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題名 以員工關係作為績效衡量指標之經濟後果
The economic consequences of using employee relations as performance metrics
作者 詹皓惟
Chan, Hao-Wei
貢獻者 梁嘉紋
Liang, Jia-Wen
詹皓惟
Chan, Hao-Wei
關鍵詞 員工關係
ESG 績效衡量指標
薪酬比率
經理人薪酬
Employee relations
ESG metrics
Pay ratio
Executive compensation
日期 2022
上傳時間 2-Sep-2022 14:43:08 (UTC+8)
摘要 有鑒於採用企業社會責任相關指標衡量 CEO 績效的企業日益增加，本研究探討企業採用員工關係作為 CEO 績效衡量指標之影響。以 2018 至 2020 年的美國 Standard & Poor 500 公司為樣本，實證結果顯示，採用員工關係作為績效衡量指標之企業有顯著較低的 CEO 與員工薪酬比率，員工薪酬亦顯著較高。而採用員工關係績效指標則對 CEO 薪酬無顯著影響。另外，員工關係績效衡量指標雖與員工生產力呈正相關，卻與企業價值呈現負相關。整體而言，採用員工關係作為 CEO 績效衡量指標有助於提升員工福祉，惟指標之內容及衡量方式應審慎考量，否則將無益於企業價值之提升與長期發展。
In light of the recent trend of stakeholder-oriented performance metrics adoption, this research examines the consequences of firms using employee metrics in their CEO compensation plans. Using a sample of S&P 500 companies from 2018 to 2020, I find that firms adopting employee metrics are lower in pay ratios and higher in employee compensation and employee productivity, while I do not find a relation between employee metrics and CEO compensation. I further find that the adoption of employee metrics has a negative effect on firm value. Overall, the results suggest a positive effect of employee metrics on employee welfare and employee productivity; however, firms should use the ESG metrics with prudence, otherwise it may adversely affect firm value and long-term performance.
參考文獻 Adams, R., H. Almeida, and D. Ferreira (2009). Understanding the relationship between founder-CEOs and firm performance. Journal of Empirical Finance, 16(1): 136-150.

Agrawal, A., I. Hacamo, and Z. Hu (2021). Information dispersion across employees and stock returns. The Review of Financial Studies, 34(10): 4785-4831.

Akerlof, G. A., and J. L. Yellen (1990). The fair wage-effort hypothesis and
unemployment. The Quarterly Journal of Economics, 105(2): 255-283.

American Express Company (2021). Proxy statement 2021. U.S. Securities and
Exchange Commission.
https://www.sec.gov/Archives/edgar/data/0000004962/000119312521087284/d919404ddef14a.htm

Arora, A., and P. Alam (2010). CEO compensation and stakeholders` claims. Contemporary Accounting Research. 22(3): 519-547.

Bamberger, P. A., M. Biron, and I. Meshoulam (2014). Human resource strategy: Formulation, implementation, and impact (2nd ed.). Routledge.

Bao, M. X., X. Cheng, and D. Smith (2020). A path analysis investigation of the relationships between CEO pay ratios and firm performance mediated by employee satisfaction. Advances in Accounting, 48.

Barrymore, N., and R. Sampson (2021). ESG Performance and Labor Productivity: Exploring whether and when ESG affects firm performance. Academy of Management Proceedings, 2021(1): 13997.

Bebchuk, L. A., and R. Tallarita (2020). The illusory promise of stakeholder governance. Cornell Law Review, 106: 91-178.

Bebchuk, L. A., and R. Tallarita (2022). The perils and questionable promise of ESG- based compensation. Available at SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4048003

Bebchuk, L. A., A. Cohen, and C. C. Y. Wang (2013). Learning and the disappearing association between governance and returns. Journal of Financial Economics, 108(2): 323-348.

Bebchuk, L. A., K. J. M. Cremers, and U. C. Peyer (2011). The CEO pay slice. Journal of Financial Economics, 102(1): 199-221.

Benedetti, A. H., and S. Chen (2018). High CEO-to-worker pay ratios negatively impact consumer and employee perceptions of companies. Journal of Experimental Social Psychology, 79: 378–393.

Berman, S. L., A. C. Wicks, S. Kotha, and T. M. Jones (1999). Does stakeholder orientation matter? The relationship between stakeholder management models and firm financial performance. The Academy of Management Journal, 42(5): 488-506.

Bharadwaj, A. S., S. G. Bharadwaj, and B. R. Konsynski (1999). Information technology effects on firm performance as measured by Tobin’s Q. Management Science, 45(7), 1008-1024.

Blau, P. M. (1964). Justice in social exchange. Sociological Inquiry, 34(2): 193-206.

Boone, A. L., A. Starkweather, and J. T. White (2021). Spinning the CEO Pay Ratio
Disclosure. Available at SSRN:
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3481540

Clarkson, M. B. E. (1995). A stakeholder framework for analyzing and evaluating corporate social performance. The Academy of Management Review, 20(7): 92-117.

Coombs, J. E., and K. M. Gilley (2005). Stakeholder management as a predictor of CEO compensation: Main effects and interactions with financial performance. Strategic Management Journal, 26(9): 827-840.

Core, J. E., R. W. Holthausen, and D. F. Larcker (1999). Corporate governance, chief executive officer compensation, and firm performance. Journal of Financial Economics, 51(3): 371-406.

Edmans, A. (2011). Does the stock market fully value intangibles? Employee satisfaction and equity prices. Journal of Financial Economics, 101(3): 621-640.

Edmans, A. (2012). The link between job satisfaction and firm value, with implications for corporate social responsibility. Academy of Management Perspectives, 26(4): 1- 19.

Faleye, O., E. Reis, and A. Venkateswaran (2013). The determinants and effects of CEO-employee pay ratios. Journal of Banking and Finance, 37(8): 3258-3272.

Farooq, O., M. Payaud, D. Merunka, and P. Valette-Florence (2014). The impact of corporate social responsibility on organizational commitment: Exploring multiple mediation mechanisms. Journal of Business Ethics, 125: 563-580.

Flammer, C., B. Hong, and D. Minor (2019). Corporate governance and the rise of integrating corporate social responsibility criteria in executive compensation: Effectiveness and implications for firm outcomes. Strategic Management Journal, 40(7): 1097-1122.

Freeman, R.E. (1984). Strategic Management: A Stakeholder Approach. Pitman, Boston.

Gan, H., M. S. Park, and S. Suh (2020). Non-financial performance measures, CEO compensation, and firms’ future value. Journal of Business Research, 110: 213-227.

Gao, H., K. Li, and Y. Ma (2021). Stakeholder orientation and the cost of debt: Evidence from state-level adoption of constituency statutes. Journal of Financial and Quantitative Analysis, 56(6): 1908-1944.

Gosling, T., and P. O’Connor (2021). Executive pay and ESG performance. Available at:
https://corpgov.law.harvard.edu/2021/04/12/executive-pay-and-esg-performance/

Hanlon, M., S. Rajgopal, and T. Shevlin (2003). Are executive stock options associated with future earnings? Journal of Accounting and Economics, 36(1-3): 3-43.

Hayes, R. M., and S. Schaefer (1999). How much are differences in managerial ability worth? Journal of Accounting and Economics, 27(2): 125-148.

Heckman, J. J. (1979). Sample selection bias as a specification error. Econometrica, 47(1): 153-161.

Hill, C. W. L., and T. M. Jones (1992). Stakeholder-agency theory. Journal of Management Studies, 29(2): 131-154.

Hillman, A. J., and G. D. Keim (2001). Shareholder value, stakeholder management, and social issues: What`s the bottom line? Strategic Management Journal, 22(2): 125- 139.

Holmström, B. (2017). Pay for Performance and Beyond. American Economic Review, 107(7): 1753-1777.

Jayaraman, S., and T. T. Milbourn (2012). The role of stock liquidity in executive compensation. The Accounting Review, 87(2): 537-563.

Jensen, M. C., and W. H. Meckling (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4): 305- 360.

Jones, T. M. (1995). Instrumental stakeholder theory: A synthesis of ethics and economics. The Academy of Management Review, 20(2): 404–437.

Kim, S., and J. Ng (2018). Executive bonus contract characteristics and share repurchases. The Accounting Review, 93(1): 289-316.

Knight, D. J. (1999). Performance measures for increasing intellectual capital. Strategic Leadership, 27(12): 22-27.

Koch, M. J., and R. G. McGrath (1996). Improving labor productivity: Human resource management policies do matter. Strategic Management Journal, 17(5): 335-354.

Lennox, C. S., J. R. Francis, and Z. Wang (2012). Selection models in accounting research. The Accounting Review, 87(2): 589-616.

Maddala, G. S. (1983). Limited-Dependent and Qualitative Variables in Econometrics. Cambridge University Press, Cambridge.

Maddala, G. S. (1991). A perspective on the use of limited-dependent and qualitative variables models in accounting research. The Accounting Review, 66(4): 788-807.

Marcoux, A. M. (2000). "Balancing Act." In Contemporary Issues in Business Ethics, 4th edition, edited by J. R. DesJardins and J. J. McCall. Wadsworth: 92-100.

Menendez, R. (2011). Letter to the SEC concerning Section 953(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Available at: https://www.menendez.senate.gov/imo/media/doc/Letter%20to%20SEC1-19- 11.pdf

Mohan, B., T. Schlager, D. Deshpandé, and M. I. Norton (2018). Consumers avoid buying from firms with higher CEO-to-worker pay ratios. Journal of Consumer Psychology, 28(2): 344-352.

Pan, Y., W. S. Pikulina, S. Siegel, and T. Y. Wang (2022). Do equity markets care about income inequality? Evidence from pay ratio disclosure. Journal of Finance, 77(2): 1371-1411.

Parmar, B., R. E. Freeman, J. S. Harrison, A. C. Wicks, S. D. Colle, and L. Purnell (2010). Stakeholder theory: The state of the art. The Academy of Management Annals, 3(1): 403-445.

Parrino, R. (1997). CEO turnover and outside succession A cross-sectional analysis. Journal of Financial Economics, 46(2): 165-197.

Rouen, E. (2020). Rethinking measurement of pay disparity and its relation to firm performance. The Accounting Review, 95(1): 343-378.

Rountree, B., J. P. Weston, and G. Allayannis (2008). Do investors value smooth performance? Journal of Financial Economics, 90(3): 237-251.

Securities and Exchange Commission (SEC). (2015, August 5). Pay ratio disclosure. August 5. Available at: https://www.sec.gov/rules/final/finalarchive/finalarchive2015.shtml

Stewart, T. A. (1997). Intellectual Capital: The New Wealth of Organizations. Doubleday/Currency, New York.

Sveiby, K. (1997). The intangible assets monitor. Journal of Human Resource Costing and Accounting, 2(1): 73-97.

Tantalo, C., and R. L. Priem (2016). Value creation through stakeholder synergy. Strategic Management Journal, 37(2): 314-329.

Tesla, Inc. (2019). Proxy statement 2019. U.S. Securities and Exchange Commission. https://www.sec.gov/Archives/edgar/data/0001318605/000156459019014268/tsla- def14a_20190611.htm

Twitter, Inc. (2020). Proxy statement 2020. U.S. Securities and Exchange Commission. https://www.sec.gov/Archives/edgar/data/0001418091/000114036120008934/nc10 008144x1_def14a.htm#tCDA

Weber, J., and M. Willenborg (2003). Do expert informational intermediaries add value? Evidence from auditors in microcap initial public offerings. Journal of Accounting Research, 41(4): 681-720.

Wooldridge, J. M. (2002). Econometric analysis of cross section and panel data. The MIT Press, Cambridge.
描述 碩士
國立政治大學
會計學系
109353003
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0109353003
資料類型 thesis
dc.contributor.advisor 梁嘉紋zh_TW
dc.contributor.advisor Liang, Jia-Wenen_US
dc.contributor.author (Authors) 詹皓惟zh_TW
dc.contributor.author (Authors) Chan, Hao-Weien_US
dc.creator (作者) 詹皓惟zh_TW
dc.creator (作者) Chan, Hao-Weien_US
dc.date (日期) 2022en_US
dc.date.accessioned 2-Sep-2022 14:43:08 (UTC+8)-
dc.date.available 2-Sep-2022 14:43:08 (UTC+8)-
dc.date.issued (上傳時間) 2-Sep-2022 14:43:08 (UTC+8)-
dc.identifier (Other Identifiers) G0109353003en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/141535-
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) 109353003zh_TW
dc.description.abstract (摘要) 有鑒於採用企業社會責任相關指標衡量 CEO 績效的企業日益增加，本研究探討企業採用員工關係作為 CEO 績效衡量指標之影響。以 2018 至 2020 年的美國 Standard & Poor 500 公司為樣本，實證結果顯示，採用員工關係作為績效衡量指標之企業有顯著較低的 CEO 與員工薪酬比率，員工薪酬亦顯著較高。而採用員工關係績效指標則對 CEO 薪酬無顯著影響。另外，員工關係績效衡量指標雖與員工生產力呈正相關，卻與企業價值呈現負相關。整體而言，採用員工關係作為 CEO 績效衡量指標有助於提升員工福祉，惟指標之內容及衡量方式應審慎考量，否則將無益於企業價值之提升與長期發展。zh_TW
dc.description.abstract (摘要) In light of the recent trend of stakeholder-oriented performance metrics adoption, this research examines the consequences of firms using employee metrics in their CEO compensation plans. Using a sample of S&P 500 companies from 2018 to 2020, I find that firms adopting employee metrics are lower in pay ratios and higher in employee compensation and employee productivity, while I do not find a relation between employee metrics and CEO compensation. I further find that the adoption of employee metrics has a negative effect on firm value. Overall, the results suggest a positive effect of employee metrics on employee welfare and employee productivity; however, firms should use the ESG metrics with prudence, otherwise it may adversely affect firm value and long-term performance.en_US
dc.description.tableofcontents 1. Introduction 1
2. Literature review and hypotheses development 5
2.1 Stakeholder theory and ESG metrics 5
2.2 Human capital 8
2.3 CEO pay ratio and equity theory 9
2.4 Employee metrics and employee productivity 12
2.5 ESG (employee) metrics and firm value 13
3. Research design 15
3.1 Model for H1 15
3.2 Model for H2 and H3 17
3.3 Model for H4 19
3.4 Model for H5 20
3.5 Endogeneity 21
3.5.1 The treatment effect model 21
3.5.2 The instrumental variable approach 21
4. Sample, data, and descriptive statistics 23
4.1 Data and sample selection 23
4.2 Sample selection process 24
4.3 The trend of employee metrics 25
4.4 Descriptive statistics 27
5. Empirical results 33
5.1 Determinants of firms adopting employee metrics 33
5.2 Results of H1: Employee metrics and pay ratios 35
5.2.1 The base model 35
5.2.2 Endogeneity issues 36
5.3 Results of H2: Employee metrics and employee pay 38
5.4 Results of H3: Employee metrics and CEO pay 40
5.5 Results of H4: Employee metrics and employee productivity 42
5.6 Results of H5: Employee metrics and firm value 44
6. Conclusion 47
REFERENCE 49
Appendix A. An Example of Firm Adopting Employee Metric 56
Appendix B. Variable Definitions 57		zh_TW
dc.format.extent 1423025 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0109353003en_US
dc.subject (關鍵詞) 員工關係zh_TW
dc.subject (關鍵詞) ESG 績效衡量指標zh_TW
dc.subject (關鍵詞) 薪酬比率zh_TW
dc.subject (關鍵詞) 經理人薪酬zh_TW
dc.subject (關鍵詞) Employee relationsen_US
dc.subject (關鍵詞) ESG metricsen_US
dc.subject (關鍵詞) Pay ratioen_US
dc.subject (關鍵詞) Executive compensationen_US
dc.title (題名) 以員工關係作為績效衡量指標之經濟後果zh_TW
dc.title (題名) The economic consequences of using employee relations as performance metricsen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) Adams, R., H. Almeida, and D. Ferreira (2009). Understanding the relationship between founder-CEOs and firm performance. Journal of Empirical Finance, 16(1): 136-150.

Agrawal, A., I. Hacamo, and Z. Hu (2021). Information dispersion across employees and stock returns. The Review of Financial Studies, 34(10): 4785-4831.

Akerlof, G. A., and J. L. Yellen (1990). The fair wage-effort hypothesis and
unemployment. The Quarterly Journal of Economics, 105(2): 255-283.

American Express Company (2021). Proxy statement 2021. U.S. Securities and
Exchange Commission.
https://www.sec.gov/Archives/edgar/data/0000004962/000119312521087284/d919404ddef14a.htm

Arora, A., and P. Alam (2010). CEO compensation and stakeholders` claims. Contemporary Accounting Research. 22(3): 519-547.

Bamberger, P. A., M. Biron, and I. Meshoulam (2014). Human resource strategy: Formulation, implementation, and impact (2nd ed.). Routledge.

Bao, M. X., X. Cheng, and D. Smith (2020). A path analysis investigation of the relationships between CEO pay ratios and firm performance mediated by employee satisfaction. Advances in Accounting, 48.

Barrymore, N., and R. Sampson (2021). ESG Performance and Labor Productivity: Exploring whether and when ESG affects firm performance. Academy of Management Proceedings, 2021(1): 13997.

Bebchuk, L. A., and R. Tallarita (2020). The illusory promise of stakeholder governance. Cornell Law Review, 106: 91-178.

Bebchuk, L. A., and R. Tallarita (2022). The perils and questionable promise of ESG- based compensation. Available at SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4048003

Bebchuk, L. A., A. Cohen, and C. C. Y. Wang (2013). Learning and the disappearing association between governance and returns. Journal of Financial Economics, 108(2): 323-348.

Bebchuk, L. A., K. J. M. Cremers, and U. C. Peyer (2011). The CEO pay slice. Journal of Financial Economics, 102(1): 199-221.

Benedetti, A. H., and S. Chen (2018). High CEO-to-worker pay ratios negatively impact consumer and employee perceptions of companies. Journal of Experimental Social Psychology, 79: 378–393.

Berman, S. L., A. C. Wicks, S. Kotha, and T. M. Jones (1999). Does stakeholder orientation matter? The relationship between stakeholder management models and firm financial performance. The Academy of Management Journal, 42(5): 488-506.

Bharadwaj, A. S., S. G. Bharadwaj, and B. R. Konsynski (1999). Information technology effects on firm performance as measured by Tobin’s Q. Management Science, 45(7), 1008-1024.

Blau, P. M. (1964). Justice in social exchange. Sociological Inquiry, 34(2): 193-206.

Boone, A. L., A. Starkweather, and J. T. White (2021). Spinning the CEO Pay Ratio
Disclosure. Available at SSRN:
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3481540

Clarkson, M. B. E. (1995). A stakeholder framework for analyzing and evaluating corporate social performance. The Academy of Management Review, 20(7): 92-117.

Coombs, J. E., and K. M. Gilley (2005). Stakeholder management as a predictor of CEO compensation: Main effects and interactions with financial performance. Strategic Management Journal, 26(9): 827-840.

Core, J. E., R. W. Holthausen, and D. F. Larcker (1999). Corporate governance, chief executive officer compensation, and firm performance. Journal of Financial Economics, 51(3): 371-406.

Edmans, A. (2011). Does the stock market fully value intangibles? Employee satisfaction and equity prices. Journal of Financial Economics, 101(3): 621-640.

Edmans, A. (2012). The link between job satisfaction and firm value, with implications for corporate social responsibility. Academy of Management Perspectives, 26(4): 1- 19.

Faleye, O., E. Reis, and A. Venkateswaran (2013). The determinants and effects of CEO-employee pay ratios. Journal of Banking and Finance, 37(8): 3258-3272.

Farooq, O., M. Payaud, D. Merunka, and P. Valette-Florence (2014). The impact of corporate social responsibility on organizational commitment: Exploring multiple mediation mechanisms. Journal of Business Ethics, 125: 563-580.

Flammer, C., B. Hong, and D. Minor (2019). Corporate governance and the rise of integrating corporate social responsibility criteria in executive compensation: Effectiveness and implications for firm outcomes. Strategic Management Journal, 40(7): 1097-1122.

Freeman, R.E. (1984). Strategic Management: A Stakeholder Approach. Pitman, Boston.

Gan, H., M. S. Park, and S. Suh (2020). Non-financial performance measures, CEO compensation, and firms’ future value. Journal of Business Research, 110: 213-227.

Gao, H., K. Li, and Y. Ma (2021). Stakeholder orientation and the cost of debt: Evidence from state-level adoption of constituency statutes. Journal of Financial and Quantitative Analysis, 56(6): 1908-1944.

Gosling, T., and P. O’Connor (2021). Executive pay and ESG performance. Available at:
https://corpgov.law.harvard.edu/2021/04/12/executive-pay-and-esg-performance/

Hanlon, M., S. Rajgopal, and T. Shevlin (2003). Are executive stock options associated with future earnings? Journal of Accounting and Economics, 36(1-3): 3-43.

Hayes, R. M., and S. Schaefer (1999). How much are differences in managerial ability worth? Journal of Accounting and Economics, 27(2): 125-148.

Heckman, J. J. (1979). Sample selection bias as a specification error. Econometrica, 47(1): 153-161.

Hill, C. W. L., and T. M. Jones (1992). Stakeholder-agency theory. Journal of Management Studies, 29(2): 131-154.

Hillman, A. J., and G. D. Keim (2001). Shareholder value, stakeholder management, and social issues: What`s the bottom line? Strategic Management Journal, 22(2): 125- 139.

Holmström, B. (2017). Pay for Performance and Beyond. American Economic Review, 107(7): 1753-1777.

Jayaraman, S., and T. T. Milbourn (2012). The role of stock liquidity in executive compensation. The Accounting Review, 87(2): 537-563.

Jensen, M. C., and W. H. Meckling (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4): 305- 360.

Jones, T. M. (1995). Instrumental stakeholder theory: A synthesis of ethics and economics. The Academy of Management Review, 20(2): 404–437.

Kim, S., and J. Ng (2018). Executive bonus contract characteristics and share repurchases. The Accounting Review, 93(1): 289-316.

Knight, D. J. (1999). Performance measures for increasing intellectual capital. Strategic Leadership, 27(12): 22-27.

Koch, M. J., and R. G. McGrath (1996). Improving labor productivity: Human resource management policies do matter. Strategic Management Journal, 17(5): 335-354.

Lennox, C. S., J. R. Francis, and Z. Wang (2012). Selection models in accounting research. The Accounting Review, 87(2): 589-616.

Maddala, G. S. (1983). Limited-Dependent and Qualitative Variables in Econometrics. Cambridge University Press, Cambridge.

Maddala, G. S. (1991). A perspective on the use of limited-dependent and qualitative variables models in accounting research. The Accounting Review, 66(4): 788-807.

Marcoux, A. M. (2000). "Balancing Act." In Contemporary Issues in Business Ethics, 4th edition, edited by J. R. DesJardins and J. J. McCall. Wadsworth: 92-100.

Menendez, R. (2011). Letter to the SEC concerning Section 953(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Available at: https://www.menendez.senate.gov/imo/media/doc/Letter%20to%20SEC1-19- 11.pdf

Mohan, B., T. Schlager, D. Deshpandé, and M. I. Norton (2018). Consumers avoid buying from firms with higher CEO-to-worker pay ratios. Journal of Consumer Psychology, 28(2): 344-352.

Pan, Y., W. S. Pikulina, S. Siegel, and T. Y. Wang (2022). Do equity markets care about income inequality? Evidence from pay ratio disclosure. Journal of Finance, 77(2): 1371-1411.

Parmar, B., R. E. Freeman, J. S. Harrison, A. C. Wicks, S. D. Colle, and L. Purnell (2010). Stakeholder theory: The state of the art. The Academy of Management Annals, 3(1): 403-445.

Parrino, R. (1997). CEO turnover and outside succession A cross-sectional analysis. Journal of Financial Economics, 46(2): 165-197.

Rouen, E. (2020). Rethinking measurement of pay disparity and its relation to firm performance. The Accounting Review, 95(1): 343-378.

Rountree, B., J. P. Weston, and G. Allayannis (2008). Do investors value smooth performance? Journal of Financial Economics, 90(3): 237-251.

Securities and Exchange Commission (SEC). (2015, August 5). Pay ratio disclosure. August 5. Available at: https://www.sec.gov/rules/final/finalarchive/finalarchive2015.shtml

Stewart, T. A. (1997). Intellectual Capital: The New Wealth of Organizations. Doubleday/Currency, New York.

Sveiby, K. (1997). The intangible assets monitor. Journal of Human Resource Costing and Accounting, 2(1): 73-97.

Tantalo, C., and R. L. Priem (2016). Value creation through stakeholder synergy. Strategic Management Journal, 37(2): 314-329.

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dc.identifier.doi (DOI) 10.6814/NCCU202201137en_US