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題名 CSR薪酬契約與風險承擔誘因之關聯
The Association between CSR Contracting and Risk-taking Incentives
作者 吳智穎
Wu, Chih-Ying
貢獻者 梁嘉紋
吳智穎
Wu, Chih-Ying
關鍵詞 CSR薪酬契約
CSR績效衡量指標
風險承擔誘因
財務績效目標
CSR Contracting
CSR performance goal
risk incentives
accounting performance goal
日期 2023
上傳時間 1-Sep-2023 14:40:00 (UTC+8)
摘要 在CEO的薪酬設計中，CSR績效衡量指標的使用比例逐年提高，除了滿足利害關係人的訴求之外，使用CSR薪酬契約(CSR Contracting)是否隱含其他意義。本研究探討CSR薪酬契約的使用與CEO財務績效風險誘因、權益性質風險誘因之間是否存在關聯，以及CSR薪酬契約是否能夠作為一種新型態的風險承擔誘因。根據實證結果，本研究發現使用CSR薪酬契約將造成財務績效風險誘因變高，卻會導致較低的權益性質風險誘因，表示CSR薪酬契約確實會改變風險誘因的設計，但對於不同類型的風險誘因會有不同影響。最後，CSR薪酬契約本身與企業風險並無關聯，企業風險的大小仍是受到各類型風險誘因的影響，故CSR薪酬契約並不具備風險誘因之特性。
The use of CSR (Corporate Social Responsibility) performance measures in CEO compensation design has been increasing over years. This study examines the association between CSR contracting and risk incentives provided to CEO. The empirical evidence shows that CSR contracting increases financial performance risk incentives but decreases equity-based risk incentives. This indicates that CSR contracting indeed alter the design of risk incentives, but their effects differ for different types of risk incentives. Lastly, CSR contracting is not directly related to corporate risk, as the magnitude of corporate risk is still influenced by various types of risk incentives like financial performance risk incentives. Therefore, CSR contracting does not possess the characteristic of being a risk incentive.
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描述 碩士
國立政治大學
會計學系
110353006
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0110353006
資料類型 thesis
dc.contributor.advisor 梁嘉紋zh_TW
dc.contributor.author (Authors) 吳智穎zh_TW
dc.contributor.author (Authors) Wu, Chih-Yingen_US
dc.creator (作者) 吳智穎zh_TW
dc.creator (作者) Wu, Chih-Yingen_US
dc.date (日期) 2023en_US
dc.date.accessioned 1-Sep-2023 14:40:00 (UTC+8)-
dc.date.available 1-Sep-2023 14:40:00 (UTC+8)-
dc.date.issued (上傳時間) 1-Sep-2023 14:40:00 (UTC+8)-
dc.identifier (Other Identifiers) G0110353006en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/146824-
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) 110353006zh_TW
dc.description.abstract (摘要) 在CEO的薪酬設計中，CSR績效衡量指標的使用比例逐年提高，除了滿足利害關係人的訴求之外，使用CSR薪酬契約(CSR Contracting)是否隱含其他意義。本研究探討CSR薪酬契約的使用與CEO財務績效風險誘因、權益性質風險誘因之間是否存在關聯，以及CSR薪酬契約是否能夠作為一種新型態的風險承擔誘因。根據實證結果，本研究發現使用CSR薪酬契約將造成財務績效風險誘因變高，卻會導致較低的權益性質風險誘因，表示CSR薪酬契約確實會改變風險誘因的設計，但對於不同類型的風險誘因會有不同影響。最後，CSR薪酬契約本身與企業風險並無關聯，企業風險的大小仍是受到各類型風險誘因的影響，故CSR薪酬契約並不具備風險誘因之特性。zh_TW
dc.description.abstract (摘要) The use of CSR (Corporate Social Responsibility) performance measures in CEO compensation design has been increasing over years. This study examines the association between CSR contracting and risk incentives provided to CEO. The empirical evidence shows that CSR contracting increases financial performance risk incentives but decreases equity-based risk incentives. This indicates that CSR contracting indeed alter the design of risk incentives, but their effects differ for different types of risk incentives. Lastly, CSR contracting is not directly related to corporate risk, as the magnitude of corporate risk is still influenced by various types of risk incentives like financial performance risk incentives. Therefore, CSR contracting does not possess the characteristic of being a risk incentive.en_US
dc.description.tableofcontents 第一章 緒論 1
第二章 文獻回顧及假說發展 6
第三章 研究方法 15
第四章 實證結果與分析 31
第五章 研究結論與建議 58
參考文獻 61		zh_TW
dc.format.extent 3449376 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0110353006en_US
dc.subject (關鍵詞) CSR薪酬契約zh_TW
dc.subject (關鍵詞) CSR績效衡量指標zh_TW
dc.subject (關鍵詞) 風險承擔誘因zh_TW
dc.subject (關鍵詞) 財務績效目標zh_TW
dc.subject (關鍵詞) CSR Contractingen_US
dc.subject (關鍵詞) CSR performance goalen_US
dc.subject (關鍵詞) risk incentivesen_US
dc.subject (關鍵詞) accounting performance goalen_US
dc.title (題名) CSR薪酬契約與風險承擔誘因之關聯zh_TW
dc.title (題名) The Association between CSR Contracting and Risk-taking Incentivesen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) Abernethy, M. A., Kuang, Y. F., & Qin, B. (2015). The influence of CEO power on compensation contract design. The Accounting Review, 90(4), 1265-1306.
Adams, R. B., & Funk, P. (2012). Beyond the Glass Ceiling: Does Gender Matter? Management Science, 58(2), 219-235.
Al-Shaer, H., Albitar, K., & Liu, J. (2023). CEO power and CSR-linked compensation for corporate environmental responsibility: UK evidence. Review of Quantitative Finance and Accounting, 60(3), 1025-1063.
Al-Shaer, H., & Zaman, M. (2019a). CEO compensation and sustainability reporting assurance: Evidence from the UK. Journal of Business Ethics, 158, 233-252.
Al-Shaer, H., & Zaman, M. (2019b). CEO Compensation and Sustainability Reporting Assurance: Evidence from the UK. Journal of Business Ethics, 158(1), 233-252.
Albuquerque, R., Koskinen, Y., & Zhang, C. (2019). Corporate social responsibility and firm risk: Theory and empirical evidence. Management Science, 65(10), 4451-4469.
Armstrong, C. S., Glaeser, S. A., & Huang, S. (2022). Contracting with Controllable Risk. The Accounting Review, 97(4), 27-50.
Armstrong, C. S., & Vashishtha, R. (2012). Executive stock options, differential risk-taking incentives, and firm value. Journal of Financial Economics, 104(1), 70-88.
Arnold, M. C., & Artz, M. (2015). Target difficulty, target flexibility, and firm performance: Evidence from business units’ targets. Accounting, Organizations and Society, 40, 61-77.
Banker, R. D., Ma, X., Pomare, C., & Zhang, Y. (2022). When doing good for society is good for shareholders: importance of alignment between strategy and CSR performance. Review of Accounting Studies, 28, 1-33.
Bebchuk, L. A., & Tallarita, R. (2022). The perils and questionable promise of ESG-based compensation. Available at SSRN 4048003.
Bentley, K. A., Omer, T. C., & Sharp, N. Y. (2013). Business Strategy, Financial Reporting Irregularities, and Audit Effort. Contemporary Accounting Research, 30(2), 780-817.
Bernile, G., Bhagwat, V., & Yonker, S. (2018). Board diversity, firm risk, and corporate policies. Journal of Financial Economics, 127(3), 588-612.
Berrone, P., & Gomez-Mejia, L. R. (2009). Environmental performance and executive compensation: An integrated agency-institutional perspective. Academy of Management Journal, 52(1), 103-126.

Bettis, C., Bizjak, J., & Kalpathy, S. (2015). Why Do Insiders Hedge Their Ownership? An Empirical Examination. Financial Management, 44(3), 655-683.
Bettis, J. C., Bizjak, J., Coles, J. L., & Kalpathy, S. (2018). Performance-vesting provisions in executive compensation. Journal of Accounting and Economics, 66(1), 194-221.
Boyd, B. K. (1995). CEO duality and firm performance: A contingency model. Strategic Management Journal, 16(4), 301-312.
Buchanan, B., Cao, C. X., & Chen, C. (2018). Corporate social responsibility, firm value, and influential institutional ownership. Journal of Corporate Finance, 52, 73-95.
Cadman, B. D., Campbell, J. L., & Klasa, S. (2016). Are Ex Ante CEO Severance Pay Contracts Consistent with Efficient Contracting? Journal of Financial and Quantitative Analysis, 51(3), 737-769.
Campbell, J. L. (2007). Why would corporations behave in socially responsible ways? An institutional theory of corporate social responsibility. Academy of Management Review, 32(3), 946-967.
Carter, M. E., Ittner, C. D., & Zechman, S. L. (2009). Explicit relative performance evaluation in performance-vested equity grants. Review of Accounting Studies, 14, 269-306.
Chen, C. X., Kim, M., Li, L. Y., & Zhu, W. (2022). Accounting performance goals in CEO compensation contracts and corporate risk taking. Management Science, 68(8), 6039-6058.
Cheng, B., Ioannou, I., & Serafeim, G. (2014). Corporate social responsibility and access to finance. Strategic Management Journal, 35(1), 1-23.
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