.543 | 1.840 | −4.207 | 4.589 | −0.113 | −0.923 | 0.543 | 1.842 |
Interest Rate | −2.817 | 2.208 | −0.201 | −1.276 | 0.357 | 2.803 | −2.937 | 2.132 | −0.201 | −1.384 | 0.357 | 2.807 |
Economic Growth Rate | 1.378 | 2.084 | 0.128 | 0.661 | 0.486 | 2.058 | 1.516 | 2.036 | 0.138 | 0.745 | 0.486 | 2.058 |
ROA | −0.007 | 0.005 | −0.123 | −1.273 | 0.940 | 1.064 | −0.007 | 0.005 | −0.123 | −1.319 | 0.940 | 1.064 |
Total Assets | 0.000 | 0.000 | 0.364 | 3.658 | 0.894 | 1.119 | 0.000 | 0.000 | 0.367 | 3.835 | 0.894 | 1.119 |
RSUs Adoption | - | - | - | - | - | - | 0.148 | 0.051 | 0.261 | 2.888 | 0.999 | 1.001 |
R2 = 0.221, Adjusted R2 = 0.177 F = 5.004, p < 0.001 | R2 = 0.290, Adjusted R2 = 0.241 ⊿R2 = 0.069, ⊿Adjusted R2 = 0.064 F = 5.909, p < 0.001 | |||||||||||
Durbin– Watson | - | 2.362 |
Independent Variable | Model 1 | Model 2 | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
B | S.E | β | t | Collinearity Statistics | B | S.E | β | t | Collinearity Statistics | |||
TOL | VIF | TOL | VIF | |||||||||
Intercept | 2.266 | 0.588 | - | 3.858 | - | - | 2.030 | 0.659 | - | 3.083 | - | - |
Inflation | 7.969 | 16.524 | 0.058 | 0.482 | 0.563 | 1.776 | 8.992 | 16.606 | 0.069 | 0.541 | 0.590 | 1.760 |
Interest Rate | 3.024 | 6.179 | 0.072 | 0.489 | 0.384 | 2.606 | 2.784 | 6.130 | 0.070 | 0.454 | 0.362 | 2.647 |
Economic Growth Rate | −23.123 | 12.672 | −0.269 | −1.826 | 0.346 | 2.747 | −22.736 | 12.673 | −0.269 | −1.789 | 0.364 | 2.717 |
ROA | −0.003 | 0.009 | −0.023 | −0.332 | 0.850 | 1.176 | −0.003 | 0.009 | −0.023 | −0.317 | 0.850 | 1.177 |
Total Assets | 0.000 | 0.000 | −0.306 | −1.860 | 0.303 | 3.302 | 0.000 | 0.000 | −0.277 | −1.674 | 0.364 | 3.264 |
Operating Profits | 0.000 | 0.000 | 0.642 | 3.403 | 0.331 | 3.319 | 0.000 | 0.000 | 0.642 | 3.547 | 0.281 | 3.558 |
RSUs Adoption | - | - | - | - | - | - | 0.140 | 0.175 | 0.075 | 0.800 | 0.930 | 1.076 |
R2 = 0.245, Adjusted R2 = 0.196 F = 4.987, p < 0.001 | R2 = 0.251, Adjusted R2 = 0.193 ⊿R2 = 0.006, ⊿Adjusted R2 = −0.003 F = 4.349, p < 0.001 | |||||||||||
Durbin– Watson | - | 1.695 |
Independent Variable | Model 1 | Model 2 | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
B | S.E | β | t | Collinearity Statistics | B | S.E | β | t | Collinearity Statistics | |||
TOL | VIF | TOL | VIF | |||||||||
Intercept | 3.449 | 0.621 | - | 5.553 | - | - | 2.737 | 0.713 | - | 3.838 | - | - |
Inflation | −19.747 | 17.500 | −0.131 | −1.128 | 0.549 | 1.820 | −14.599 | 17.540 | −0.097 | −0.837 | 0.560 | 1.785 |
Interest Rate | 5.013 | 6.360 | 0.108 | 0.788 | 0.391 | 2.561 | 4.005 | 6.299 | 0.087 | 0.636 | 0.383 | 2.609 |
Economic Growth Rate | −32.936 | 13.251 | −0.258 | −2.485 | 0.355 | 2.814 | −31.243 | 13.203 | −0.248 | −2.366 | 0.354 | 2.827 |
ROA | 0.006 | 0.009 | 0.062 | 0.661 | 0.841 | 1.189 | 0.006 | 0.009 | 0.060 | 0.651 | 0.843 | 1.186 |
Total Assets | 0.000 | 0.000 | −0.636 | −3.604 | 0.237 | 4.217 | 0.000 | 0.000 | −0.277 | −2.609 | 0.248 | 4.034 |
Operating Profits | 0.000 | 0.000 | 0.747 | 3.888 | 0.194 | 5.511 | 0.000 | 0.000 | 0.747 | 3.888 | 0.194 | 5.511 |
RSUs Adoption | - | - | - | - | - | - | 0.374 | 0.192 | 0.184 | 1.945 | 0.802 | 1.246 |
R2 = 0.299, Adjusted R2 = 0.255 F = 6.766, p < 0.001 | R2 = 0.327, Adjusted R2 = 0.276 ⊿R2 = 0.028, ⊿Adjusted R2 = 0.021 F = 6.510, p < 0.001 | |||||||||||
Durbin– Watson | - | 1.741 |
Independent Variable | Model 1 | Model 2 | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
B | S.E | β | t | Collinearity Statistics | B | S.E | β | t | Collinearity Statistics | |||
TOL | VIF | TOL | VIF | |||||||||
Intercept | 6.113 | 0.462 | - | 13.219 | - | - | 5.567 | 0.485 | - | 11.679 | - | - |
Inflation | 40.337 | 12.861 | 0.264 | 3.136 | 0.584 | 1.713 | 39.967 | 12.406 | 0.262 | 3.221 | 0.584 | 1.713 |
Interest Rate | −9.515 | 4.891 | −0.199 | −1.945 | 0.398 | 2.513 | −9.312 | 4.862 | −0.194 | −1.917 | 0.398 | 2.516 |
Economic Growth Rate | 20.280 | 10.153 | 0.213 | 1.997 | 0.365 | 2.743 | 19.968 | 10.123 | 0.210 | 2.038 | 0.364 | 2.747 |
ROA | 0.002 | 0.007 | 0.023 | 0.328 | 0.853 | 1.173 | 0.002 | 0.007 | 0.023 | 0.342 | 0.854 | 1.172 |
Total Assets | 0.000 | 0.000 | 0.767 | 11.563 | 0.944 | 1.058 | 0.000 | 0.000 | 0.766 | 11.979 | 0.944 | 1.054 |
RSUs Adoption | - | - | - | - | - | - | 0.373 | 0.131 | 0.178 | 2.861 | 0.999 | 1.001 |
R2 = 0.602, Adjusted R2 = 0.581 F = 28.992, p < 0.001 | R2 = 0.633, Adjusted R2 = 0.610 ⊿R2 = 0.031, ⊿Adjusted R2 = 0.029 F = 27.332, p < 0.001 | |||||||||||
Durbin– Watson | - | 1.955 |
Independent Variable | Model 1 | Model 2 | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
B | S.E | β | t | Collinearity Statistics | B | S.E | β | t | Collinearity Statistics | |||
TOL | VIF | TOL | VIF | |||||||||
Intercept | 6.433 | 0.454 | - | 14.161 | - | - | 5.452 | 0.432 | - | 13.335 | - | - |
Inflation | 37.895 | 12.657 | 0.252 | 2.994 | 0.590 | 1.695 | 37.895 | 11.033 | 0.252 | 2.435 | 0.590 | 1.695 |
Interest Rate | −6.519 | 4.771 | −0.140 | −1.366 | 0.401 | 2.494 | −6.519 | 4.622 | −0.140 | −1.362 | 0.401 | 2.494 |
Economic Growth Rate | 12.980 | 9.981 | −0.139 | 1.300 | 0.368 | 2.720 | 12.980 | 9.936 | −0.139 | 1.291 | 0.368 | 2.720 |
ROA | −0.002 | 0.007 | −0.019 | −0.275 | 0.852 | 1.174 | −0.002 | 0.007 | −0.019 | −0.273 | 0.852 | 1.174 |
Total Assets | 0.000 | 0.000 | 0.774 | 11.624 | 0.944 | 1.060 | 0.000 | 0.000 | 0.774 | 13.335 | 0.944 | 1.060 |
RSUs Adoption | - | - | - | - | - | - | 0.654 | 0.116 | 0.319 | 5.655 | 1.000 | 1.000 |
R2 = 0.590, Adjusted R2 = 0.569 F = 28.235, p < 0.001 | R2 = 0.692, Adjusted R2 = 0.673 ⊿R2 = 0.102, ⊿Adjusted R2 = 0.104 F = 36.296, p < 0.001 | |||||||||||
Durbin– Watson | - | 2.221 |
Independent Variable | Model 1 | Model 2 | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
B | S.E | Β | t | Collinearity Statistics | B | S.E | β | t | Collinearity Statistics | |||
TOL | VIF | TOL | VIF | |||||||||
Intercept | 1.295 | 0.946 | - | 1.368 | - | - | 0.869 | 1.059 | - | 0.821 | - | - |
Inflation | 2.998 | 27.168 | 0.016 | 0.110 | 0.463 | 2.162 | 4.960 | 27.136 | 0.025 | 0.183 | 0.461 | 2.170 |
Interest Rate | −0.214 | 11.242 | −0.009 | −0.019 | 0.309 | 2.843 | −0.247 | 11.200 | −0.008 | −0.022 | 0.308 | 2.847 |
Economic Growth Rate | −4.745 | 20.279 | −0.040 | −0.234 | 0.362 | 2.781 | −3.883 | 20.132 | 0.032 | −0.193 | 0.361 | 2.787 |
ROA | 0.023 | 0.012 | 0.215 | 1.991 | 0.854 | 1.131 | 0.023 | 0.013 | 0.213 | 1.965 | 0.853 | 1.134 |
Total Assets | 0.000 | 0.000 | 0.153 | 1.091 | 0.409 | 2.246 | 0.000 | 0.000 | 0.237 | 0.874 | 0.410 | 2.250 |
Operating Profits | 0.000 | 0.000 | 0.233 | 1.469 | 0.409 | 2.246 | 0.000 | 0.000 | 0.204 | 1.254 | 0.393 | 2.254 |
RSUs Adoption | - | - | - | - | - | - | 0.249 | 0.277 | 0.094 | 0.900 | 0.957 | 1.045 |
R2 = 0.102, Adjusted R2 = 0.040 F = 1.645, p = 0.144 | R2 = 0.110, Adjusted R2 = 0.038 ⊿R2 = 0.008, ⊿Adjusted R2 = −0.002 F = 1.523, p = 0.170 | |||||||||||
Durbin– Watson | - | 1.962 |
Independent Variable | Model 1 | Model 2 | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
B | S.E | β | t | Collinearity Statistics | B | S.E | β | t | Collinearity Statistics | |||
TOL | VIF | TOL | VIF | |||||||||
Intercept | 1.142 | 0.700 | - | 1.631 | - | - | 0.169 | 0.735 | - | 0.230 | - | - |
Inflation | −1.716 | 19.899 | −0.009 | −0.086 | 0.462 | 2.165 | 0.222 | 18.966 | 0.001 | 0.012 | 0.462 | 2.167 |
Interest Rate | 2.356 | 8.305 | 0.037 | 0.283 | 0.358 | 3.287 | 1.222 | 7.919 | 0.031 | 0.154 | 0.358 | 3.287 |
Economic Growth Rate | −8.476 | 14.842 | −0.078 | −0.571 | 0.369 | 2.871 | −5.991 | 14.161 | −0.050 | −0.423 | 0.367 | 2.880 |
ROA | 0.021 | 0.008 | 0.194 | 2.533 | 0.899 | 1.113 | 0.021 | 0.008 | 0.189 | 2.515 | 0.899 | 1.113 |
Total Assets | 0.000 | 0.000 | 0.696 | 9.535 | 0.986 | 1.014 | 0.000 | 0.000 | 0.696 | 9.581 | 0.947 | 1.056 |
Operating Profits | 0.061 | 0.006 | 0.696 | 9.535 | 0.986 | 1.014 | 0.057 | 0.006 | 0.651 | 9.181 | 0.947 | 1.056 |
RSUs Adoption | - | - | - | - | - | - | 0.612 | 0.194 | 0.223 | 3.158 | 0.958 | 1.043 |
R2 = 0.538, Adjusted R2 = 0.506 F = 17.058, p < 0.001 | R2 = 0.585, Adjusted R2 = 0.552 ⊿R2 = 0.047, ⊿Adjusted R2 = 0.046 F = 17.536, p < 0.001 | |||||||||||
Durbin– Watson | - | 1.977 |
Independent Variable | Model 1 | Model 2 | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
B | S.E | β | t | Collinearity Statistics | B | S.E | β | t | Collinearity Statistics | |||
TOL | VIF | TOL | VIF | |||||||||
Intercept | 6.835 | 1.030 | - | 6.636 | - | - | 6.148 | 1.117 | - | 5.503 | - | - |
Inflation | 0.613 | 29.389 | 0.003 | 0.021 | 0.447 | 2.236 | 1.504 | 29.176 | 0.006 | 0.052 | 0.447 | 2.237 |
Interest Rate | −2.489 | 12.240 | −0.031 | −0.203 | 0.360 | 3.265 | −2.469 | 12.124 | −0.031 | −0.199 | 0.360 | 3.266 |
Economic Growth Rate | 25.920 | 21.860 | 0.170 | 1.186 | 0.239 | 3.850 | 25.910 | 21.692 | 0.172 | 1.192 | 0.237 | 3.850 |
ROA | −0.022 | 0.012 | −0.158 | −1.779 | 0.907 | 1.102 | −0.022 | 0.012 | −0.159 | −1.797 | 0.907 | 1.102 |
Total Assets | 0.000 | 0.000 | 0.587 | 6.647 | 0.920 | 1.088 | 0.000 | 0.000 | 0.591 | 6.726 | 0.919 | 1.087 |
RSUs Adoption | - | - | - | - | - | - | 0.445 | 0.292 | 0.129 | 1.526 | 0.996 | 1.004 |
R2 = 0.369, Adjusted R2 = 0.333 F = 10.290, p < 0.001 | R2 = 0.385, Adjusted R2 = 0.343 ⊿R2 = 0.016, ⊿Adjusted R2 = 0.010 F = 9.093, p < 0.001 | |||||||||||
Durbin– Watson | - | 2.382 |
Independent Variable | Model 1 | Model 2 | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
B | S.E | β | t | Collinearity Statistics | B | S.E | β | t | Collinearity Statistics | |||
TOL | VIF | TOL | VIF | |||||||||
Intercept | 7.247 | 1.044 | - | 6.939 | - | - | 5.417 | 1.061 | - | 5.106 | - | - |
Inflation | −0.908 | 29.840 | −0.004 | −0.030 | 0.446 | 2.241 | 3.325 | 27.517 | 0.015 | 0.121 | 0.446 | 2.244 |
Interest Rate | −6.303 | 12.609 | −0.079 | −0.500 | 0.304 | 3.291 | −7.031 | 12.700 | −0.097 | −0.553 | 0.304 | 3.292 |
Economic Growth Rate | 31.525 | 22.464 | 0.206 | 1.403 | 0.164 | 3.852 | 32.071 | 20.701 | 0.204 | 1.376 | 0.162 | 3.857 |
ROA | −0.024 | 0.013 | −0.177 | −1.927 | 0.906 | 1.103 | −0.024 | 0.013 | −0.176 | −1.924 | 0.906 | 1.103 |
Total Assets | 0.000 | 0.000 | 0.548 | 6.016 | 0.918 | 1.089 | 0.000 | 0.000 | 0.564 | 6.004 | 0.918 | 1.087 |
RSUs Adoption | - | - | - | - | - | - | 1.139 | 0.278 | 0.330 | 4.100 | 0.996 | 1.004 |
R2 = 0.323, Adjusted R2 = 0.285 F = 8.506, p < 0.001 | R2 = 0.432, Adjusted R2 = 0.393 ⊿R2 = 0.109, ⊿Adjusted R2 = 0.108 F = 11.150, p < 0.001 | |||||||||||
Durbin– Watson | - | 2.302 |
Independent Variable | Model 1 | Model 2 | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
B | S.E | β | t | Collinearity Statistics | B | S.E | β | t | Collinearity Statistics | |||
TOL | VIF | TOL | VIF | |||||||||
Intercept | 5.359 | 0.976 | - | 5.490 | - | - | 4.503 | 1.041 | - | 4.327 | - | - |
Inflation | −84.600 | 26.503 | −0.578 | −3.192 | 0.373 | 2.678 | −81.979 | 25.870 | −0.560 | −3.169 | 0.373 | 2.684 |
Interest Rate | 24.290 | 10.964 | 0.484 | 2.215 | 0.257 | 3.894 | 23.720 | 10.701 | 0.472 | 2.218 | 0.257 | 3.904 |
Economic Growth Rate | −64.916 | 20.524 | −0.693 | −3.163 | 0.329 | 3.920 | −62.788 | 20.032 | −0.678 | −3.137 | 0.326 | 3.923 |
ROA | 0.007 | 0.004 | 0.174 | 1.478 | 0.879 | 1.138 | 0.008 | 0.004 | 0.179 | 1.563 | 0.879 | 1.137 |
Total Assets | 0.000 | 0.000 | −0.120 | −1.237 | 0.388 | 2.580 | 0.000 | 0.000 | −0.056 | −0.317 | 0.375 | 2.666 |
Operating Profits | 0.000 | 0.000 | 0.444 | 2.520 | 0.308 | 2.678 | 0.000 | 0.000 | 0.361 | 2.043 | 0.343 | 2.678 |
RSUs Adoption | - | - | - | - | - | - | 0.496 | 0.244 | 0.227 | 2.031 | 0.933 | 1.072 |
R2 = 0.266, Adjusted R2 = 0.192 F = 3.622, p < 0.01 | R2 = 0.314, Adjusted R2 = 0.232 ⊿R2 = 0.048, ⊿Adjusted R2 = 0.040 F = 3.856, p < 0.01 | |||||||||||
Durbin– Watson | - | 2.206 |
Independent Variable | Model 1 | Model 2 | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
B | S.E | β | t | Collinearity Statistics | B | S.E | β | t | Collinearity Statistics | |||
TOL | VIF | TOL | VIF | |||||||||
Intercept | 5.699 | 1.000 | - | 5.696 | - | - | 4.052 | 1.058 | - | 3.830 | - | - |
Inflation | −84.289 | 27.428 | −0.534 | −3.073 | 0.381 | 2.622 | −75.382 | 25.654 | −0.478 | −2.938 | 0.377 | 2.652 |
Interest Rate | 25.096 | 11.893 | 0.449 | 2.110 | 0.255 | 3.924 | 22.633 | 11.087 | 0.405 | 2.041 | 0.254 | 3.942 |
Economic Growth Rate | −70.411 | 22.014 | −0.669 | −3.198 | 0.263 | 3.797 | −63.105 | 20.595 | −0.600 | −3.064 | 0.260 | 3.842 |
ROA | 0.004 | 0.005 | 0.082 | 0.720 | 0.883 | 1.132 | 0.005 | 0.005 | 0.106 | 0.969 | 0.879 | 1.138 |
Total Assets | 0.000 | 0.000 | −0.230 | −1.471 | 0.437 | 2.124 | 0.000 | 0.000 | −0.095 | −0.593 | 0.436 | 2.294 |
Operating Profits | 0.000 | 0.000 | 0.552 | 3.602 | 0.490 | 2.041 | 0.000 | 0.000 | 0.376 | 2.465 | 0.313 | 2.333 |
RSUs Adoption | - | - | - | - | - | - | 0.855 | 0.262 | 0.352 | 3.268 | 0.861 | 1.162 |
R2 = 0.285, Adjusted R2 = 0.216 F = 4.128, p < 0.001 | R2 = 0.392, Adjusted R2 = 0.322 ⊿R2 = 0.107, ⊿Adjusted R2 = 0.106 F = 5.617, p < 0.001 | |||||||||||
Durbin– Watson | - | 2.064 |
Independent Variable | Model 1 | Model 2 | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
B | S.E | β | t | Collinearity Statistics | B | S.E | β | t | Collinearity Statistics | |||
TOL | VIF | TOL | VIF | |||||||||
Intercept | 7.063 | 0.927 | - | 7.619 | - | - | 6.225 | 0.948 | - | 6.569 | - | - |
Inflation | 9.652 | 25.203 | 0.053 | 0.383 | 0.390 | 2.564 | 8.625 | 24.133 | 0.047 | 0.357 | 0.390 | 2.565 |
Interest Rate | −7.524 | 10.676 | −0.121 | −0.705 | 0.254 | 3.930 | −6.113 | 10.652 | −0.107 | −0.575 | 0.254 | 3.932 |
Economic Growth Rate | 15.957 | 19.763 | 0.136 | 0.807 | 0.423 | 3.822 | 14.830 | 18.937 | 0.124 | 0.783 | 0.420 | 3.820 |
ROA | 0.003 | 0.004 | 0.056 | 0.606 | 0.880 | 1.137 | 0.004 | 0.004 | 0.082 | 0.924 | 0.879 | 1.153 |
Total Assets | 0.000 | 0.000 | 0.749 | 8.448 | 0.948 | 1.057 | 0.000 | 0.000 | 0.752 | 8.528 | 0.947 | 1.060 |
RSUs Adoption | - | - | - | - | - | - | 0.577 | 0.229 | 0.210 | 2.523 | 0.984 | 1.016 |
R2 = 0.561, Adjusted R2 = 0.524 F = 15.067, p < 0.001 | R2 = 0.604, Adjusted R2 = 0.563 ⊿R2 = 0.043, ⊿Adjusted R2 = 0.039 F = 14.757, p < 0.001 | |||||||||||
Durbin– Watson | - | 2.376 |
Independent Variable | Model 1 | Model 2 | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
B | S.E | β | t | Collinearity Statistics | B | S.E | β | t | Collinearity Statistics | |||
TOL | VIF | TOL | VIF | |||||||||
Intercept | 7.064 | 1.023 | - | 6.908 | - | - | 5.728 | 0.998 | - | 5.743 | - | - |
Inflation | 15.509 | 27.829 | 0.085 | 0.557 | 0.379 | 2.639 | 15.219 | 25.300 | 0.084 | 0.602 | 0.379 | 2.639 |
Interest Rate | −11.794 | 11.879 | −0.186 | −0.993 | 0.251 | 3.978 | −10.597 | 10.901 | −0.170 | −0.972 | 0.250 | 3.976 |
Economic Growth Rate | 23.657 | 21.991 | 0.178 | 1.076 | 0.261 | 3.827 | 21.258 | 20.158 | 0.174 | 1.063 | 0.259 | 3.827 |
ROA | −0.002 | 0.005 | −0.036 | −0.374 | 0.880 | 1.136 | 0.003 | 0.005 | 0.056 | 0.628 | 0.879 | 1.151 |
Total Assets | 0.000 | 0.000 | 0.698 | 7.208 | 0.944 | 1.059 | 0.000 | 0.000 | 0.707 | 7.082 | 0.943 | 1.060 |
RSUs Adoption | - | - | - | - | - | - | 0.885 | 0.240 | 0.318 | 3.687 | 0.983 | 1.017 |
R2 = 0.468, Adjusted R2 = 0.424 F = 10.559, p < 0.001 | R2 = 0.568, Adjusted R2 = 0.524 ⊿R2 = 0.100, ⊿Adjusted R2 = 0.100 F = 12.911, p < 0.001 | |||||||||||
Durbin– Watson | - | 2.418 |
Category | Indicator | Period | ⊿Adjusted R2 | p-Value (RSU Introduction) |
---|---|---|---|---|
Group 1 | EPS | Short-Term | 0.040 | p < 0.05 |
Long-Term | 0.119 | p < 0.001 | ||
Operating Profit | Short-Term | 0.023 | p < 0.1 | |
Long-Term | 0.093 | p < 0.001 | ||
Group 2 | EPS | Short-Term | 0.023 | p < 0.1 |
Long-Term | 0.069 | p < 0.01 | ||
Operating Profit | Short-Term | 0.070 | p > 0.1 | |
Long-Term | 0.064 | p < 0.01 | ||
Group 3 | EPS | Short-Term | −0.003 | p > 0.1 |
Long-Term | 0.021 | p < 0.1 | ||
Operating Profit | Short-Term | 0.021 | p < 0.05 | |
Long-Term | 0.104 | p < 0.001 | ||
Group 4 | EPS | Short-Term | −0.020 | p > 0.1 |
Long-Term | 0.046 | p < 0.01 | ||
Operating Profit | Short-Term | −0.010 | p > 0.1 | |
Long-Term | 0.108 | p < 0.001 | ||
Group 5 | EPS | Short-Term | 0.040 | p < 0.05 |
Long-Term | 0.106 | p < 0.01 | ||
Operating Profit | Short-Term | 0.039 | p < 0.05 | |
Long-Term | 0.100 | p < 0.001 |
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Park, W.; Sernova, E.; Park, C.-Y. From Short-Term Volatility to Long-Term Growth: Restricted Stock Units’ Impact on Earnings per Share and Profit Growth Across Sectors. Int. J. Financial Stud. 2025, 13, 104. https://doi.org/10.3390/ijfs13020104
Park W, Sernova E, Park C-Y. From Short-Term Volatility to Long-Term Growth: Restricted Stock Units’ Impact on Earnings per Share and Profit Growth Across Sectors. International Journal of Financial Studies. 2025; 13(2):104. https://doi.org/10.3390/ijfs13020104
Chicago/Turabian StylePark, Won (Albert), Elena Sernova, and Cheong-Yeul Park. 2025. "From Short-Term Volatility to Long-Term Growth: Restricted Stock Units’ Impact on Earnings per Share and Profit Growth Across Sectors" International Journal of Financial Studies 13, no. 2: 104. https://doi.org/10.3390/ijfs13020104
APA StylePark, W., Sernova, E., & Park, C.-Y. (2025). From Short-Term Volatility to Long-Term Growth: Restricted Stock Units’ Impact on Earnings per Share and Profit Growth Across Sectors. International Journal of Financial Studies, 13(2), 104. https://doi.org/10.3390/ijfs13020104