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題名 薪酬差距與公司績效－論薪酬委員會品質之影響
The Relationship between Pay Disparity and Firm Performance: The Impact of Compensation Committee Quality
作者 王奕玲
Wang, Yi-Ling
貢獻者 李佳玲
Lee, Chia-Ling
王奕玲
Wang, Yi-Ling
關鍵詞 薪酬差距
薪酬委員會品質
公司治理
Pay disparity
Compensation committee quality
Corporate governance
日期 2021
上傳時間 1-Jul-2021 16:50:55 (UTC+8)
摘要 本研究探討薪酬差距與公司績效之關聯性，並進一步分析薪酬委員會品質對薪酬差距與公司績效的影響。薪酬差距為高階經理團隊與基層員工間的薪酬差距比率，考量薪酬差距產生的因素，本研究先建立迴歸模型分析高階經理團隊及基層員工平均薪酬，利用該模型估計出可以被經濟因素解釋的薪酬差距及不可被經濟因素解釋的薪酬差距，再分析薪酬差距與公司績效的關聯性。研究結果顯示可以被經濟因素解釋的薪酬差距與公司績效具有正向影響，不可以被經濟因素解釋的薪酬差距與公司績效有負向影響。本研究再進一步探討薪酬委員會的品質是否達到監督機制，並發現當薪酬委員會的品質越完善，可以強化可以被經濟因素解釋的薪酬差距與公司績效的正向關係。
I study the effect of compensation committee quality on the relationship between pay disparity and firm performance. To begin with, the pay disparity is defined by the ratio of executives to mean employee compensation. In order to separate the components of executive pay and employee compensation, I set up empirical models to estimate the compensation which can be explained by economic factors. I next predict the explained pay disparity and unexplained pay disparity by using the models to evaluate the effects of future firm performance. I find a positive relationship between the explained pay disparity and future firm performance. However, I also find that there is a negative relationship between the unexplained pay disparity and future firm performance. On the other hand, the results indicate that by increasing the compensation committee quality, the positive relationship between the explained pay disparity and future firm performance will become stronger.
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Abowd, J. M., F. Kramarz, and D. N. Margolis. 1999. High wage workers and high wage firms. Econometrica 67 (2):251-333.
Adams, J. S. 1963. Towards an understanding of inequity. The Journal of Abnormal and Social Psychology 67 (5):422.
Aggarwal, R. K., and A. A. Samwick. 1999. Executive compensation, strategic competition, and relative performance evaluation: Theory and evidence. The Journal of Finance 54 (6):1999-2043.
Akerlof, G. A., and J. L. Yellen. 1990. The fair wage-effort hypothesis and unemployment. The Quarterly Journal of Economics 105 (2):255-283.
Anderson, R. C., S. A. Mansi, and D. M. Reeb. 2004. Board characteristics, accounting report integrity, and the cost of debt. Journal of Accounting and Economics 37 (3):315-342.
Banker, R. D., and S. M. Datar. 1989. Sensitivity, precision, and linear aggregation of signals for performance evaluation. Journal of Accounting Research 27 (1):21-39.
Barnes, W., T. Harikumar, and G. Roth. 2006. Determinants of CEO cash compensation in small, young, fast growing firms. Journal of Business & Economics Research (JBER) 4 (2).
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Bebchuk, L. A., K. M. Cremers, and U. C. Peyer. 2011. The CEO pay slice. Journal of Financial Economics 102 (1):199-221.
Bebchuk, L. A., and J. M. Fried. 2003. Executive compensation as an agency problem. Journal of Economic Perspectives 17 (3):71-92.
Bebchuk, L. A., J. M. Fried, and D. I. Walker. 2002. Managerial Power and Rent Extraction in the Design of Executive Compensation. The University of Chicago Law Review 69 (3):751-846.
Berk, J. B., R. Stanton, and J. Zechner. 2010. Human capital, bankruptcy, and capital structure. The Journal of Finance 65 (3):891-926.
Bloom, M., and J. G. Michel. 2002. The relationships among organizational context, pay dispersion, and among managerial turnover. Academy of Management Journal 45 (1):33-42.
Brown, C., and J. Medoff. 1989. The Employer Size-Wage Effect. Journal of Political Economy 97 (5):1027-1059.
Brown, M. P., M. C. Sturman, and M. J. Simmering. 2003. Compensation policy and organizational performance: The efficiency, operational, and financial implications of pay levels and pay structure. Academy of Management Journal 46 (6):752-762.
Bushman, R., Q. Chen, E. Engel, and A. Smith. 2004. Financial accounting information, organizational complexity and corporate governance systems. Journal of Accounting and Economics 37 (2):167-201.
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Faleye, O., E. Reis, and A. Venkateswaran. 2013. The determinants and effects of CEO–employee pay ratios. Journal of Banking & Finance 37 (8):3258-3272.
Finkelstein, S., and D. C. Hambrick. 1988. Chief executive compensation: A synthesis and reconciliation. Strategic Management Journal 9 (6):543-558.
Finkelstein, S., and D. C. Hambrick. 1989. Chief executive compensation: A study of the intersection of markets and political processes. Strategic Management Journal 10 (2):121-134.
Freedman, S. M., and J. R. Montanari. 1980. An integrative model of managerial reward allocation. Academy of Management Review 5 (3):381-390.
Gabaix, X., and A. Landier. 2008. Why has CEO pay increased so much? The Quarterly Journal of Economics 123 (1):49-100.
Garvey, G., and T. Milbourn. 2003. Incentive compensation when executives can hedge the market: Evidence of relative performance evaluation in the cross section. The Journal of Finance 58 (4):1557-1582.
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描述 碩士
國立政治大學
會計學系
108353016
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0108353016
資料類型 thesis
dc.contributor.advisor 李佳玲zh_TW
dc.contributor.advisor Lee, Chia-Lingen_US
dc.contributor.author (Authors) 王奕玲zh_TW
dc.contributor.author (Authors) Wang, Yi-Lingen_US
dc.creator (作者) 王奕玲zh_TW
dc.creator (作者) Wang, Yi-Lingen_US
dc.date (日期) 2021en_US
dc.date.accessioned 1-Jul-2021 16:50:55 (UTC+8)-
dc.date.available 1-Jul-2021 16:50:55 (UTC+8)-
dc.date.issued (上傳時間) 1-Jul-2021 16:50:55 (UTC+8)-
dc.identifier (Other Identifiers) G0108353016en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/135913-
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) 108353016zh_TW
dc.description.abstract (摘要) 本研究探討薪酬差距與公司績效之關聯性，並進一步分析薪酬委員會品質對薪酬差距與公司績效的影響。薪酬差距為高階經理團隊與基層員工間的薪酬差距比率，考量薪酬差距產生的因素，本研究先建立迴歸模型分析高階經理團隊及基層員工平均薪酬，利用該模型估計出可以被經濟因素解釋的薪酬差距及不可被經濟因素解釋的薪酬差距，再分析薪酬差距與公司績效的關聯性。研究結果顯示可以被經濟因素解釋的薪酬差距與公司績效具有正向影響，不可以被經濟因素解釋的薪酬差距與公司績效有負向影響。本研究再進一步探討薪酬委員會的品質是否達到監督機制，並發現當薪酬委員會的品質越完善，可以強化可以被經濟因素解釋的薪酬差距與公司績效的正向關係。zh_TW
dc.description.abstract (摘要) I study the effect of compensation committee quality on the relationship between pay disparity and firm performance. To begin with, the pay disparity is defined by the ratio of executives to mean employee compensation. In order to separate the components of executive pay and employee compensation, I set up empirical models to estimate the compensation which can be explained by economic factors. I next predict the explained pay disparity and unexplained pay disparity by using the models to evaluate the effects of future firm performance. I find a positive relationship between the explained pay disparity and future firm performance. However, I also find that there is a negative relationship between the unexplained pay disparity and future firm performance. On the other hand, the results indicate that by increasing the compensation committee quality, the positive relationship between the explained pay disparity and future firm performance will become stronger.en_US
dc.description.tableofcontents 謝辭 I
中文摘要 II
ABSTRACT III
目次 IV
表次 V
第一章、緒論 1
第一節、研究動機與目的 1
第二節、研究架構 3
第二章、文獻探討與假說推論 4
第一節、薪酬差距文獻探討 4
第二節、薪酬委員會的發展 8
第三節、薪酬差距與績效之關聯性 9
第四節、薪酬委員會品質對薪酬差距與公司績效之關聯性 12
第三章、研究方法 15
第一節、研究樣本與資料來源 15
第二節、研究模型與變數衡量 15
第四章、實證結果 24
第一節、敘述性統計與相關性分析 24
第二節、迴歸分析實證結果 29
第三節、敏感性分析 36
第四節、額外測試與分析 42
第五章、結論 49
第一節、研究結論 49
第二節、研究貢獻 50
第三節、研究限制與建議 50
參考文獻 52
附錄 57		zh_TW
dc.format.extent 1594667 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0108353016en_US
dc.subject (關鍵詞) 薪酬差距zh_TW
dc.subject (關鍵詞) 薪酬委員會品質zh_TW
dc.subject (關鍵詞) 公司治理zh_TW
dc.subject (關鍵詞) Pay disparityen_US
dc.subject (關鍵詞) Compensation committee qualityen_US
dc.subject (關鍵詞) Corporate governanceen_US
dc.title (題名) 薪酬差距與公司績效－論薪酬委員會品質之影響zh_TW
dc.title (題名) The Relationship between Pay Disparity and Firm Performance: The Impact of Compensation Committee Qualityen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 朱炫璉, 劉乃熒, 陳彥綺, and 吳品萱. 2016. 薪酬委員會品質, 高階經理人現金紅利薪酬與企業績效關聯性之研究. 當代會計 17 (1):63-89.
Abowd, J. M., F. Kramarz, and D. N. Margolis. 1999. High wage workers and high wage firms. Econometrica 67 (2):251-333.
Adams, J. S. 1963. Towards an understanding of inequity. The Journal of Abnormal and Social Psychology 67 (5):422.
Aggarwal, R. K., and A. A. Samwick. 1999. Executive compensation, strategic competition, and relative performance evaluation: Theory and evidence. The Journal of Finance 54 (6):1999-2043.
Akerlof, G. A., and J. L. Yellen. 1990. The fair wage-effort hypothesis and unemployment. The Quarterly Journal of Economics 105 (2):255-283.
Anderson, R. C., S. A. Mansi, and D. M. Reeb. 2004. Board characteristics, accounting report integrity, and the cost of debt. Journal of Accounting and Economics 37 (3):315-342.
Banker, R. D., and S. M. Datar. 1989. Sensitivity, precision, and linear aggregation of signals for performance evaluation. Journal of Accounting Research 27 (1):21-39.
Barnes, W., T. Harikumar, and G. Roth. 2006. Determinants of CEO cash compensation in small, young, fast growing firms. Journal of Business & Economics Research (JBER) 4 (2).
Beasley, M. S. 1996. An empirical analysis of the relation between the board of director composition and financial statement fraud. Accounting Review:443-465.
Bebchuk, L., and J. Fried. 2004. Pay Without Performance: The Unfulfilled Promise of Executive Compensation: Harvard University Press, Cambridge.
Bebchuk, L. A., K. M. Cremers, and U. C. Peyer. 2011. The CEO pay slice. Journal of Financial Economics 102 (1):199-221.
Bebchuk, L. A., and J. M. Fried. 2003. Executive compensation as an agency problem. Journal of Economic Perspectives 17 (3):71-92.
Bebchuk, L. A., J. M. Fried, and D. I. Walker. 2002. Managerial Power and Rent Extraction in the Design of Executive Compensation. The University of Chicago Law Review 69 (3):751-846.
Berk, J. B., R. Stanton, and J. Zechner. 2010. Human capital, bankruptcy, and capital structure. The Journal of Finance 65 (3):891-926.
Bloom, M., and J. G. Michel. 2002. The relationships among organizational context, pay dispersion, and among managerial turnover. Academy of Management Journal 45 (1):33-42.
Brown, C., and J. Medoff. 1989. The Employer Size-Wage Effect. Journal of Political Economy 97 (5):1027-1059.
Brown, M. P., M. C. Sturman, and M. J. Simmering. 2003. Compensation policy and organizational performance: The efficiency, operational, and financial implications of pay levels and pay structure. Academy of Management Journal 46 (6):752-762.
Bushman, R., Q. Chen, E. Engel, and A. Smith. 2004. Financial accounting information, organizational complexity and corporate governance systems. Journal of Accounting and Economics 37 (2):167-201.
Carrell, M. R., and J. E. Dittrich. 1978. Equity theory: The recent literature, methodological considerations, and new directions. Academy of Management Review 3 (2):202-210.
Chemmanur, T. J., Y. Cheng, and T. Zhang. 2013. Human capital, capital structure, and employee pay: An empirical analysis. Journal of Financial Economics 110 (2):478-502.
Chen, Z., Y. Huang, and K. C. J. Wei. 2013. Executive Pay Disparity and the Cost of Equity Capital. Journal of Financial and Quantitative Analysis 48 (3):849-885.
Conyon, M. J., and S. I. Peck. 1998. Board control, remuneration committees, and top management compensation. Academy of Management Journal 41 (2):146-157.
Cowherd, D. M., and D. I. Levine. 1992. Product quality and pay equity between lower-level employees and top management: An investigation of distributive justice theory. Administrative Science Quarterly:302-320.
Cragg, J. G., and S. G. Donald. 1993. Testing identifiability and specification in instrumental variable models. Econometric Theory:222-240.
Crawford, S. S., K. K. Nelson, and B. R. Rountree. 2018. Mind the gap: CEO‐employee pay ratios and shareholder say‐on‐pay votes. Journal of Business Finance & Accounting.
Crosby, F. 1984. Relative deprivation in organizational settings. Research in Organizational Behavior.
Cyert, R., S. Kang, P. Kumar, and A. Shah. 1997. Corporate governance and the level of CEO compensation. Working Paper, Carnegie Mellon University.
Daverth, G., C. Cassell, and P. Hyde. 2016. The subjectivity of fairness: managerial discretion and work–life balance. Gender, Work & Organization 23 (2):89-107.
Deutsch, M. 1985. Distributive justice: A Social Psychological Perspective.
Dye, R. A. 1984. The trouble with tournaments. Economic Inquiry 22 (1):147.
Eisenhardt, K. M., and L. J. Bourgeois III. 1988. Politics of strategic decision making in high-velocity environments: Toward a midrange theory. Academy of Management Journal 31 (4):737-770.
Faleye, O., E. Reis, and A. Venkateswaran. 2013. The determinants and effects of CEO–employee pay ratios. Journal of Banking & Finance 37 (8):3258-3272.
Finkelstein, S., and D. C. Hambrick. 1988. Chief executive compensation: A synthesis and reconciliation. Strategic Management Journal 9 (6):543-558.
Finkelstein, S., and D. C. Hambrick. 1989. Chief executive compensation: A study of the intersection of markets and political processes. Strategic Management Journal 10 (2):121-134.
Freedman, S. M., and J. R. Montanari. 1980. An integrative model of managerial reward allocation. Academy of Management Review 5 (3):381-390.
Gabaix, X., and A. Landier. 2008. Why has CEO pay increased so much? The Quarterly Journal of Economics 123 (1):49-100.
Garvey, G., and T. Milbourn. 2003. Incentive compensation when executives can hedge the market: Evidence of relative performance evaluation in the cross section. The Journal of Finance 58 (4):1557-1582.
Gayle, G.-L., and R. A. Miller. 2009. Has moral hazard become a more important factor in managerial compensation? American Economic Review 99 (5):1740-1769.
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dc.identifier.doi (DOI) 10.6814/NCCU202100508en_US