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題名 社會責任型之機構投資人對高階經理人與一般員工薪酬比揭露之影響
The Association between Socially-Responsible Institutional Ownership and Pay Ratio Disclosure
作者 林佳安
Lin, Chia-An
貢獻者 梁嘉紋
林佳安
Lin, Chia-An
關鍵詞 薪酬比揭露
機構投資人
社會責任投資
Pay Ratio Disclosure
Institutional Investors
Socially Responsible Investing
日期 2020
上傳時間 3-Aug-2020 17:27:15 (UTC+8)
摘要 根據Dodd-Frank Act之規定，美國上市公司從2017年起應揭露高階經理人與一般員工之薪酬比。本研究主要探討社會責任型之機構投資人持股是否影響公司的薪酬揭露。本研究以標準普爾500指數公司為樣本，研究結果並未發現社會責任型之機構投資人持股與公司揭露之薪酬比具關連性，但實證結果顯示社會責任型之機構投資人持股對於公司使用裁量項目中針對中位數員工薪酬直接向上調整之員工生活水平調整(Cost of Living Adjustment)及員工福利加成(Benefit Addition)有負向影響，顯示當社會責任型之機構投資人擁有公司持股，公司較不將傾向在計算薪酬比時做這些較為明顯的調整；此外，當公司具有較高的社會責任型之機構投資人持股時，將傾向額外補充不同計算方式之薪酬比。然而，若從文字揭露來看，這些公司則不傾向強調提供具競爭力之員工薪酬。
Section 953 (b) of the Dodd-Frank Act requires all listed firms in the U.S. to disclose CEO pay, median employee pay, and the ratio of the two. Publicly traded firms must comply with the final rule starting from the fiscal year beginning on or after January 1, 2017. In this paper, I analyze Pay Ratio information disclosed from April 2018 to October 2019 by 470 firms in the S&P 500 Index. I explore the relationship between firms with greater socially-responsible ownership and the recently mandated Pay Ratio Disclosure. I find no association between socially responsible ownership and the Reported Pay Ratio, while there is weak evidence that firms with greater socially-responsible ownership are less likely to exercise the “Cost of Living Adjustment” and “Benefit Addition” discretion in the Pay Ratio calculation. These two discretions directly adjust the median employee pay upward and may bring more attention to the Pay Ratio Disclosure. However, I provide evidence that firms with greater socially-responsible ownership are more likely to disclose a Supplementary Pay Ratio. Finally, I find weak evidence that firms with greater socially-responsible ownership are less likely to emphasize that they provide competitive compensation to employees.
參考文獻 Balsam, S., and Y. Liang. 2018. Determinants and Consequences of Pay-Ratio Disclosures. Working paper, Fox School of Business, Temple University.
Barreda-Tarrazona, I., J. C. Matallin-Saez, and M. R. Balaguer-Franch. 2011. Measuring investors’ socially responsible preferences in mutual funds. Journal of Business Ethics 103 (October): 305-330.
Bénabou, R., and J. Tirole. 2010. Individual and corporate social responsibility. Economica 77 (January):1-19.
Boone, A. L., and J. T. White. 2015. The effect of institutional ownership on firm transparency and information production. Journal of Financial Economics 117 (September): 508-533.
Boone, A., A. Starkweather, and J. T. White. 2019. Spinning the CEO Pay Ratio Disclosure. Working paper.
Cox, P., S. Brammer, and A. Millington. 2004. An empirical examination of institutional investor preferences for corporate social performance. Journal of Business Ethics 52 (June): 27-43.
Crane, A. D., A. Koch, and S. Michenaud. 2019. Institutional investor cliques and governance. Journal of Financial Economics 133 (July): 175-197.
Dyck, A., K. V. Lins, L. Roth, and H. F. Wagner. 2019. Do institutional investors drive corporate social responsibility? International evidence. Journal of Financial Economics 131 (March): 693-714.
Edmans, A. 2011. Does the stock market fully value intangibles? Employee satisfaction and equity prices. Journal of Financial Economics 101 (September): 621-640.
Erhemjamts, O., and K. Huang. 2019. Institutional ownership horizon, corporate social responsibility and shareholder value. Journal of Business Research 105 (December): 61-79.
Garel, A., and A. Petit-Romec. 2018. Investor Horizons and Employee Satisfaction: A Test of the `Long-Term Perspective` Vision of Corporate Social Responsibility.
Working paper.
Gond, J. P. and V. Piani. 2013. Enabling institutional investors` collective action: The role of the principles for responsible investment initiative. Business & Society 52 (March): 64-104.
Hoepner, A. G. F., A. A. A. Majoch, and X. Y. Zhou. 2019. Does an Asset Owner`s Institutional Setting Influence Its Decision to Sign the Principles for Responsible Investment? Journal of Business Ethics (June).
Holder-Webb, L., J. R. Cohen, L. Nath, and D. Wood. 2009. The Supply of Corporate Social Responsibility Disclosures Among U.S. Firms. Journal of Business Ethics 84 (February): 497-527.
Hong, H., and M. Kacperczyk. 2009. The price of sin: The effects of social norms on markets. Journal of Financial Economics 93 (July): 15-36.
Jung, S. M., N. K. W. Kim, H. S. Ryu, and J. Y. Shin. 2018. Why do firms disclose a Supplementary CEO-employee Pay Ratio? Initial evidence from Dodd-Frank Act Section 953 (b). AAA 2019 Management Accounting Section (MAS) Meeting.
Kelly, K., and J. L. Seow. 2016. Investor Reactions to Company Disclosure of High CEO Pay and High CEO-to-Employee Pay Ratio: An Experimental Investigation. Journal of Management Accounting Research 28 (January): 107-125.
Majoch, A. A. A., A. G. F. Hoepner, and T. Hebb. 2017. Sources of stakeholder salience in the responsible investment movement: why do investors sign the principles for responsible investment? Journal of Business Ethics 140 (February): 723-741.
Martin, P. R., and D. V. Moser. 2016. Managers’ green investment disclosures and investors’ reaction. Journal of Accounting and Economics 61 (February): 239-254.
Miralles-Quiros, M. M., J. L. Miralles-Quiros, and I. G. Arraiano. 2017. Sustainable development, sustainability leadership and firm valuation: Differences across Europe. Business Strategy and the Environment 26 (April): 1014-1028.
MSCI. 2015. MSCI ESG KLD STATS: 1991-2014 DATA SETS. https://www.wiso.uni-hamburg.de/bibliothek/recherche/
datenbanken/unternehmensdaten/msci-methodology-2014.pdf
MSCI. 2018. MSCI ESG Ratings Methodology－Executive Summary. https://www.msci.com/documents/10199/
123a2b2b-1395-4aa2-a121-ea14de6d708a
Nath, S. 2019. The business of virtue: evidence from socially responsible investing in financial markets. Journal of Business Ethics (September).
Nielsen, K. P., and R. W. Noergaard. 2011. CSR and mainstream investing: a new match? – an analysis of the existing ESG integration methods in theory and practice and the way forward. Journal of Sustainable Finance & Investment 1 (April): 209-221.
Pasewark, W. R., and M. E. Riley. 2010. It’s a matter of principle: The role of personal values in investment decisions. Journal of Business Ethics 93 (May): 237-253.
Petersen, H. L., and H. Vredenburg. 2009. Morals or Economics? Institutional Investor Preferences for Corporate Social Responsibility. Journal of Business Ethics 90 (November): 1-14.
Rees, B. J. 2013. Comment letter on Pay-Ratio disclosure. https://www.sec.gov/comments/s7-07-13/s70713-562.pdf
Rouen, E. 2017. Rethinking measurement of pay disparity and its relation to firm performance. Working paper, Harvard University, Boston.
Scholtens, B., and R. Sievänen. 2013. Drivers of socially responsible investing: A case study of four Nordic countries. Journal of Business Ethics 115 (July): 605-616.
Securities and Exchange Commission (SEC). 2011. Say-on-Pay and Golden Parachute Votes. https://www.investor.gov/
introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins/say-pay
Waddock, S. 2008. Building a new institutional infrastructure for corporate responsibility. Academy of Management Perspectives 22 (August): 87-108.
描述 碩士
國立政治大學
會計學系
107353015
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0107353015
資料類型 thesis
dc.contributor.advisor 梁嘉紋zh_TW
dc.contributor.author (Authors) 林佳安zh_TW
dc.contributor.author (Authors) Lin, Chia-Anen_US
dc.creator (作者) 林佳安zh_TW
dc.creator (作者) Lin, Chia-Anen_US
dc.date (日期) 2020en_US
dc.date.accessioned 3-Aug-2020 17:27:15 (UTC+8)-
dc.date.available 3-Aug-2020 17:27:15 (UTC+8)-
dc.date.issued (上傳時間) 3-Aug-2020 17:27:15 (UTC+8)-
dc.identifier (Other Identifiers) G0107353015en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/130929-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 會計學系zh_TW
dc.description (描述) 107353015zh_TW
dc.description.abstract (摘要) 根據Dodd-Frank Act之規定，美國上市公司從2017年起應揭露高階經理人與一般員工之薪酬比。本研究主要探討社會責任型之機構投資人持股是否影響公司的薪酬揭露。本研究以標準普爾500指數公司為樣本，研究結果並未發現社會責任型之機構投資人持股與公司揭露之薪酬比具關連性，但實證結果顯示社會責任型之機構投資人持股對於公司使用裁量項目中針對中位數員工薪酬直接向上調整之員工生活水平調整(Cost of Living Adjustment)及員工福利加成(Benefit Addition)有負向影響，顯示當社會責任型之機構投資人擁有公司持股，公司較不將傾向在計算薪酬比時做這些較為明顯的調整；此外，當公司具有較高的社會責任型之機構投資人持股時，將傾向額外補充不同計算方式之薪酬比。然而，若從文字揭露來看，這些公司則不傾向強調提供具競爭力之員工薪酬。zh_TW
dc.description.abstract (摘要) Section 953 (b) of the Dodd-Frank Act requires all listed firms in the U.S. to disclose CEO pay, median employee pay, and the ratio of the two. Publicly traded firms must comply with the final rule starting from the fiscal year beginning on or after January 1, 2017. In this paper, I analyze Pay Ratio information disclosed from April 2018 to October 2019 by 470 firms in the S&P 500 Index. I explore the relationship between firms with greater socially-responsible ownership and the recently mandated Pay Ratio Disclosure. I find no association between socially responsible ownership and the Reported Pay Ratio, while there is weak evidence that firms with greater socially-responsible ownership are less likely to exercise the “Cost of Living Adjustment” and “Benefit Addition” discretion in the Pay Ratio calculation. These two discretions directly adjust the median employee pay upward and may bring more attention to the Pay Ratio Disclosure. However, I provide evidence that firms with greater socially-responsible ownership are more likely to disclose a Supplementary Pay Ratio. Finally, I find weak evidence that firms with greater socially-responsible ownership are less likely to emphasize that they provide competitive compensation to employees.en_US
dc.description.tableofcontents 1. INTRODUCTION 1
2. BACKGROUND AND LITERATURE REVIEW 7
3. RESEARCH METHOD 16
3.1. RESEARCH HYPOTHESIS 16
3.2. RESEARCH SAMPLE AND RESEARCH PERIOD 22
3.3. RESEARCH VARIABLES AND MODEL 24
4. RESEARCH RESULTS 34
4.1. DESCRIPTIVE STATISTICS AND CORRELATION ANALYSIS 34
4.2. EMPIRICAL RESULTS 34
4.3 ADDITIONAL ANALYSES 37
5. CONCLUSION AND LIMITATION OF THE STUDY 39
5.1. RESEARCH CONCLUSION 39
5.2. RESEARCH LIMITATION 40
REFERENCES 41
APPENDIX A SUMMARY OF PAY RATIO DISCLOSURE RULES 44
APPENDIX B VARIABLE DEFINITION 47		zh_TW
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0107353015en_US
dc.subject (關鍵詞) 薪酬比揭露zh_TW
dc.subject (關鍵詞) 機構投資人zh_TW
dc.subject (關鍵詞) 社會責任投資zh_TW
dc.subject (關鍵詞) Pay Ratio Disclosureen_US
dc.subject (關鍵詞) Institutional Investorsen_US
dc.subject (關鍵詞) Socially Responsible Investingen_US
dc.title (題名) 社會責任型之機構投資人對高階經理人與一般員工薪酬比揭露之影響zh_TW
dc.title (題名) The Association between Socially-Responsible Institutional Ownership and Pay Ratio Disclosureen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) Balsam, S., and Y. Liang. 2018. Determinants and Consequences of Pay-Ratio Disclosures. Working paper, Fox School of Business, Temple University.
Barreda-Tarrazona, I., J. C. Matallin-Saez, and M. R. Balaguer-Franch. 2011. Measuring investors’ socially responsible preferences in mutual funds. Journal of Business Ethics 103 (October): 305-330.
Bénabou, R., and J. Tirole. 2010. Individual and corporate social responsibility. Economica 77 (January):1-19.
Boone, A. L., and J. T. White. 2015. The effect of institutional ownership on firm transparency and information production. Journal of Financial Economics 117 (September): 508-533.
Boone, A., A. Starkweather, and J. T. White. 2019. Spinning the CEO Pay Ratio Disclosure. Working paper.
Cox, P., S. Brammer, and A. Millington. 2004. An empirical examination of institutional investor preferences for corporate social performance. Journal of Business Ethics 52 (June): 27-43.
Crane, A. D., A. Koch, and S. Michenaud. 2019. Institutional investor cliques and governance. Journal of Financial Economics 133 (July): 175-197.
Dyck, A., K. V. Lins, L. Roth, and H. F. Wagner. 2019. Do institutional investors drive corporate social responsibility? International evidence. Journal of Financial Economics 131 (March): 693-714.
Edmans, A. 2011. Does the stock market fully value intangibles? Employee satisfaction and equity prices. Journal of Financial Economics 101 (September): 621-640.
Erhemjamts, O., and K. Huang. 2019. Institutional ownership horizon, corporate social responsibility and shareholder value. Journal of Business Research 105 (December): 61-79.
Garel, A., and A. Petit-Romec. 2018. Investor Horizons and Employee Satisfaction: A Test of the `Long-Term Perspective` Vision of Corporate Social Responsibility.
Working paper.
Gond, J. P. and V. Piani. 2013. Enabling institutional investors` collective action: The role of the principles for responsible investment initiative. Business & Society 52 (March): 64-104.
Hoepner, A. G. F., A. A. A. Majoch, and X. Y. Zhou. 2019. Does an Asset Owner`s Institutional Setting Influence Its Decision to Sign the Principles for Responsible Investment? Journal of Business Ethics (June).
Holder-Webb, L., J. R. Cohen, L. Nath, and D. Wood. 2009. The Supply of Corporate Social Responsibility Disclosures Among U.S. Firms. Journal of Business Ethics 84 (February): 497-527.
Hong, H., and M. Kacperczyk. 2009. The price of sin: The effects of social norms on markets. Journal of Financial Economics 93 (July): 15-36.
Jung, S. M., N. K. W. Kim, H. S. Ryu, and J. Y. Shin. 2018. Why do firms disclose a Supplementary CEO-employee Pay Ratio? Initial evidence from Dodd-Frank Act Section 953 (b). AAA 2019 Management Accounting Section (MAS) Meeting.
Kelly, K., and J. L. Seow. 2016. Investor Reactions to Company Disclosure of High CEO Pay and High CEO-to-Employee Pay Ratio: An Experimental Investigation. Journal of Management Accounting Research 28 (January): 107-125.
Majoch, A. A. A., A. G. F. Hoepner, and T. Hebb. 2017. Sources of stakeholder salience in the responsible investment movement: why do investors sign the principles for responsible investment? Journal of Business Ethics 140 (February): 723-741.
Martin, P. R., and D. V. Moser. 2016. Managers’ green investment disclosures and investors’ reaction. Journal of Accounting and Economics 61 (February): 239-254.
Miralles-Quiros, M. M., J. L. Miralles-Quiros, and I. G. Arraiano. 2017. Sustainable development, sustainability leadership and firm valuation: Differences across Europe. Business Strategy and the Environment 26 (April): 1014-1028.
MSCI. 2015. MSCI ESG KLD STATS: 1991-2014 DATA SETS. https://www.wiso.uni-hamburg.de/bibliothek/recherche/
datenbanken/unternehmensdaten/msci-methodology-2014.pdf
MSCI. 2018. MSCI ESG Ratings Methodology－Executive Summary. https://www.msci.com/documents/10199/
123a2b2b-1395-4aa2-a121-ea14de6d708a
Nath, S. 2019. The business of virtue: evidence from socially responsible investing in financial markets. Journal of Business Ethics (September).
Nielsen, K. P., and R. W. Noergaard. 2011. CSR and mainstream investing: a new match? – an analysis of the existing ESG integration methods in theory and practice and the way forward. Journal of Sustainable Finance & Investment 1 (April): 209-221.
Pasewark, W. R., and M. E. Riley. 2010. It’s a matter of principle: The role of personal values in investment decisions. Journal of Business Ethics 93 (May): 237-253.
Petersen, H. L., and H. Vredenburg. 2009. Morals or Economics? Institutional Investor Preferences for Corporate Social Responsibility. Journal of Business Ethics 90 (November): 1-14.
Rees, B. J. 2013. Comment letter on Pay-Ratio disclosure. https://www.sec.gov/comments/s7-07-13/s70713-562.pdf
Rouen, E. 2017. Rethinking measurement of pay disparity and its relation to firm performance. Working paper, Harvard University, Boston.
Scholtens, B., and R. Sievänen. 2013. Drivers of socially responsible investing: A case study of four Nordic countries. Journal of Business Ethics 115 (July): 605-616.
Securities and Exchange Commission (SEC). 2011. Say-on-Pay and Golden Parachute Votes. https://www.investor.gov/
introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins/say-pay
Waddock, S. 2008. Building a new institutional infrastructure for corporate responsibility. Academy of Management Perspectives 22 (August): 87-108.		zh_TW
dc.identifier.doi (DOI) 10.6814/NCCU202001157en_US