本研究探討2016-2018所進行的《勞動基準法》一例一休之制定及修法事件之股價異常報酬及造成此異酬的潛在影響因素。在一例一休立法期間，由於媒體報導的立法趨勢不確定，股票市場反應不一；而在修法期間，資本市場多呈現正向反應。本研究也發現，無論在立法期或修法期，公司之薪資費用與異常報酬皆呈現反向之關聯，代表投資人對於人力資本之觀感較偏向傳統理論，而非人際關係理論。本研究亦提供政府機關制定勞動法規之有力政策意涵，並建議政府推行勞動政策時，須同時考量市場投資者之態度。

Purpose: This paper explores Taiwanese stock market reactions to the events associated with the Legislation and Amendment of the Labor Fundamental Act as well as potential factors related to stock returns.
Design/methodology/approach: Both an event study method and multiple regression analyses are used.
Findings: In the legislation period, mixed reactions of the stock market during the legislative period during the legislative period because of uncertain legislative trends reported by media, and, in general, we find positive reactions of the stock market on the days on which the amendment period is announced. We also find salary expenses and cumulative abnormal returns to be negatively related.
Research limitations/implications: Existing theories are ambiguous as to whether increasing investments in human capital would be beneficial for firm value. Traditional theories emphasize “cost efficiency” (e.g. Taylor, 1911), which suggests that when there is a greater likelihood that employees’ salaries will be increased, there will be a greater likelihood that firm value will be reduced accordingly. On the other hand, the human relation theory (e.g., Mayo, 1933; McGregor, 1960), emphasizes that investment in employees could consolidate inside consensus, create better work morale, and make employees more willing to consider the firm’s interests as a priority, which will ultimate increase firm value. Our findings, based on the current Taiwanese empirical data, support the cost efficiency theory argument.
Practical implications: Even though human relation theory is academically popular, Taiwanese investors still tend to view the labor force as a cost rather than as an asset. This study also provides the government with some policy implications suggesting that a successful labor policy may have to consider the attitude of investors.
Social implications: The results of this study clearly pointed out that labor issues should be considered exclusively, and it is not simply like other corporate social responsibility (CSR) issues. Our findings support the premise that investors may not view social events to be as important as governance-related events.
Originality/value: To the best our knowledge, although there are many research papers representing that when positive CSR-relative events announced, the capital market experiences significant stock price reactions, there are still few studies exploring the effects of labor issues on stock prices.

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Chang, L. K., Kuo, C. S., Chou, Y. H., Yang, T. K., 2017, November 7. Executive director made final decision that conditional loosening the regulation of “one fixed day off, and one flexible rest day” (In Chinese). China Times, A6.
Chen, C. H., 2016, June 8. Labors should have two day off, and the upper limit of monthly working hours 　　remained unchanged (In Chinese). United Daily News, A6.
Cheng, W., Chou, C. H., 2017, November 18. The regulation of “one fixed day off, and one flexible rest day”
put into review through severe conflicting (In Chinese). United Daily News, A4.
Chiu, C. L., Chiu, T. W., Wang, Y. S., Wang, Y. C., 2017, November 6. The amendment of “one fixed day off, and one flexible rest day” that managers will be defined as exempt employees (In Chinese). United Daily News, A4.
Chiu, T. H., 2016, July 22. Labor groups: we get initial victory, and will take actions in the next month (In Chinese). China Times, A2.
Chiu, T. H., 2017, October 30. The consensus edition of the act got accepted by business groups (In Chinese). Commercial Times, A2.
Chiu, T. H., 2017, December 5. The amendment of “one fixed day off, and one flexible rest day” finished first reading (In Chinese). Commercial Times, A4.
Chiu, T. H., Yang, Y., 2016, June 8. “one fixed day off, and one flexible rest day” does not equal to “two days off”, the regulation of flexible working times replaces national leaves (In Chinese). China Times, A5.
Chou, Y. H., 2016, October 6. The legislation of “one fixed day off, and one flexible rest day” finished review in one minute (In Chinese). China Times, A1.
Chou, Y. H., Yang, M. L., 2016, December 7. The legislation of “one fixed day off, and one flexible rest day” passed third reading in Legislation Yuan (In Chinese). China Times, A1.
Chu, C. K., 2016, July 22. Su-Fen Lin should resign conveners because of unreasonable absence (In Chinses). China Times, A2.
Hu, Y. H., 2016, November 18. The legislation of “one fixed day off, and one flexible rest day” finished first reading (In Chinese). United Daily News, A4.
Lin, H. Y., Feng, H. Y., Lee, C. Y., 2017, January 1. Clinics raise up registration fees because of the legislation of “one fixed day off, and one flexible rest day” (In Chinese). China Times, A1.
Lin, S. H., Lu, H. H., Wang, T. L., 2017, January 3. Lin Quan: Price increase is the inevitable result (In Chinese). China Times, A1.
Lu, H. H., Peng, W. L., 2017, October 28. Executive Yuan and Legislation Yuan conclude five major consensuses about the amending action of “one fixed day off, and one flexible rest day” (In Chinese). Commercial Times, A2.
Ministry of Labor, 2016, June 28. Revising draft Acts in Labor Fundamental Act to fulfill “two days off” for labors have finished first step review. After deliberating in the cross-ministry meeting, the draft Acts will be send to Legislation Yuan for further process. The Ministry of Labor will continuing communicate with public (In Chinese), the press. Retrieved from https://www.mol.gov.tw/announcement/2099/25857/
Ministry of Labor, 2016, December 6. The Legislative Yuan finished third reading of the legislation of “one fixed day off, and one flexible rest day” to fulfill “two days off” for labor (In Chinese), the press. Retrieved from https://www.mol.gov.tw/announcement/2099/30573/
Ministry of Labor, 2017, October 31. The Ministry of Labor announces the amending process of “one fixed day off, and one flexible rest day”. If there are any opinion, please provide suggestions before November 7, 2017 (In Chinese), the press. Retrieved from https://www.mol.gov.tw/announcement/2099/34344/
Ministry of Labor, 2018, January 10. The Legislative Yuan finished third reading of the amendment of “one fixed day off, and one flexible rest day”, and the regulations will be effective from March 1, 2018. The Ministry of Labor emphasizes there is no empty window and will also do the duty of supervision (In Chinese), the press. Retrieved from https://www.mol.gov.tw/announcement/2099/34774/
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Yeh, Y. J., 2017, November 6. The amending action that cause labor right moved back to 30 years ago (In Chinese). The Reporters. Retrieved from　https://www.twreporter.org/a/refine-labour-law-moving-backward