進階搜尋


 
系統識別號 U0026-3007201418085400
論文名稱(中文) 探討CEO特質與薪資結構對公司環境效率的影響
論文名稱(英文) Do CEO characteristics and compensation structure influence firms' eco-efficiency performance?
校院名稱 成功大學
系所名稱(中) 財務金融研究所
系所名稱(英) Graduate Institute of Finance
學年度 102
學期 2
出版年 103
研究生(中文) 朱軒儀
研究生(英文) Syuan-Yi Jhu
學號 R86011018
學位類別 碩士
語文別 英文
論文頁數 49頁
口試委員 指導教授-顏盟峯
口試委員-周庭楷
口試委員-許永明
口試委員-林嘉慧
中文關鍵字 企業社會責任(CSR)  環境績效(Eco-efficiency)  CEO特質  薪資結構 
英文關鍵字 Corporate Social Responsibility (CSR)  Eco-efficiency  CEO Characteristics  Compensation Structure 
學科別分類
中文摘要 本篇論文主要是探討CEO特質與薪資結構對於公司環境績效(eco-efficiency)的影響。企業社會責任(CSR)涵蓋的範疇十分廣泛,但近年環保議題及環保意識高漲,因此本文著重探討環境方面,並以eco-efficiency做為衡量指標。樣本由205家美國公司所組成,樣本期間為1992年到2012年,共1,835公司-年觀測樣本。本研究的主要發現為越年輕或女性的CEO對於公司的環境績效有顯著貢獻,另外在薪資結構方面,發現CEO與董事們薪資的薪酬差距與環境績效成反比,而股東權益薪資則是與環境績效成正比。本研究也發現2008年金融海嘯事件對於公司環境績效表現有顯著影響。本文所得的結果值得所有公司思考董事會成員的組成,尤其是女性管理者的任用拔擢方面,以及證實了公司在制定永續計畫時,與CEO薪酬做連結是為提升環境績效的可行方向。
英文摘要 This thesis examines how CEO’s characteristics and their compensation structure affect their firms’ eco-efficiency performance. Among the many scopes CSR involves, we only focus on the environmental scope and use eco-efficiency as a proxy variable of firms’ environmental performance. The sample consists of 205 U.S. firms during the period from 1992 to 2012, which accounts to 1,835 firm-year observations. We find that are that younger or female CEOs performance tend to show better eco-efficiency. Furthermore, the compensation disparity between CEOs and top executives has a significant negative relation with eco-efficiency, while CEOs’ equity-based compensation shows a significant positive effect on eco-efficiency. We also identify the global financial crisis did have influence on firm’s performance of eco-efficiency. The results of thesis might provide implications for firms on their board member structure and compensation scheme for their CEOs.
論文目次 1. INTRODUCTION 1
2. LITERATURE REVIEW 5
2.1 Eco-efficiency 5
2.2 CEO characteristics and environmental performance 8
2.3 Compensation structure and environmental performance 10
2.4 Firm characteristics and environmental performance 13
2.5 Financial crisis and environmental performance 14
3. DATA AND METHODOLOGY 17
3.1 Measures of eco-efficiency 17
3.2 Measures of CEO characteristics 18
3.3 Methodology and data 19
3.4 Summary of hypotheses 22
4. EMPIRICAL ANALYSIS 24
4.1 Primary results 24
4.2 Robustness tests 28
4.2.1 Environmentally sensitive industries 28
4.2.2 CEO gender-changed firms 29
5. CONCLUSIONS 30
REFERENCES 33
APPENDIX A: CSR pyramid and A. H. Maslow’s example 39
參考文獻 Adams, R., & Ferreira, D. (2009), “Women in the Boardroom and their Impact on Governance and Performance,” Journal of Financial Economics, 94(2):291-309.
Afsah, S. (1998), “Impact of financial crisis on industrial growth and environmental performance in Indonesia,” World Bank, Washington, DC.
Ahern, K. R., & Dittmar, A. K. (2012), “The Changing of the Boards: The Impact on Firm Valuation of Mandated Female Board Representation,” The Quarterly Journal of Economics, 127(1):137-197.
Arlow, P. (1991), “Personal Characteristics in College Students’ Evaluations of Business Ethics and Corporate Social Responsibility,” Journal of Business Ethics, 10(1):63–69.
Berrone, P., & Gomez-Mejia, L. R. (2009), “Environmental performance and executive compensation: An integrated agency-institutional perspective,” Academy of Management Journal, 52(1):103-126.
Borghesi, R., Houston, J. F., & Naranjo, A. (2014), “Corporate socially responsible investments: CEO altruism, reputation, and shareholder interests,” Journal of Corporate Finance, 26:164-181.
Calveras, A., Ganuza, J. J., & Llobet, G. (2007), “Regulation, Corporate Social Responsibility and Activism,” Journal of Economics and Management Strategy, 16 (3): 719–40.
Carpenter, M. A., Geletkanycz, M. A., & Sanders, W. G. (2004), “Upper echelons research revisited: Antecedents, elements, and consequences of top management team composition,” Journal of Management, 30(6):749-778.
Chen, C.-Y. (2014), Lost critical index !? The relationship between CSR performance and compensation (in Chinese), CSRone (Corporate social responsibility blog), source: http://blog.csrone.com.tw/?p=3383&utm_source=getresponse&utm_medium=email&utm_campaign=csronereporting_newsletter&utm_content=%E5%A4%B1%E8%90%BD%E7%9A%84%E9%97%9C%E9%8D%B5%E6%8C%87%E6%A8%99%3F%21+CSR%E7%B8%BE%E6%95%88%E8%88%87%E7%8D%8E%E9%85%AC%E7%9A%84%E9%97%9C%E4%BF%82
Cohen, M. A., Fenn, S., & Naimon, J. S. (1995), “Environmental and financial performance: are they related?,” Investor Responsibility Research Center, Environmental Information Service.
Coombs, J. E., & Gilley, K. M. (2005), “Stakeholder management as a predictor of CEO compensation: Main effects and interactions with financial performance,” Strategic Management Journal, 26(9):827-840.
Cordano, M., & Frieze, I. (2000), “Pollution reduction preferences of U.S. environmental managers: Applying Ajzen’s theory of planned behavior,” Academy of Management Journal, 43(4): 627-641.
Cottrell, S. (2003), “Influence of sociodemographics and environmental attitudes on general responsible environmental behavior among recreational boaters,” Environment and behavior, 35(3): 347-375.
Croson, R., & Gneezy, U. (2004), “Gender differences in preferences,” Unpublished working paper, Wharton School of Management.
de Villiers, C., Naiker, V., & van Staden, C. J. (2011), “The Effect of Board Characteristics on Firm Environmental Performance,” Journal of Management, 37(6): 1636-1663.
Decker, S., & Sale, C. (2009), “An Analysis of Corporate Social Responsibility, Trust and Reputation in the Banking Profession,” in Idowu, S. O. and Filho, W. L., Professionals Perspectives of Corporate Social Responsibility, Part 1 pp.135-156, Springer-Verlag Berlin Heidelberg.
Deckop, J. R., Merriman, K. K., & Gupta, S. (2006), “The effects of CEO pay structure on corporate social performance,” Journal of Management 32(3):329-342.
Derwall, J., Guenster, N., Bauer, R., & Koedijk, K. (2005), “The eco-efficiency premium puzzle,” Financial Analysts Journal, 61(2):51-63.
Dowell, G. A., Hart, S., & Yeung, B. (2000), “Do Corporate Global Environmental Standards Create or Destroy Market Value?,” Management Science, 46(8):1059-1074.
Eckel, C. C., & Grossman, P. J.(1998), “Are Women Less Selfish Than Men? Evidence from Dictator Experiments,” Economic Journal, 108(448):726-35.
Edelman Trust Barometer (2010), 2010 ANNUAL GLOBAL OPINION LEADERS STUDY,source:http://www.edelman.com/trust/2010/docs/2010_Trust_Barometer_Executive_Summary.pdf.
Ewert, A., & Baker, D. (2001), “Standing for where you sit: An exploratory analysis of the relationship between academic major and environment beliefs,” Environment and Behavior , 33(5): 687-707.
Faccio, M., Marchica, M. T., & Mura, R. (2011), “CEO Gender, Corporate Risk Taking and the Efficiency of Capital Allocation,” unpublished working paper.
Fafaliou, I., Lekakou, M., & Theotokas, I. (2006), “Is the European shipping industry aware of corporate social responsibility? The case of the Greek-owned short sea shipping companies,” Marine Policy, 30(4):412-419.
Flannery, B., & May, D. (2000), “Environmental ethical decision making in the U.S. metalfinishing industry,” Academy of Management Journal, 43(4): 642-662.
Fleishman, H., & the National Consumers League. (2007), “ Rethinking Corporate Social Responsibility,” source:http://fleishmanhillard.com/wp-content/uploads/2007/05/csr_white_paper.pdf.
Giannarakis, G., & Theotokas, I. (2011), “The Effect of Financial Crisis in Corporate Social Responsibility Performance,” International Journal of Marketing Studies, 3(1):2.
Godos-Díez, J. L., Fernández-Gago, R., & Martínez-Campillo, A. (2011), “How important are CEOs to CSR practices? An analysis of the mediating effect of the perceived role of ethics and social responsibility,” Journal of Business Ethics, 98(4):531-548.
Graves, S. B., & Waddock, S. A. (1994), “Institutional Owners and Corporate Social Performance,” Academy of Management Journal, 37(4):1034–1046.
Güth, W., Schmidt, C., & Sutter, M. (2007), “Bargaining outside the lab–a newspaper experiment of a three‐person ultimatum game,” The Economic Journal 117(518):449-469.
Hall, E. T. (1976), Beyond Culture (Anchor Books/ Doubleday, Garden City, NY).
Hamilton, J. T. (1995), “Pollution as news: media and stock market reactions to the toxics release inventory data,” Journal of environmental economics and management, 28(1):98-113.
Henderson, A. D., & Fredrickson, J. W. (2001), “Top management team coordination needs and the CEO pay gap: A competitive test of economic and behavioral views,” Academy of Management Journal, 44(1):96-117.
Ipsos MORI (2003), “Ethical Companies,” MORI Corporate Social Responsibility Research.,source:http://www.ipsos-mori.com/researchpublications/researcharchive/849/Ethical-Companies.aspx.
Jones, K., & Rubin, P. H. (2001), “Effects of harmful environmental events on reputations of firms,” Advances in financial economics, 6:161-182.
Karaibrahimoğlu, Y. Z. (2010), “Corporate social responsibility in times of financial crisis,” African Journal of Business Management, 4(4):382-389.
Karpoff, J. M., Lott, J. R., & Rankine, G. (1999), “Environmental violations, legal penalties, and reputation costs,” University of Chicago, Law School.
Khan, A., Muttakin, M. B., & Siddiqui, J. (2013), “Corporate governance and corporate social responsibility disclosures: evidence from an emerging economy,” Journal of business ethics, 114(2):207-223.

King, A. A., & Lenox, M. J. (2000), “Industry self-regulation without sanctions: The chemical industry’s responsible care program,” Academy of Management Journal, 43(4): 698–716.
Kitchin, T. (2002), “Corporate social responsibility: a brand explanation,” Brand Management, 10(4-5):312-326.
Klassen, R. D., & McLaughlin, C. P. (1996), “The impact of environmental management on firm performance,” Management science, 42(8):1199-1214.
Kollmuss, A., & Agyeman, J. (2002), “Mind the gap: Why do people act environmentally and what are the barriers to pro-environmental behavior?” Environmental Education Research, 8(3): 239-260.
Konar, S., & Cohen, M. A. (2012), “Does the market value environmental performance?” Review of economics and statistics, 83(2):281-289.
Konar, S., & Cohen, M. A. (1997), “Information as regulation: the effect of community right to know laws on toxic emissions,” Journal of environmental Economics and Management, 32(1):109-124.
Krüger, P. (2010), “Corporate social responsibility and the board of directors,” Job Market Paper, Toulouse School of Economics.
Kuo, Y., & Hung, J. (2012), “Family control and investment cash-flow sensitivity: Moderating effects of excess control rights and board independence,” Corporate Governance: An International Review, 20(3):253–266.
Lazear, E. P. (1989), “Pay equality and industrial politics,” Journal of Political Economy, 97: 561-580.
Mahoney, L. S., & Thorne, L. (2005), “Corporate social responsibility and long-term compensation: Evidence from Canada,” Journal of Business Ethics, 57(3):241-253.
Mahoney, L. S., & Thorn, L. (2006), “An examination of the structure of executive compensation and corporate social responsibility: A Canadian investigation,” Journal of Business Ethics, 69(2):149-162.
Malmendier, U., & Nagel, S. (2011), “Do Macroeconomic Experiences Affect Risk-Taking?,” Quarterly Journal of Economics, 126(1):373-416.
Manner, M. H. (2010), “The impact of CEO characteristics on corporate social performance,” Journal of Business Ethics, 93(1):53-72.
McWilliams, A., & Siegel, D. (2000), “Corporate Social Responsibility and Financial Performance: Correlation or Misspecification?,” Strategic Management Journal,21(5):603–609.
McWilliams, A., Siegel, D. S., & Wright, P. W. (2006), “Corporate Social Responsibility: Strategic Implications,” Journal of Management Studies, 43 (1):1–18.
Mellahi, K., & Guermat, C. (2004), “Does Age Matter? An Empirical Examination of the Effect of Age on Managerial Values and Practices in India,” Journal of World Business 39(2):199–215.
Orlitzky, M. (2001), “Does Firm Size Confound the Relationship Between Corporate Social Performance and Firm Financial Performance?,” Journal of Business Ethics,33(2):167–180.
Özkan, F., & Gazetesi, R. (2009), source: http://www.radikal.com.tr/Radikal.aspx?aType=RadikalYazar&ArticleID=920915&Yazar=FUNDA%20%D6ZKAN&Date=01.11.2011&CatgoryID=101
Ramasamy, B., Ling, N. H., & Ting, H. W. (2007), “Corporate Social Performances and Ethnicity. A Comparison Between Malay and Chinese Chief Executives in Malaysia,” International Journal of Cross Cultural Management, 7(1):29–45.
Rivera, J., & De Leon, P. (2005), “Chief executive officers and voluntary environmental performance: Costa Rica's certification for sustainable tourism,” Policy Sciences, 38.2(3):107-127.
Schaltegger, S., Burritt, R., & Petersen H. (2003), An Introduction to Corporate Environmental Management: Striving for Sustainability, Sheffield, U.K.: Greenleaf Publishing.
Scherer, A. G., & Palazzo, G. (2008), “Globalization and Corporate Social Responsibility,” In Andrew Crane, Abagail McWilliams, Dirk Matten, Jeremy Moon, and Donald S. Siegel, The Oxford Handbook of Corporate Social Responsibility, pp.413–31, Oxford and New York: Oxford University Press.
Schiebel, W., & Pochtrager, S. (2003), “Corporate ethics as a factor for success – the measurement instrument of the University of Agricultural Sciences (BOKU),” Vienna, Supply Chain Management: An International Journal, 8(2):116-121.
Siddiqi, T. A. (2000), “The Asian Financial Crisis—is it good for the global environment?” Global Environmental Change, 10(1):1-7.
Singhapakdi, A. (1999), “Perceived Importance of Ethics and Ethical Decisions in Marketing,” Journal of Business Research, 45(1):89–99.
Singhapakdi, A., Vitell, S. J., & Franke, G. R. (1999), “Antecedents, Consequences and Mediating Effects of Perceived Moral Intensity and Personal Moral Philosophies,” Journal of the Academy of Marketing Science, 27(1):19–35.
Smith, K. (1995), “Does education induce people to improve the environment?” Journal of Public Policy Analysis and Management, 14(4): 15-29.
Stanwick, P. A., & Stanwick, S. D. (2001), “CEO compensation: does it pay to be green?” Business Strategy and the Environment, 10(3):176-182.
Terpstra, D. E., Rozell, E. J., & Robinson, R. K. (1993), “The Influence of Personality and Demographic Variables on Ethical Decisions Related to Insider Trading,” Journal of Psychology, 127(4):375–389.
Villalonga, B., & Amit, R. (2006), “How do family ownership, control, and management effect firm value?,” Journal of Financial Economics, 80(2):385–417.
Vogel, D. (2005), “The Market for Virtue: The Potential and Limits of Corporate Social Responsibility,” Washington, D.C.: Brookings Institution Press.
Voorhes, M., Humphreys J., & Solomon, A. (2012),US SIF Foundation, Report on Sustainable and Responsible Investing Trends in the United States, pp.11, source: http://www.ussif.org/files/Publications/12_Trends_Exec_Summary.pdf
Waddock, S., & Graves, S. B. (1997), “The Corporate Social Performance-Financial Performance Link,” Strategic Management Journal, 18(4):303–319.
Waldman, D. A., de Luque, M. S., Washburn, N., & House, R. J., et al.(2006), “Cultural and Leadership Predictors of Corporate Social Responsibility Values of Top Management: A GLOBE Study of 15 Countries,” Journal of International Business Studies, 37(6):823–837.
Weber, A., & Zulehner, C. (2010), “Female Hires and the Success of Start-Up Firms,” American Economic Review, 100(2):358-361.
Weber, M. (2008), “The business case for corporate social responsibility: A company-level measurement approach for CSR,” European Management Journal, 26(4):247-261.
Yelkikalan, N., & Köse, C. (2012), “The effects of the financial crisis on corporate social responsibility,” International Journal of Business and Social Science, 3(3):292-300.
論文全文使用權限
  • 同意授權校內瀏覽/列印電子全文服務,於2015-02-13起公開。
  • 同意授權校外瀏覽/列印電子全文服務,於2015-02-13起公開。


  • 如您有疑問,請聯絡圖書館
    聯絡電話:(06)2757575#65773
    聯絡E-mail:etds@email.ncku.edu.tw