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系統識別號 U0026-2206201222370900
論文名稱(中文) 企業社會責任對高階管理者超額薪酬之影響
論文名稱(英文) The Effect of Corporate Social Responsibility on Executive Excess Compensation
校院名稱 成功大學
系所名稱(中) 會計學系碩博士班
系所名稱(英) Department of Accountancy
學年度 100
學期 2
出版年 101
研究生(中文) 蔡婷曼
研究生(英文) Ting-Mun Tsai
學號 r16991159
學位類別 碩士
語文別 英文
論文頁數 69頁
口試委員 指導教授-賴秀卿
指導教授-李宏志
口試委員-黃華瑋
口試委員-黃炳勳
中文關鍵字 高階管理者超額薪酬  企業社會責任  公司治理 
英文關鍵字 Executive excess compensation  Corporate social responsibility (CSR)  Corporate governance 
學科別分類
中文摘要 近年來,高階管理者高薪爭議不斷,超額薪酬問題引發社會輿論的批判。美國關於超額薪酬之研究,大多發現超額薪酬對公司績效帶來負面之影響,故本研究採其為薪酬與績效不相當(pay without performance)一說,探討藉由企業社會責任之規範,是否得以提高企業道德標準,並提供企業適當監督,降低超額薪酬的發生。
如同預期,研究結果發現企業社會責任與CEO、CFO之超額薪酬呈現顯著負向之關聯,顯示企業社會責任較強之公司,為了達到社會對企業道德標準的期望,的確會傾向於限制高階管理者超額薪酬的發生,以對所有利害關係人負責。此外,公司治理與CEO超額薪酬呈現顯著負相關,意即公司治理較強的公司較不會支付CEO超額薪酬,但本研究並未發現公司治理與CFO超額薪酬之顯著關聯。
英文摘要 In recent years, executive excess compensation has aroused public discontent and has become a very controversial issue. Most prior studies find that excess compensation has a negative effect on firms’ performance; we therefore consider excess compensation as symptoms of agency problem, that is, pay without performance in our study.
As expected, we find that corporate social responsibility (CSR) is significantly and negatively related to CEO and CFO excess compensation; in particular, total CSR scores and CSR strengths have a negative effect on executive excess compensation, and CSR concerns is positively related to executive excess compensation. These results indicate that firms with higher CSR performance may exhibit stricter compensation oversight in order to be responsible to stakeholders and to meet the ethical expectation of society, that is, they may be more inclined to constrain executive excess compensation. Additionally, corporate governance is negatively related to CEO excess compensation, suggesting that firms with stronger governance are less likely to pay excessive compensation to CEOs. This finding is congruent with the argument that excess compensation can be regarded as a sign of poor governance. However, we do not observe a significantly negative relationship between corporate governance and CFO excess compensation in our study.
論文目次 1. Introduction 1
2. Literature Review 6
2.1 Executive Excess Compensation 6
2.2 Corporate Social Responsibility 12
2.3 Corporate Social Responsibility and Executive Compensation 18
3. Hypothesis Development 21
3.1 Corporate Governance and Executive Excess Compensation 21
3.2 CSR and Executive Excess Compensation 22
4. Research Design 24
4.1 Data Collection 24
4.2 Methodology 26
5. Empirical Results 34
5.1 Sample Selection 34
5.2 Descriptive Statistics 37
5.3 Estimating Reasonable Executive Compensation 42
5.4 Examining the Relationships between Corporate Governance, CSR and Executive Excess Compensation 44
5.5 Additional Test 51
6. Conclusion and Suggestion 62
References 64
Appendix A 68
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