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題名 企業社會責任績效對高階經理人與一般員工薪酬比揭露之影響
The association between corporate social responsibility performance and pay ratio disclosure
作者 蕭凡恩
Hsiao, Fan-En
貢獻者 梁嘉紋
Liang, Jia-Wen
蕭凡恩
Hsiao, Fan-En
關鍵詞 高階經理人與一般員工薪酬比揭露
企業社會責任
員工關係
Pay ratio disclosure
Corporate social responsibility
Employee relations
日期 2020
上傳時間 2-Sep-2020 11:41:45 (UTC+8)
摘要 美國證券交易委員會(SEC)要求所有上市公司揭露其高階經理人與一般員工薪酬比(CEO pay ratio)，並允許上市公司於揭露薪酬比時，使用適當的裁量權(Discretion)，或揭露另一補充薪酬比(Supplementary Pay Ratio)。本研究主要探討薪酬比的揭露與企業社會責任(CSR)績效──員工關係構面之關聯性。本研究以標準普爾500指數(S&P 500)公司為樣本。研究結果發現公司的員工關係越佳，在計算薪酬比時，會採用較少的裁量權，並揭露出相對較高的薪酬比。此外，當員工關係構面的企業社會責任績效越高，公司提供額外揭露的程度越低。最後，本研究選取揭露補充薪酬比低於薪酬比的公司做為子樣本，發現企業社會責任績效在員工關係構面的表現與兩薪酬比之間的向下調整幅度呈負相關。
For fiscal years beginning on or after January 1, 2017, the SEC requires all publicly listed firms in the U.S. to disclose a CEO pay ratio. Firms are permitted to utilize definite discretions and disclose a Supplementary Pay Ratio in the pay ratio disclosure section. In this paper, I examine whether the content of pay ratio disclosure is associated with corporate social responsibility (CSR) performance on employee relations. Based on a sample of S&P 500 firms, I provide evidence that firms with superior employee relations use less discretions when calculating the pay ratio and report a higher pay ratio. I also find evidence that voluntary information on the pay ratio disclosure section is negatively associated with CSR performance on employee relations. Finally, using a subsample of firms disclosing a lower Supplementary Pay Ratio, I find that CSR performance on employee relations is negatively associated with the difference between the Reported Pay Ratio and the Supplementary Pay Ratio.
參考文獻 Ajinkya, B., S. Bhojraj, and P. Sengupta. 2005. The Association between Outside Directors, Institutional Investors and the Properties of Management Earnings Forecasts. Journal of Accounting Research 43(3): 343-376.

Ali, W., J. G. Frynas, and Z. Mahmood. 2017. Determinants of Corporate Social Responsibility (CSR) Disclosure in Developed and Developing Countries: A Literature Review. Corporate Social Responsibility and Environmental Management 24(4): 273-294.

Balsam, S., and Y. Liang. 2018. Determinants and Consequences of Pay-Ratio Disclosures. Working Paper, Temple University, Philadelphia.

Baker, T. A. 1999. Options Reporting and the Political Costs of CEO Pay. Journal of Accounting, Auditing and Finance 14(2): 125-145.

Barrall, J. D. C. 2017. 10 Consensuses on CEO Pay Ratio Planning. Harvard Law School Forum on Corporate Governance and Financial Regulation.
https://corpgov.law.harvard.edu/2017/12/04/10-consensuses-on-ceo-pay-ratio-planning/.

Bowen, H. R. 1953. Social Responsibilities of the Businessman. New York: Harper &Brothers.

Boone, A. L., and J. T. White. 2015. The Effect of Institutional Ownership on Firm Transparency and Information Production. Journal of Financial Economics. 117(3): 508-533.

Boone, A. L., A. Starkweather, and J. T. White. 2019. Spinning the CEO Pay Ratio Disclosure. Available at SSRN: https://ssrn.com/abstract=3481540.

Breza, E., S. Kaur, and Y. Shamdasani. 2018. The Morale Effects of Pay Inequality. Quarterly Journal of Economics 133(2): 611-663.

Brogi, M., and V. Lagasio. 2018. Environmental, Social, and Governance and Company Profitability: Are Financial Intermediaries Different? Corporate social responsibility and environmental management 26(3): 576-587.

Card, D., A. Mas, E. Moretti, and E. Saez. 2012. Inequality at Work: The Effect of Peer Salaries on Job Satisfaction. American Economic Review 102(6): 2981-3003.

Castanias, R. P., and C. E. Helfat. 1991. Managerial Resources and Rents. Journal of Management 17(1): 155-171.

Castanias, R. P., and C. E. Helfat. 2001. The Managerial Rents Model: Theory and Empirical Analysis. Journal of Management 27(6): 661-678.

Ceil. C. 2012. Employees and Corporate Social Responsibility. Available at SSRN: https://ssrn.com/abstract=2112654 or http://dx.doi.org/10.2139/ssrn.2112654.

Coff, R. W. 1997. Human Assets and Management Dilemmas: Coping with Hazards on the Road to Resource-Based Theory. Academy of Management Review 22(2): 374-402.

Core, J. E., W. Guay, and D. F. Larcker. 2008. The Power of the Pen and Executive Compensation. Journal of Financial Economics 88(1): 1-25.

Crawford, S. S., K. K. Nelson, and B. R. Rountree. 2019. Mind the Gap: CEO-Employee Pay Ratios and Shareholder Say-on-Pay Votes. Working paper, Texas Christian University.

Davis, A., and L. Mishel. 2014. CEO Pay Continues to Rise as Typical Workers Are Paid Less. Economic Policy Institute Issue Brief 380.

Deng, X., J. -K. Kang, and B. S. Low. 2013. Corporate Social Responsibility and Stakeholder Value Maximization: Evidence from Mergers. Journal of Financial Economics 110(1): 87-109.

Dhaliwal, D., L. Oliver, A. Tsang, and G. Y. Yang. 2011. Voluntary Nonfinancial Disclosure and the Cost of Equity Capital: The Initiation of Corporate Social Responsibility Reporting. Accounting Review 86(1): 59-100.

Dhaliwal, D., S. Radhakrishnan, A. Tsang, and G. Y. Yang. 2012. Nonfinancial Disclosure and Analyst Forecast Accuracy: International Evidence on Corporate Social Responsibility (CSR) Disclosure. Accounting Review 87(3): 723-759.

Faleye, O., Reis, E., and A. Venkateswaran. 2013. The Determinants and Effects of CEO-Employee Pay Ratios. Journal of Banking & Finance 37(8): 3258-3272.

Ferri, F., R. Zheng, and Y. Zou. 2018. Uncertainty about Managers’ Reporting Objectives and Investors’ Response to Earnings Reports: Evidence from the 2006 Executive Compensation Disclosures. Journal of Accounting and Economics 66(2-3): 339-365.

Flammer, C., and J. Luo. 2015. Corporate Social Responsibility as an Employee Governance Tool: Evidence from a Quasi-Experiment. Strategic Management Journal 38(2): 163-183.

Francis, T. 2018. Toy Rivals Work Differently - Pay Disparity between Hasbro and Mattel Reflects Contrast in Manufacturing. Wall Street Journal Eastern edition April 14: B.2.

Friedman M. 2007. The Social Responsibility of Business Is to Increase Its Profits. Corporate Ethics and Corporate Governance. Springer, Berlin, Heidelberg.

Gamerschlag, R., K. Möller, and F. Verbeeten. 2011. Determinants of Voluntary CSR Disclosure: Empirical Evidence from Germany. Review of managerial science 5(2): 233-262.

Gottschalg, O., and M. Zollo. 2007. Interest Alignment and Competitive Advantage. Academy of Management Review 32(2): 418-437.

Heckman, J. 1979. Sample Selection Bias as a Specification Error. Econometrica 47(1): 153-162.

Jiao, Y. 2010. Stakeholder Welfare and Firm Value. Journal of Banking and Finance 34(10): 2549-2561.

Jung, S. M., N. K. W. Kim, H. S. Ryu, and J. Y. Shin. Why do Frms Disclose a Supplementary CEO-Employee Pay Ratio? Initial Evidence from Dodd-Frank Act Section 953 (b) (August 18, 2018). AAA 2019 Management Accounting Section (MAS) Meeting.

Karamanou, I., and N. Vafeas. 2005. The Association between Corporate Boards, Audit Committees, and Management Earnings Forecasts: An Empirical Analysis. Journal of Accounting Research 43(3): 453-486.

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(1): 107-125.

Kuhnen, C. M., and A. Niessen. 2012. Public Opinion and Executive Compensation. Management Science 58(7): 1249-1272.

Laksmana, I. 2008. Corporate Board Governance and Voluntary Disclosure of Executive Compensation Practices. Contemporary Accounting Research 25(4): 1147-1182.

Lazear, E.P., and S. Rosen. 1981. Rank-Order Tournaments as Optimum Labor Contracts. Journal of Political Economy 89(5): 841-864.

Lev, B., C. Petrovits, and S. Radhakrishnan. 2008. Is Doing Good for you? How Corporate Charitable Contributions Enhance Revenue Growth. Strategic Management Journal 31(2): 182-200.

Lewellen, W. G., T. Park, and B. T. Ro. 1996. Self-Serving Behavior in Managers’ Discretionary Information Disclosure Decisions. Journal of Accounting and economics 21(2): 227-251.

Li, F. 2008. Annual Report Readability, Current Earnings, and Earnings Persistence. Journal of Accounting and Economics 45(2-3): 221-247.

Lifshey, D. 2018. CEO Pay Ratio Disclosure Round Two: Top 10 Things to Worry About. Pearl Meyer. https://www.pearlmeyer.com/blog/ceo-pay-ratio-disclosure-round-two-top-ten-things-to-worry-about.

Lo, K. 2003. Economic Consequences of Regulated Changes in Disclosure: The Case of Executive Compensation. Journal of Accounting and Economics 35(3): 285-314.

Loh, J. 2017. Could the Pay Ratio Disclosure Backfire? Examining the Effects of the SEC`s Pay Ratio Disclosure Rule. Texas A&M Law Review 4(3): 417-448.

Loughran, T., and B. Mcdonald. 2016. Textual Analysis in Accounting and Finance: A Survey. Journal of Accounting Research 54(4): 1187-1230.

Low, M. P. 2016. Corporate Social Responsibility and the Evolution of Internal Corporate Social Responsibility in 21st Century. Asian Journal of Social Sciences and Management Studies 3(1): 56-74.

Lu, W. Corporate Social Responsibility and Firm Risk: Implications from Employee Satisfaction (February 3, 2016). Asian Finance Association (AsianFA) 2016 Conference.

Makadok, R. 2003. Doing the Right Thing and Knowing the Right Thing to Do: why the Whole Is Greater Than the Sum of the Parts. Strategic Management Journal 24(10): 1043-1055.

Manescu, C. 2009. Is Corporate Social Responsibility Viewed as a Risk Factor? Evidence from an Asset Pricing Analysis. Working paper. University of Gothenburg, Sweden.

McGregor, J. 2018. As Companies Reveal Gigantic CEO-to-Worker Pay Ratios, Some Worry How Low-Paid Workers Might Take the News. The Washington Post February 21 https://www.washingtonpost.com/news/on leadership/wp/2018/02/21/as-companies-reveal-gigantic-ceo-to-worker-pay-ratios-some-worry-how-low-paid-workers-might-take-the-news/?utm_term=.dd3d92a4a52d.

Miller, S. 2018. CEO Pay Ratio Disclosures Have Begun, Putting Morale at Risk. Society for Human Resource Management. https://www.shrm.org/resourcesandtools/hr-topics/compensation/pages/ceo-pay-ratio-disclosures-have-begun.aspx.

Murphy, K. J. 1996. Reporting Choice and the 1992 Proxy Disclosure Rules. Journal of Accounting, Auditing and Finance 11(3): 497-515.

Porter, M., and M. Kramer. 2006. Strategy & society: The Link between Competitive Advantage and Corporate Social Responsibility. Harvard Business Review 84(12): 78-92.

Rouen, E. 2017. Rethinking Measurement of Pay Disparity and Its Relation to Firm Performance. Working paper, Harvard University, Boston.

Rupp, D. E., J. Ganapathi, R. V. Aguilera, and C. A. Williams. 2006. Employee Reactions to Corporate Social Responsibility: An Organizational Justice Framework. Journal of Organizational Behavior 27(4): 537-543.

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Speidel, E. J., and L. Ownbey. 2018. CEO Pay Ratios Are In: Here’s What We’ve Learned So Far. Aon plc. https://radford.aon.com/insights/articles/2018/ceo-pay-ratio-findings.

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https://ssrn.com/abstract=488825.

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Yermack, D. 1998. Companies’ Modest Claims About the Value of CEO Stock Option Awards. Review of Quantitative Finance and Accounting 10(2): 207-226.
描述 碩士
國立政治大學
會計學系
107353033
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0107353033
資料類型 thesis
dc.contributor.advisor 梁嘉紋zh_TW
dc.contributor.advisor Liang, Jia-Wenen_US
dc.contributor.author (Authors) 蕭凡恩zh_TW
dc.contributor.author (Authors) Hsiao, Fan-Enen_US
dc.creator (作者) 蕭凡恩zh_TW
dc.creator (作者) Hsiao, Fan-Enen_US
dc.date (日期) 2020en_US
dc.date.accessioned 2-Sep-2020 11:41:45 (UTC+8)-
dc.date.available 2-Sep-2020 11:41:45 (UTC+8)-
dc.date.issued (上傳時間) 2-Sep-2020 11:41:45 (UTC+8)-
dc.identifier (Other Identifiers) G0107353033en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/131469-
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) 107353033zh_TW
dc.description.abstract (摘要) 美國證券交易委員會(SEC)要求所有上市公司揭露其高階經理人與一般員工薪酬比(CEO pay ratio)，並允許上市公司於揭露薪酬比時，使用適當的裁量權(Discretion)，或揭露另一補充薪酬比(Supplementary Pay Ratio)。本研究主要探討薪酬比的揭露與企業社會責任(CSR)績效──員工關係構面之關聯性。本研究以標準普爾500指數(S&P 500)公司為樣本。研究結果發現公司的員工關係越佳，在計算薪酬比時，會採用較少的裁量權，並揭露出相對較高的薪酬比。此外，當員工關係構面的企業社會責任績效越高，公司提供額外揭露的程度越低。最後，本研究選取揭露補充薪酬比低於薪酬比的公司做為子樣本，發現企業社會責任績效在員工關係構面的表現與兩薪酬比之間的向下調整幅度呈負相關。zh_TW
dc.description.abstract (摘要) For fiscal years beginning on or after January 1, 2017, the SEC requires all publicly listed firms in the U.S. to disclose a CEO pay ratio. Firms are permitted to utilize definite discretions and disclose a Supplementary Pay Ratio in the pay ratio disclosure section. In this paper, I examine whether the content of pay ratio disclosure is associated with corporate social responsibility (CSR) performance on employee relations. Based on a sample of S&P 500 firms, I provide evidence that firms with superior employee relations use less discretions when calculating the pay ratio and report a higher pay ratio. I also find evidence that voluntary information on the pay ratio disclosure section is negatively associated with CSR performance on employee relations. Finally, using a subsample of firms disclosing a lower Supplementary Pay Ratio, I find that CSR performance on employee relations is negatively associated with the difference between the Reported Pay Ratio and the Supplementary Pay Ratio.en_US
dc.description.tableofcontents Abstract (Chinese)-----i
Abstract (English)-----ii
Table of Contents-----iv
List of Tables-----vi
1. Introduction-----1
1.1 Background and Motivation-----1
1.2 Research Questions-----5
2. Literature Review-----7
2.1 Pay Ratio Disclosure-----8
2.2 Voluntary Information on Pay Ratio Disclosure-----9
2.3 Employee Relations and Pay Ratio Disclosure-----10
3. Hypothesis Development-----11
4. Sample and Variables-----15
4.1 Pay Ratio Data-----15
4.2 CSR Performance Data-----16
4.3 Control Variables-----17
4.4 Descriptive Statistics-----19
4.5 Pearson Correlation-----20
5. Methodology and Empirical Results-----20
5.1 Methodology-----20
5.2 Empirical Results-----23
6. Additional Analyses-----25
6.1 Heckman Self-Selection Model-----25
6.2 Additional Tests with CSR Strengths and CSR
Concerns-----27
7. Conclusion 28
References-----30
Appendix A-----35
Appendix B-----38
Appendix C-----40

List of Tables
Table 1-----45
Table 2-----46
Table 3-----47
Table 4-----48
Table 5-----49
Table 6-----50
Table 7-----51
Table 8-----53
Table 9-----54
Table 10-----55
Table 11-----56		zh_TW
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0107353033en_US
dc.subject (關鍵詞) 高階經理人與一般員工薪酬比揭露zh_TW
dc.subject (關鍵詞) 企業社會責任zh_TW
dc.subject (關鍵詞) 員工關係zh_TW
dc.subject (關鍵詞) Pay ratio disclosureen_US
dc.subject (關鍵詞) Corporate social responsibilityen_US
dc.subject (關鍵詞) Employee relationsen_US
dc.title (題名) 企業社會責任績效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 corporate social responsibility performance and pay ratio disclosureen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) Ajinkya, B., S. Bhojraj, and P. Sengupta. 2005. The Association between Outside Directors, Institutional Investors and the Properties of Management Earnings Forecasts. Journal of Accounting Research 43(3): 343-376.

Ali, W., J. G. Frynas, and Z. Mahmood. 2017. Determinants of Corporate Social Responsibility (CSR) Disclosure in Developed and Developing Countries: A Literature Review. Corporate Social Responsibility and Environmental Management 24(4): 273-294.

Balsam, S., and Y. Liang. 2018. Determinants and Consequences of Pay-Ratio Disclosures. Working Paper, Temple University, Philadelphia.

Baker, T. A. 1999. Options Reporting and the Political Costs of CEO Pay. Journal of Accounting, Auditing and Finance 14(2): 125-145.

Barrall, J. D. C. 2017. 10 Consensuses on CEO Pay Ratio Planning. Harvard Law School Forum on Corporate Governance and Financial Regulation.
https://corpgov.law.harvard.edu/2017/12/04/10-consensuses-on-ceo-pay-ratio-planning/.

Bowen, H. R. 1953. Social Responsibilities of the Businessman. New York: Harper &Brothers.

Boone, A. L., and J. T. White. 2015. The Effect of Institutional Ownership on Firm Transparency and Information Production. Journal of Financial Economics. 117(3): 508-533.

Boone, A. L., A. Starkweather, and J. T. White. 2019. Spinning the CEO Pay Ratio Disclosure. Available at SSRN: https://ssrn.com/abstract=3481540.

Breza, E., S. Kaur, and Y. Shamdasani. 2018. The Morale Effects of Pay Inequality. Quarterly Journal of Economics 133(2): 611-663.

Brogi, M., and V. Lagasio. 2018. Environmental, Social, and Governance and Company Profitability: Are Financial Intermediaries Different? Corporate social responsibility and environmental management 26(3): 576-587.

Card, D., A. Mas, E. Moretti, and E. Saez. 2012. Inequality at Work: The Effect of Peer Salaries on Job Satisfaction. American Economic Review 102(6): 2981-3003.

Castanias, R. P., and C. E. Helfat. 1991. Managerial Resources and Rents. Journal of Management 17(1): 155-171.

Castanias, R. P., and C. E. Helfat. 2001. The Managerial Rents Model: Theory and Empirical Analysis. Journal of Management 27(6): 661-678.

Ceil. C. 2012. Employees and Corporate Social Responsibility. Available at SSRN: https://ssrn.com/abstract=2112654 or http://dx.doi.org/10.2139/ssrn.2112654.

Coff, R. W. 1997. Human Assets and Management Dilemmas: Coping with Hazards on the Road to Resource-Based Theory. Academy of Management Review 22(2): 374-402.

Core, J. E., W. Guay, and D. F. Larcker. 2008. The Power of the Pen and Executive Compensation. Journal of Financial Economics 88(1): 1-25.

Crawford, S. S., K. K. Nelson, and B. R. Rountree. 2019. Mind the Gap: CEO-Employee Pay Ratios and Shareholder Say-on-Pay Votes. Working paper, Texas Christian University.

Davis, A., and L. Mishel. 2014. CEO Pay Continues to Rise as Typical Workers Are Paid Less. Economic Policy Institute Issue Brief 380.

Deng, X., J. -K. Kang, and B. S. Low. 2013. Corporate Social Responsibility and Stakeholder Value Maximization: Evidence from Mergers. Journal of Financial Economics 110(1): 87-109.

Dhaliwal, D., L. Oliver, A. Tsang, and G. Y. Yang. 2011. Voluntary Nonfinancial Disclosure and the Cost of Equity Capital: The Initiation of Corporate Social Responsibility Reporting. Accounting Review 86(1): 59-100.

Dhaliwal, D., S. Radhakrishnan, A. Tsang, and G. Y. Yang. 2012. Nonfinancial Disclosure and Analyst Forecast Accuracy: International Evidence on Corporate Social Responsibility (CSR) Disclosure. Accounting Review 87(3): 723-759.

Faleye, O., Reis, E., and A. Venkateswaran. 2013. The Determinants and Effects of CEO-Employee Pay Ratios. Journal of Banking & Finance 37(8): 3258-3272.

Ferri, F., R. Zheng, and Y. Zou. 2018. Uncertainty about Managers’ Reporting Objectives and Investors’ Response to Earnings Reports: Evidence from the 2006 Executive Compensation Disclosures. Journal of Accounting and Economics 66(2-3): 339-365.

Flammer, C., and J. Luo. 2015. Corporate Social Responsibility as an Employee Governance Tool: Evidence from a Quasi-Experiment. Strategic Management Journal 38(2): 163-183.

Francis, T. 2018. Toy Rivals Work Differently - Pay Disparity between Hasbro and Mattel Reflects Contrast in Manufacturing. Wall Street Journal Eastern edition April 14: B.2.

Friedman M. 2007. The Social Responsibility of Business Is to Increase Its Profits. Corporate Ethics and Corporate Governance. Springer, Berlin, Heidelberg.

Gamerschlag, R., K. Möller, and F. Verbeeten. 2011. Determinants of Voluntary CSR Disclosure: Empirical Evidence from Germany. Review of managerial science 5(2): 233-262.

Gottschalg, O., and M. Zollo. 2007. Interest Alignment and Competitive Advantage. Academy of Management Review 32(2): 418-437.

Heckman, J. 1979. Sample Selection Bias as a Specification Error. Econometrica 47(1): 153-162.

Jiao, Y. 2010. Stakeholder Welfare and Firm Value. Journal of Banking and Finance 34(10): 2549-2561.

Jung, S. M., N. K. W. Kim, H. S. Ryu, and J. Y. Shin. Why do Frms Disclose a Supplementary CEO-Employee Pay Ratio? Initial Evidence from Dodd-Frank Act Section 953 (b) (August 18, 2018). AAA 2019 Management Accounting Section (MAS) Meeting.

Karamanou, I., and N. Vafeas. 2005. The Association between Corporate Boards, Audit Committees, and Management Earnings Forecasts: An Empirical Analysis. Journal of Accounting Research 43(3): 453-486.

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(1): 107-125.

Kuhnen, C. M., and A. Niessen. 2012. Public Opinion and Executive Compensation. Management Science 58(7): 1249-1272.

Laksmana, I. 2008. Corporate Board Governance and Voluntary Disclosure of Executive Compensation Practices. Contemporary Accounting Research 25(4): 1147-1182.

Lazear, E.P., and S. Rosen. 1981. Rank-Order Tournaments as Optimum Labor Contracts. Journal of Political Economy 89(5): 841-864.

Lev, B., C. Petrovits, and S. Radhakrishnan. 2008. Is Doing Good for you? How Corporate Charitable Contributions Enhance Revenue Growth. Strategic Management Journal 31(2): 182-200.

Lewellen, W. G., T. Park, and B. T. Ro. 1996. Self-Serving Behavior in Managers’ Discretionary Information Disclosure Decisions. Journal of Accounting and economics 21(2): 227-251.

Li, F. 2008. Annual Report Readability, Current Earnings, and Earnings Persistence. Journal of Accounting and Economics 45(2-3): 221-247.

Lifshey, D. 2018. CEO Pay Ratio Disclosure Round Two: Top 10 Things to Worry About. Pearl Meyer. https://www.pearlmeyer.com/blog/ceo-pay-ratio-disclosure-round-two-top-ten-things-to-worry-about.

Lo, K. 2003. Economic Consequences of Regulated Changes in Disclosure: The Case of Executive Compensation. Journal of Accounting and Economics 35(3): 285-314.

Loh, J. 2017. Could the Pay Ratio Disclosure Backfire? Examining the Effects of the SEC`s Pay Ratio Disclosure Rule. Texas A&M Law Review 4(3): 417-448.

Loughran, T., and B. Mcdonald. 2016. Textual Analysis in Accounting and Finance: A Survey. Journal of Accounting Research 54(4): 1187-1230.

Low, M. P. 2016. Corporate Social Responsibility and the Evolution of Internal Corporate Social Responsibility in 21st Century. Asian Journal of Social Sciences and Management Studies 3(1): 56-74.

Lu, W. Corporate Social Responsibility and Firm Risk: Implications from Employee Satisfaction (February 3, 2016). Asian Finance Association (AsianFA) 2016 Conference.

Makadok, R. 2003. Doing the Right Thing and Knowing the Right Thing to Do: why the Whole Is Greater Than the Sum of the Parts. Strategic Management Journal 24(10): 1043-1055.

Manescu, C. 2009. Is Corporate Social Responsibility Viewed as a Risk Factor? Evidence from an Asset Pricing Analysis. Working paper. University of Gothenburg, Sweden.

McGregor, J. 2018. As Companies Reveal Gigantic CEO-to-Worker Pay Ratios, Some Worry How Low-Paid Workers Might Take the News. The Washington Post February 21 https://www.washingtonpost.com/news/on leadership/wp/2018/02/21/as-companies-reveal-gigantic-ceo-to-worker-pay-ratios-some-worry-how-low-paid-workers-might-take-the-news/?utm_term=.dd3d92a4a52d.

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dc.identifier.doi (DOI) 10.6814/NCCU202001200en_US