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題名 高階經理人薪酬之「內部債」與企業社會責任之關聯性 作者 黃心妤
Huang, Sin-Yu貢獻者 李佳玲
Lee, Chia-Ling
黃心妤
Huang, Sin-Yu關鍵詞 內部債
高階管理者薪酬
法律性企業社會責任
規範性企業社會責任
Inside debt
Executive compensation
Legal corporate social responsibility
Normative corporate social responsibility日期 2018 上傳時間 23-Jul-2018 16:49:28 (UTC+8) 參考文獻 中文陳彩稚、許永明與張智媛（2015）。企業社會責任對於股東價值之風險管理效果。臺大管理論叢，26(1)，153-180。劉心才（2015）。內部債－高階經理人薪酬的選擇。會計研究月刊，347，19-21。英文Aguilera, R. V., Rupp, D. E., Williams, C. A., & Ganapathi, J. (2007). Putting the S back in corporate social responsibility: a multilevel theory of social change in organizations. Academy of Management Review, 32(3), 836-863.Antia, M., Pantzalis, C., & Park, J. C. (2010). CEO decision horizon and firm performance: An empirical investigation. Journal of Corporate Finance, 16(3), 288-301.Banerjee, S., Dasgupta, S., & Kim, Y. (2008). Buyer–supplier relationships and the stakeholder theory of capital structure. Journal of Finance, 63(5), 2507-2552.Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99-120.Baucus, M. S., & Baucus, D. A. (1997). Paying the piper: an empirical examination of longer-term financial consequences of illegal corporate behavior. Academy of Management Journal, 40(1), 129-151.Black, F., & Scholes, M. (1973). The pricing of options and corporate liabilities. Journal of Political Economy, 81(3), 637-654.Brander, J. A., & Poitevin, M. (1992). Managerial compensation and the agency costs of debt finance. Managerial & Decision Economics, 13(1), 55-64.Brisker, E. R., & Wang, W. (2017). CEO`s inside debt and dynamics of capital structure. Financial Management (Wiley-Blackwell), 46(3), 655-685.Callan, S. J., & Thomas, J. M. (2014). Relating CEO compensation to social performance and financial performance: does the measure of compensation matter? Corporate Social Responsibility & Environmental Management, 21(4), 202-227.Carroll, A. B. (1991). The pyramid of corporate social responsibility: toward the moral management of organizational stakeholders. Business Horizons, 34(4), 39-48.Cassell, C. A., Huang, S. X., Manuel Sanchez, J., & Stuart, M. D. (2012). Seeking safety: The relation between CEO inside debt holdings and the riskiness of firm investment and financial policies. Journal of Financial Economics, 103(3), 588-610.Chi, S., Huang, S. X., & Sanchez, J. M. (2017). CEO inside debt incentives and corporate tax sheltering. Journal of Accounting Research, 55(4), 837-876.Chollet, P., & Sandwidi, B. W. (in press). CSR engagement and financial risk: A virtuous circle? International evidence. Global Finance Journal. Retrieved from http://www.elsevier.com/locate/gfj.Coles, J. L., Daniel, N. D., & Naveen, L. (2006). Managerial incentives and risk-taking. Journal of Financial Economics, 79(2), 431-468.Davis, K. (1973). The case for and against business assumption of social responsibilities. Academy of Management Journal, 16(2), 312-322.Dewatripont, M., & Tirole, J. (1994). A theory of debt and equity: diversity of securities and manager-shareholder congruence. Quarterly Journal of Economics, 109(4), 1027-1054.Dhaliwal, D. S., Radhakrishnan, S., Tsang, A., & Yang, Y. G. (2012). Nonfinancial disclosure and analyst forecast accuracy: international evidence on corporate social responsibility disclosure. Accounting Review, 87(3), 723-759.Donaldson, T., & Preston, L. E. (1995). The stakeholder theory of the corporation: concepts, evidence, and implications. Academy of Management Review, 20(1), 65-91.Edmans, A., & Qi, L. I. U. (2011). Inside debt. Review of Finance, 15(1), 75-102.Fabrizi, M., Mallin, C., & Michelon, G. (2014). The role of CEO`s personal incentives in driving corporate social responsibility. Journal of Business Ethics, 124(2), 311-326.Freeman, R. E., & Reed, D. L. (1983). Stockholders and stakeholders: a new perspective on corporate governance. California Management Review, 25(3), 88-106.Friedman, M. (1970). The social responsibility of business is to increase its profits. New York Times Magazine, (September 13), 32-33, 122, 126.Godfrey, P. C., Merrill, C. B., & Hansen, J. M. (2009). The relationship between corporate social responsibility and shareholder value: an empirical test of the risk management hypothesis. Strategic Management Journal, 30(4), 425-445.Harjoto, M., & Jo, H. (2015). Legal vs. Normative CSR: differential impact on analyst dispersion, stock return volatility, cost of capital, and firm value. Journal of Business Ethics, 128(1), 1-20.Hendricks, K. B.,& Singhal, V. R. (2003). The effect of supply chain glitches on shareholder wealth. Journal of Operations Management, 21(5), 501-522.Hull, C. E., & Rothenberg, S. (2008). Firm performance: the interactions of corporate social performance with innovation and industry differentiation. Strategic Management Journal, 29(7), 781-789.Husted, B. W., & Allen, D. B. (2007). Strategic corporate social responsibility and value creation among large firms: lessons from the spanish experience. Long Range Planning, 40(6), 594-610.Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360.Kim, Y., Park, M. S., & Wier, B. (2012). Is earnings quality associated with corporate social responsibility? Accounting Review, 87(3), 761-796.Kothari, S. P., Laguerre, T. E., & Leone, A. J. (2002). Capitalization versus expensing: evidence on the uncertainty of future earnings from capital expenditures versus R&D outlays. Review of Accounting Studies, 7(4), 355-382.Lai, W. H., Lin, C. C., & Wang, T. C. (2015). Exploring the interoperability of innovation capability and corporate sustainability. Journal of Business Research, 68(4), 867-871.Lee, Y. J., & Shen, C. H. H. (2016). Inside debt and corporate financing decisions. 財務金融學刊, 24(2), 1-23.Mackey, A., Mackey, T. B., & Barney, J. B. (2007).Corporate social responsibility and firm performance: investor preferences and corporate strategies. Academy of Management Review, 32(3), 817-835.Mahoney, L., & Thorn, L. (2005). Corporate social responsibility and long-term compensation: evidence from Canada. Journal of Business Ethics, 57(3), 241-253.Mahoney, L., & 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.McGuire, J., Dow, S., & Argheyd, K. (2003). CEO incentives and corporate social performance. Journal of Business Ethics, 45(4), 341-359.McWilliams, A., & Siegel, D. (2001). Corporate social responsibility: a theory of the firm perspective. Academy of Management Review, 26(1), 117-127.Mishra, S., & Modi, S. (2013). Positive and negative corporate social responsibility, financial leverage, and idiosyncratic risk. Journal of Business Ethics, 117(2), 431-448.Moser, D. V., & Martin, P. R. (2012). A broader perspective on corporate social responsibility research in accounting. Accounting Review, 87(3), 797-806.Murphy, K. J. (1999). Executive compensation. In: Ashenfelter, O. and Card, D., Eds., Handbook of Labor Economics, 3(2), Elsevier Science North, Holland, 2485-2563.Murphy, T. A. (1985). Million-dollar executives. Harvard Business Review, 63(4), 180-181.Park, J., Lee, H., & Kim, C. (2014). Corporate social responsibilities, consumer trust and corporate reputation: South Korean consumers` perspectives. Journal of Business Research, 67(3), 295-302.Porter, M. E., & Kramer, M. R. (2006). Strategy & society: the link between competitive advantage and corporate social responsibility. Harvard Business Review, 84(12), 78-92.Padgett, R. C. & Galan, J.I. (2010). The effect of R&D intensity on corporate social responsibility. Journal of Business Ethics, 93(3), 407–418.Sen, S., & Bhattacharya, C. B. (2001). Does Doing Good Always Lead to Doing Better? Consumer Reactions to Corporate Social Responsibility. Journal of Marketing Research, 38(2), 225-243.Sheldon, O. (1923). The philosophy of management. London, England: Pitman.Shiu, Y. M., & Yang, S. L. (2017). Does engagement in corporate social responsibility provide strategic insurance‐like effects? Strategic Management Journal, 38(2), 455-470.Smith Jr, C. W., & Watts, R. L. (1992). The investment opportunity set and corporate financing, dividend, and compensation policies. Journal of Financial Economics, 32(3), 263-292.Sundaram, R. K., & Yermack, D. L. (2007). Pay me later: inside debt and its role in managerial compensation. Journal of Finance, 62(4), 1551-1588.Tang, Y., Mack, D. Z., & Chen, G. (2018). The differential effects of CEO narcissism and hubris on corporate social responsibility. Strategic Management Journal, 39(5), 1370-1387.Tang, Z., Hull, C. E., & Rothenberg, S. (2012). How corporate social responsibility engagement strategy moderates the csr-financial performance relationship. Journal of Management Studies, 49(7), 1274-1303.Titman, S. (1984). The effect of capital structure on a firm`s liquidation decision. Journal of Financial Economics, 13(1), 137-151.van Bekkum, S. (2016). Inside debt and bank risk. Journal of Financial & Quantitative Analysis, 51(2), 359-385.Wei, C., & Yermack, D. (2011). Investor reactions to CEOs` inside debt incentives. Review of Financial Studies, 24(11), 3813-3840.Williams, R. J., & Barrett, J. D. (2000). Corporate philanthropy, criminal activity, and firm reputation: is there a link? Journal of Business Ethics, 26(4), 341-350.Yoon, Y., Gürhan-Canli, Z., & Schwarz, N. (2006). The effect of corporate social responsibility (CSR) activities on companies with bad reputations. Journal of Consumer Psychology (Taylor & Francis Ltd), 16(4), 377-390. 描述 碩士
國立政治大學
會計學系
105353033資料來源 http://thesis.lib.nccu.edu.tw/record/#G0105353033 資料類型 thesis dc.contributor.advisor 李佳玲 zh_TW dc.contributor.advisor Lee, Chia-Ling en_US dc.contributor.author (Authors) 黃心妤 zh_TW dc.contributor.author (Authors) Huang, Sin-Yu en_US dc.creator (作者) 黃心妤 zh_TW dc.creator (作者) Huang, Sin-Yu en_US dc.date (日期) 2018 en_US dc.date.accessioned 23-Jul-2018 16:49:28 (UTC+8) - dc.date.available 23-Jul-2018 16:49:28 (UTC+8) - dc.date.issued (上傳時間) 23-Jul-2018 16:49:28 (UTC+8) - dc.identifier (Other Identifiers) G0105353033 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/118803 - 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) 105353033 zh_TW dc.description.tableofcontents 第壹章 緒論 1第一節 研究背景與動機 1第二節 研究問題與預期研究貢獻 2第貳章 文獻探討及假說發展 3第一節 企業社會責任 3第二節 高階經理人薪酬與企業社會責任 4第三節 高階經理人薪酬的內部債 5第四節 假說發展 6第參章 研究設計 8第一節 變數衡量 8第二節 實證模型 11第三節 樣本選擇與資料蒐集 13第肆章 實證結果 15第一節 敘述性統計 15第二節 迴歸結果 18第三節 穩定性測試 22第四節 內生性測試 25第五節 進一步分析 28第伍章 結論 31參考文獻 33附錄 38 zh_TW dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0105353033 en_US dc.subject (關鍵詞) 內部債 zh_TW dc.subject (關鍵詞) 高階管理者薪酬 zh_TW dc.subject (關鍵詞) 法律性企業社會責任 zh_TW dc.subject (關鍵詞) 規範性企業社會責任 zh_TW dc.subject (關鍵詞) Inside debt en_US dc.subject (關鍵詞) Executive compensation en_US dc.subject (關鍵詞) Legal corporate social responsibility en_US dc.subject (關鍵詞) Normative corporate social responsibility en_US dc.title (題名) 高階經理人薪酬之「內部債」與企業社會責任之關聯性 zh_TW dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 中文陳彩稚、許永明與張智媛（2015）。企業社會責任對於股東價值之風險管理效果。臺大管理論叢，26(1)，153-180。劉心才（2015）。內部債－高階經理人薪酬的選擇。會計研究月刊，347，19-21。英文Aguilera, R. V., Rupp, D. E., Williams, C. A., & Ganapathi, J. (2007). Putting the S back in corporate social responsibility: a multilevel theory of social change in organizations. Academy of Management Review, 32(3), 836-863.Antia, M., Pantzalis, C., & Park, J. C. (2010). CEO decision horizon and firm performance: An empirical investigation. Journal of Corporate Finance, 16(3), 288-301.Banerjee, S., Dasgupta, S., & Kim, Y. (2008). Buyer–supplier relationships and the stakeholder theory of capital structure. Journal of Finance, 63(5), 2507-2552.Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99-120.Baucus, M. S., & Baucus, D. A. (1997). Paying the piper: an empirical examination of longer-term financial consequences of illegal corporate behavior. Academy of Management Journal, 40(1), 129-151.Black, F., & Scholes, M. (1973). The pricing of options and corporate liabilities. Journal of Political Economy, 81(3), 637-654.Brander, J. A., & Poitevin, M. (1992). Managerial compensation and the agency costs of debt finance. Managerial & Decision Economics, 13(1), 55-64.Brisker, E. R., & Wang, W. (2017). CEO`s inside debt and dynamics of capital structure. Financial Management (Wiley-Blackwell), 46(3), 655-685.Callan, S. J., & Thomas, J. M. (2014). Relating CEO compensation to social performance and financial performance: does the measure of compensation matter? Corporate Social Responsibility & Environmental Management, 21(4), 202-227.Carroll, A. B. (1991). The pyramid of corporate social responsibility: toward the moral management of organizational stakeholders. Business Horizons, 34(4), 39-48.Cassell, C. A., Huang, S. X., Manuel Sanchez, J., & Stuart, M. D. (2012). Seeking safety: The relation between CEO inside debt holdings and the riskiness of firm investment and financial policies. Journal of Financial Economics, 103(3), 588-610.Chi, S., Huang, S. X., & Sanchez, J. M. (2017). CEO inside debt incentives and corporate tax sheltering. Journal of Accounting Research, 55(4), 837-876.Chollet, P., & Sandwidi, B. W. (in press). CSR engagement and financial risk: A virtuous circle? International evidence. Global Finance Journal. Retrieved from http://www.elsevier.com/locate/gfj.Coles, J. L., Daniel, N. D., & Naveen, L. (2006). Managerial incentives and risk-taking. Journal of Financial Economics, 79(2), 431-468.Davis, K. (1973). The case for and against business assumption of social responsibilities. Academy of Management Journal, 16(2), 312-322.Dewatripont, M., & Tirole, J. (1994). A theory of debt and equity: diversity of securities and manager-shareholder congruence. Quarterly Journal of Economics, 109(4), 1027-1054.Dhaliwal, D. S., Radhakrishnan, S., Tsang, A., & Yang, Y. G. (2012). Nonfinancial disclosure and analyst forecast accuracy: international evidence on corporate social responsibility disclosure. Accounting Review, 87(3), 723-759.Donaldson, T., & Preston, L. E. (1995). The stakeholder theory of the corporation: concepts, evidence, and implications. Academy of Management Review, 20(1), 65-91.Edmans, A., & Qi, L. I. U. (2011). Inside debt. Review of Finance, 15(1), 75-102.Fabrizi, M., Mallin, C., & Michelon, G. (2014). The role of CEO`s personal incentives in driving corporate social responsibility. Journal of Business Ethics, 124(2), 311-326.Freeman, R. E., & Reed, D. L. (1983). Stockholders and stakeholders: a new perspective on corporate governance. California Management Review, 25(3), 88-106.Friedman, M. (1970). The social responsibility of business is to increase its profits. New York Times Magazine, (September 13), 32-33, 122, 126.Godfrey, P. C., Merrill, C. B., & Hansen, J. M. (2009). The relationship between corporate social responsibility and shareholder value: an empirical test of the risk management hypothesis. Strategic Management Journal, 30(4), 425-445.Harjoto, M., & Jo, H. (2015). Legal vs. Normative CSR: differential impact on analyst dispersion, stock return volatility, cost of capital, and firm value. Journal of Business Ethics, 128(1), 1-20.Hendricks, K. B.,& Singhal, V. R. (2003). The effect of supply chain glitches on shareholder wealth. Journal of Operations Management, 21(5), 501-522.Hull, C. E., & Rothenberg, S. (2008). Firm performance: the interactions of corporate social performance with innovation and industry differentiation. Strategic Management Journal, 29(7), 781-789.Husted, B. W., & Allen, D. B. (2007). Strategic corporate social responsibility and value creation among large firms: lessons from the spanish experience. Long Range Planning, 40(6), 594-610.Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360.Kim, Y., Park, M. S., & Wier, B. (2012). Is earnings quality associated with corporate social responsibility? Accounting Review, 87(3), 761-796.Kothari, S. P., Laguerre, T. E., & Leone, A. J. (2002). Capitalization versus expensing: evidence on the uncertainty of future earnings from capital expenditures versus R&D outlays. Review of Accounting Studies, 7(4), 355-382.Lai, W. H., Lin, C. C., & Wang, T. C. (2015). Exploring the interoperability of innovation capability and corporate sustainability. Journal of Business Research, 68(4), 867-871.Lee, Y. J., & Shen, C. H. H. (2016). Inside debt and corporate financing decisions. 財務金融學刊, 24(2), 1-23.Mackey, A., Mackey, T. B., & Barney, J. B. (2007).Corporate social responsibility and firm performance: investor preferences and corporate strategies. Academy of Management Review, 32(3), 817-835.Mahoney, L., & Thorn, L. (2005). Corporate social responsibility and long-term compensation: evidence from Canada. Journal of Business Ethics, 57(3), 241-253.Mahoney, L., & 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.McGuire, J., Dow, S., & Argheyd, K. (2003). CEO incentives and corporate social performance. Journal of Business Ethics, 45(4), 341-359.McWilliams, A., & Siegel, D. (2001). Corporate social responsibility: a theory of the firm perspective. Academy of Management Review, 26(1), 117-127.Mishra, S., & Modi, S. (2013). Positive and negative corporate social responsibility, financial leverage, and idiosyncratic risk. Journal of Business Ethics, 117(2), 431-448.Moser, D. V., & Martin, P. R. (2012). A broader perspective on corporate social responsibility research in accounting. Accounting Review, 87(3), 797-806.Murphy, K. J. (1999). Executive compensation. In: Ashenfelter, O. and Card, D., Eds., Handbook of Labor Economics, 3(2), Elsevier Science North, Holland, 2485-2563.Murphy, T. A. (1985). Million-dollar executives. Harvard Business Review, 63(4), 180-181.Park, J., Lee, H., & Kim, C. (2014). Corporate social responsibilities, consumer trust and corporate reputation: South Korean consumers` perspectives. Journal of Business Research, 67(3), 295-302.Porter, M. E., & Kramer, M. R. (2006). Strategy & society: the link between competitive advantage and corporate social responsibility. Harvard Business Review, 84(12), 78-92.Padgett, R. C. & Galan, J.I. (2010). The effect of R&D intensity on corporate social responsibility. Journal of Business Ethics, 93(3), 407–418.Sen, S., & Bhattacharya, C. B. (2001). Does Doing Good Always Lead to Doing Better? Consumer Reactions to Corporate Social Responsibility. Journal of Marketing Research, 38(2), 225-243.Sheldon, O. (1923). The philosophy of management. London, England: Pitman.Shiu, Y. M., & Yang, S. L. (2017). Does engagement in corporate social responsibility provide strategic insurance‐like effects? Strategic Management Journal, 38(2), 455-470.Smith Jr, C. W., & Watts, R. L. (1992). The investment opportunity set and corporate financing, dividend, and compensation policies. Journal of Financial Economics, 32(3), 263-292.Sundaram, R. K., & Yermack, D. L. (2007). Pay me later: inside debt and its role in managerial compensation. Journal of Finance, 62(4), 1551-1588.Tang, Y., Mack, D. Z., & Chen, G. (2018). The differential effects of CEO narcissism and hubris on corporate social responsibility. Strategic Management Journal, 39(5), 1370-1387.Tang, Z., Hull, C. E., & Rothenberg, S. (2012). How corporate social responsibility engagement strategy moderates the csr-financial performance relationship. Journal of Management Studies, 49(7), 1274-1303.Titman, S. (1984). The effect of capital structure on a firm`s liquidation decision. Journal of Financial Economics, 13(1), 137-151.van Bekkum, S. (2016). Inside debt and bank risk. Journal of Financial & Quantitative Analysis, 51(2), 359-385.Wei, C., & Yermack, D. (2011). Investor reactions to CEOs` inside debt incentives. Review of Financial Studies, 24(11), 3813-3840.Williams, R. J., & Barrett, J. D. (2000). Corporate philanthropy, criminal activity, and firm reputation: is there a link? Journal of Business Ethics, 26(4), 341-350.Yoon, Y., Gürhan-Canli, Z., & Schwarz, N. (2006). The effect of corporate social responsibility (CSR) activities on companies with bad reputations. Journal of Consumer Psychology (Taylor & Francis Ltd), 16(4), 377-390. zh_TW dc.identifier.doi (DOI) 10.6814/THE.NCCU.ACCT.031.2018.F07 -
