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題名 高階經理人一般管理能力與人才流動性之關聯：論薪酬結構之影響
The Association between General Managerial Ability and Talent Mobility among Top Managers: The Impact of Compensation Structure.
作者 戴琪瑋
Tai, Chi-Wei
貢獻者 李佳玲
Lee, Chia-Ling
戴琪瑋
Tai, Chi-Wei
關鍵詞 總經理能力
薪酬結構
總經理離職
代理問題
CEO abilities
Compensation structure
CEO turnover
Agency problem
日期 2023
上傳時間 2-Aug-2023 13:25:37 (UTC+8)
摘要 總經理的行為一直是各領域廣泛討論的對象。隨著公司在組織和規模上的多樣化，對總經理的需求也由具公司特定技能之專家型總經理逐漸轉為具一般管理能力的通才型總經理。一般管理能力較佳的總經理在勞動力市場上更具吸引力，導致更多的外部機會。如何設計薪酬結構以減輕外部機會帶來的離職問題，對公司而言至關重要。
本研究探討了總經理能力、薪酬結構和離職間的關係。結果表明，總經理的一般管理能力與離職呈正相關。當總經理的能力較高時，薪酬績效敏感性和薪酬存續期間對總經理能力和離職間的關係具有負向調節作用。然而，當總經理的能力較低時，調節作用不明顯。此外，總經理的能力對離職具有長期效果，且當總經理的能力較高時，薪酬績效敏感性的調節作用具有長期效果，而薪酬存續期間則無。當總經理的能力較低時，兩者皆不具長期效果。
The behavior of CEOs in public companies has been a subject of extensive research across various fields. As companies have become more diverse in size and organizational structure, there has been a shift from hiring specialist CEOs with firm-specific skills to generalist CEOs with general managerial abilities. CEOs with better general managerial abilities are more attractive in the labor market, leading to more external opportunities. How companies design compensation structures to mitigate the turnover problems arising from CEOs` external opportunities is crucial for companies.
This study examines the relationship between CEO abilities, compensation structure, and CEO turnover. The results show that CEOs` general managerial ability is positively related to CEO turnover. The pay-performance sensitivity and the pay duration have a negative moderating effect on the relationship between CEO ability and turnover when CEOs have high general managerial abilities. However, these moderating effects are not significant when CEOs have low abilities. Further analysis revealed that the effect of CEOs` ability on turnover has a long-term effect. When the CEO`s ability is high, the negative moderating effect of pay-performance sensitivity has a long-term effect, while pay duration has no long-term effect. When the CEO`s ability is low, neither has a long-term effect.
參考文獻 黃振豊、陳薇如與張雅婷，2016，核心代理問題之道德風險對高階經理人薪酬與企業績效關係之影響，管理學報，第33卷第2期：213-238。
楊朝旭與吳幸蓁，2003，總經理薪酬績效敏感性、績效門檻與盈餘管理關聯性之研究，會計評論，第36期：55-87。
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Aiken, L. S., West, S. G., & Reno, R. R. (1991). Multiple regression: Testing and interpreting interactions. sage.
Aldatmaz, S., Ouimet, P., & Van Wesep, E. D. (2018). The option to quit: The effect of employee stock options on turnover. Journal of Financial Economics, 127(1), 136-151.
Balsam, S., & Miharjo, S. (2007). The effect of equity compensation on voluntary executive turnover. Journal of Accounting and Economics, 43(1), 95-119.
Bennett, B., Bettis, J. C., Gopalan, R., & Milbourn, T. (2017). Compensation goals and firm performance. Journal of Financial Economics, 124(2), 307-330.
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Chen, G., Huang, S., Meyer‐Doyle, P., & Mindruta, D. (2021). Generalist versus specialist CEOs and acquisitions: Two‐sided matching and the impact of CEO characteristics on firm outcomes. Strategic Management Journal, 42(6), 1184-1214.
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描述 碩士
國立政治大學
會計學系
110353025
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0110353025
資料類型 thesis
dc.contributor.advisor 李佳玲zh_TW
dc.contributor.advisor Lee, Chia-Lingen_US
dc.contributor.author (Authors) 戴琪瑋zh_TW
dc.contributor.author (Authors) Tai, Chi-Weien_US
dc.creator (作者) 戴琪瑋zh_TW
dc.creator (作者) Tai, Chi-Weien_US
dc.date (日期) 2023en_US
dc.date.accessioned 2-Aug-2023 13:25:37 (UTC+8)-
dc.date.available 2-Aug-2023 13:25:37 (UTC+8)-
dc.date.issued (上傳時間) 2-Aug-2023 13:25:37 (UTC+8)-
dc.identifier (Other Identifiers) G0110353025en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/146398-
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) 110353025zh_TW
dc.description.abstract (摘要) 總經理的行為一直是各領域廣泛討論的對象。隨著公司在組織和規模上的多樣化，對總經理的需求也由具公司特定技能之專家型總經理逐漸轉為具一般管理能力的通才型總經理。一般管理能力較佳的總經理在勞動力市場上更具吸引力，導致更多的外部機會。如何設計薪酬結構以減輕外部機會帶來的離職問題，對公司而言至關重要。
本研究探討了總經理能力、薪酬結構和離職間的關係。結果表明，總經理的一般管理能力與離職呈正相關。當總經理的能力較高時，薪酬績效敏感性和薪酬存續期間對總經理能力和離職間的關係具有負向調節作用。然而，當總經理的能力較低時，調節作用不明顯。此外，總經理的能力對離職具有長期效果，且當總經理的能力較高時，薪酬績效敏感性的調節作用具有長期效果，而薪酬存續期間則無。當總經理的能力較低時，兩者皆不具長期效果。		zh_TW
dc.description.abstract (摘要) The behavior of CEOs in public companies has been a subject of extensive research across various fields. As companies have become more diverse in size and organizational structure, there has been a shift from hiring specialist CEOs with firm-specific skills to generalist CEOs with general managerial abilities. CEOs with better general managerial abilities are more attractive in the labor market, leading to more external opportunities. How companies design compensation structures to mitigate the turnover problems arising from CEOs` external opportunities is crucial for companies.
This study examines the relationship between CEO abilities, compensation structure, and CEO turnover. The results show that CEOs` general managerial ability is positively related to CEO turnover. The pay-performance sensitivity and the pay duration have a negative moderating effect on the relationship between CEO ability and turnover when CEOs have high general managerial abilities. However, these moderating effects are not significant when CEOs have low abilities. Further analysis revealed that the effect of CEOs` ability on turnover has a long-term effect. When the CEO`s ability is high, the negative moderating effect of pay-performance sensitivity has a long-term effect, while pay duration has no long-term effect. When the CEO`s ability is low, neither has a long-term effect.		en_US
dc.description.tableofcontents 壹、緒論 1
一、研究動機與目的 1
二、研究架構 3
貳、文獻回顧與假說發展 5
一、一般管理能力與人才流動性之關聯 5
二、薪酬績效敏感性與一般管理能力及流動性之關聯 6
三、薪酬存續期間與一般管理能力及流動性之關聯 8
參、研究方法 11
一、研究樣本與資料來源 11
二、實證迴歸模型 13
三、變數衡量 15
肆、實證結果與分析 21
一、敘述性統計 21
二、相關係數分析 28
三、主要模型之實證結果 30
四、穩健性測試 34
五、增額分析 43
伍、結論 47
一、研究結論 47
二、研究貢獻 48
三、研究限制 49
四、未來研究建議 49
參考文獻 50		zh_TW
dc.format.extent 2306108 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0110353025en_US
dc.subject (關鍵詞) 總經理能力zh_TW
dc.subject (關鍵詞) 薪酬結構zh_TW
dc.subject (關鍵詞) 總經理離職zh_TW
dc.subject (關鍵詞) 代理問題zh_TW
dc.subject (關鍵詞) CEO abilitiesen_US
dc.subject (關鍵詞) Compensation structureen_US
dc.subject (關鍵詞) CEO turnoveren_US
dc.subject (關鍵詞) Agency problemen_US
dc.title (題名) 高階經理人一般管理能力與人才流動性之關聯：論薪酬結構之影響zh_TW
dc.title (題名) The Association between General Managerial Ability and Talent Mobility among Top Managers: The Impact of Compensation Structure.en_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 黃振豊、陳薇如與張雅婷，2016，核心代理問題之道德風險對高階經理人薪酬與企業績效關係之影響，管理學報，第33卷第2期：213-238。
楊朝旭與吳幸蓁，2003，總經理薪酬績效敏感性、績效門檻與盈餘管理關聯性之研究，會計評論，第36期：55-87。
Abowd, J. M. (1990). Does performance-based managerial compensation affect corporate performance? Industrial & Labor Relations Review, 43(3), 52-S.
Aiken, L. S., West, S. G., & Reno, R. R. (1991). Multiple regression: Testing and interpreting interactions. sage.
Aldatmaz, S., Ouimet, P., & Van Wesep, E. D. (2018). The option to quit: The effect of employee stock options on turnover. Journal of Financial Economics, 127(1), 136-151.
Balsam, S., & Miharjo, S. (2007). The effect of equity compensation on voluntary executive turnover. Journal of Accounting and Economics, 43(1), 95-119.
Bennett, B., Bettis, J. C., Gopalan, R., & Milbourn, T. (2017). Compensation goals and firm performance. Journal of Financial Economics, 124(2), 307-330.
Betzer, A., Lee, H. S. G., Limbach, P., & Salas, J. M. (2020). Are generalists beneficial to corporate shareholders? Evidence from exogenous executive turnovers. Journal of Financial and Quantitative Analysis, 55(2), 581-619.
Buck, T., Liu, X., & Skovoroda, R. (2008). Top executive pay and firm performance in China. Journal of International Business Studies, 39, 833-850.
Bushman, R., Dai, Z., & Wang, X. (2010). Risk and CEO turnover. Journal of Financial Economics, 96(3), 381-398.
Cadman, B. D., Rusticus, T. O., & Sunder, J. (2013). Stock option grant vesting terms: Economic and financial reporting determinants. Review of Accounting Studies, 18, 1159-1190.
Carter, M. E., Franco, F., & Tuna, I. (2019). Matching premiums in the executive labor market. The Accounting Review, 94(6), 109-136.
Chaigneau, P., & Sahuguet, N. (2018). The effect of monitoring on CEO compensation in a matching equilibrium. Journal of Financial and Quantitative Analysis, 53(3), 1297-1339.
Chen, G., Huang, S., Meyer‐Doyle, P., & Mindruta, D. (2021). Generalist versus specialist CEOs and acquisitions: Two‐sided matching and the impact of CEO characteristics on firm outcomes. Strategic Management Journal, 42(6), 1184-1214.
Chen, W., Jung, S., Peng, X., & Zhang, I. X. (2022). Outside Opportunities, Managerial Risk Taking, and CEO Compensation. The Accounting Review, 97(2), 135-160.
Cohen, J., Cohen, P., West, S. G., & Aiken, L. S. (2013). Applied multiple regression/correlation analysis for the behavioral sciences. Routledge.
Custódio, C., Ferreira, M. A., & Matos, P. (2013). Generalists versus specialists: Lifetime work experience and chief executive officer pay. Journal of Financial Economics, 108(2), 471-492.
Custódio, C., Ferreira, M. A., & Matos, P. (2019). Do general managerial skills spur innovation? Management Science, 65(2), 459-476.
Dechow, P. M., & Sloan, R. G. (1991). Executive incentives and the horizon problem: An empirical investigation. Journal of Accounting and Economics, 14(1), 51-89.
DeFond, M. L., & Park, C. W. (1999). The effect of competition on CEO turnover. Journal of Accounting and Economics, 27(1), 35-56.
Dutta, S. (2003). Capital budgeting and managerial compensation: Incentive and retention effects. The Accounting Review, 78(1), 71-93.
Dutta, S. (2008). Managerial expertise, private information, and pay-performance sensitivity. Management Science, 54(3), 429-442.
Eisfeldt, A. L., & Kuhnen, C. M. (2013). CEO turnover in a competitive assignment framework. Journal of Financial Economics, 109(2), 351-372.
Ellingsen, T., & Kristiansen, E. G. (2022). Fair and square: A retention model of managerial compensation. Management Science, 68(5), 3604-3624.
Evans III, J. H., Gao, Z., Hwang, Y., & Wu, W.-T. (2018). Performance periods in CEO performance-based equity awards: Theory and evidence. The Accounting Review, 93(2), 161-190.
Faleye, O., Hoitash, R., & Hoitash, U. (2011). The costs of intense board monitoring. Journal of Financial Economics, 101(1), 160-181.
Fee, C. E., & Hadlock, C. J. (2003). Raids, rewards, and reputations in the market for managerial talent. The Review of Financial Studies, 16(4), 1315-1357.
Fee, C. E., & Hadlock, C. J. (2004). Management turnover across the corporate hierarchy. Journal of Accounting and Economics, 37(1), 3-38.
Ferreira, D., & Sah, R. K. (2012). Who gets to the top? Generalists versus specialists in managerial organizations. The RAND journal of economics, 43(4), 577-601.
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