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題名 肥貓還是招財貓?執行長薪酬對公司財務績效的影響
Fat cat or Lucky cat? The impact of excessive salary of CEO on corporate performance
作者 林宥君
貢獻者 黃嘉威
林宥君
關鍵詞 高薪酬
超額薪酬
財務績效
危機情境
新冠疫情
High compensation
Excess compensation
Financial performance
Crisis context
COVID-19 epidemic
日期 2024
上傳時間 5-Aug-2024 13:44:25 (UTC+8)
摘要 本研究旨在檢驗執行長的高薪酬究竟是肥貓現象,還是市場反應對稀缺領導人才競爭的價格結果。本研究樣本範圍為台灣上市公司,以董事及總經理與副總作為我國執行長的替代變數,高薪酬以超額薪酬定義,並以新冠疫情為檢驗執行長領導能力的危機情境,分析執行長領有高薪酬對公司財務績效的影響。實證結果顯示,執行長領有高薪酬的公司在疫情期間有相對較好的財務表現,尤其是在那些受到疫情負面衝擊的產業中更為顯著,表示執行長的領導能力在新冠疫情下的危機情境得到凸顯,執行長的高薪酬反應了市場對於優秀領導人才的需求,而非肥貓現象。
This study aims to examine whether the high compensation of CEOs is a "fat cat" phenomenon or a result of competitive market pricing for scarce leadership talent. The sample scope of this study includes publicly listed companies in Taiwan, using board members, general managers, and vice presidents as proxies for CEOs in Taiwan. High compensation is defined as excessive pay, and the COVID-19 pandemic is used as a crisis context to test the leadership capabilities of CEOs. The study analyzes the impact of high CEO compensation on corporate financial performance. Empirical results show that companies with highly compensated CEOs had relatively better financial performance during the pandemic, especially in industries negatively impacted by the pandemic. This indicates that the leadership capabilities of CEOs were highlighted in the crisis context of the COVID-19 pandemic. Therefore, the high compensation of CEOs reflects the market demand for outstanding leadership talent rather than a "fat cat" phenomenon.
參考文獻 Almeida, H. (2019). Is it time to get rid of earnings-per-share (EPS)? The Review of Corporate Finance Studies, 8(1), 174-206. Battisti, E., Alfiero, S., & Leonidou, E. (2022). Remote working and digital transformation during the COVID-19 pandemic: Economic–financial impacts and psychological drivers for employees. Journal of Business Research, 150, 38-50. Bertrand, M., & Mullainathan, S. (2001). Are CEOs rewarded for luck? The ones without principals are. The Quarterly Journal of Economics, 116(3), 901-932. Brick, I. E., Palmon, O., & Wald, J. K. (2006). CEO compensation, director compensation, and firm performance: Evidence of cronyism? Journal of Corporate Finance, 12(3), 403-423. Brogaard, J., Nguyen, T. H., Putnins, T. J., & Wu, E. (2022). What moves stock prices? The roles of news, noise, and information. The Review of Financial Studies, 35(9), 4341-4386. Bundy, J., Pfarrer, M. D., Short, C. E., & Coombs, W. T. (2017). Crises and crisis management: Integration, interpretation, and research development. Journal of Management, 43(6), 1661-1692. Cheadle, C., Vawter, M. P., Freed, W. J., & Becker, K. G. (2003). Analysis of microarray data using Z score transformation. Journal of Molecular Diagnostics, 5(2), 73-81. Chen, H.-C., & Yeh, C.-W. (2021). Global financial crisis and COVID-19: Industrial reactions. Finance Research Letters, 42, 101940. Dessaint, O., Foucault, T., Frésard, L., & Matray, A. (2019). Noisy stock prices and corporate investment. Review of Financial Studies, 32(7), 2625-2672. Francis, T., & Broughton, K. (2021, April 11). CEO pay surged in a year of upheaval and leadership challenges. The Wall Street Journal. https://www.wsj.com/articles/ceo-pay-surged-in-a-year-of-upheaval-and-leader-ship-challenges-11618086407 Gabaix, X., & Landier, A. (2008). Why has CEO pay increased so much? The Quarterly Journal of Economics, 123(1), 49-100. Islam, M. R., Khan, T. R., Choudhury, T. T., & Adnan, A. M. (2014). How earning per share (EPS) affects on share price and firm value. European Journal of Business and Management, 6(17), 97-108. Kaplan, S. N., & Rauh, J. (2010). Wall Street and Main Street: What contributes to the rise in the highest incomes? The Review of Financial Studies, 23(3), 1004-1050. Koehn, N. (2020, April 3). Real leaders are forged in crisis. Harvard Business Review. https://hbr.org/2020/05/real-leaders-are-forged-in-crisis König, A., Graf-Vlachy, L., Bundy, J., & Little, L. M. (2020). A blessing and a curse: How CEOs’ trait empathy affects their management of organizational crises. Academy of Management Review, 45(1), 130-153. Kraus, S., Durst, S., Ferreira, J. J., Veiga, P., Kailer, N., & Weinmann, A. (2022). Digital transformation in business and management research: An overview of the current status quo. International Journal of Information Management, 63, 102466. Mitton, T. (2022). Methodological variation in empirical corporate finance. The Review of Financial Studies, 35(2), 527-575. Rediker, K. J., & Seth, A. (1995). Boards of directors and substitution effects of alternative governance mechanisms. Strategic Management Journal, 16(2), 85-99. Rio-Chanona, R. M., Mealy, P., Pichler, A., Lafond, F., & Farmer, J. D. (2020). Supply and demand shocks in the COVID-19 pandemic: An industry and occupation perspective. Oxford Review of Economic Policy, 36(Supplement_1), S94-S137. Stoker, J. I., Garretsen, H., & Soudis, D. (2019). Tightening the leash after a threat: A multi-level event study on leadership behavior following the financial crisis. The Leadership Quarterly, 30(2), 199-214. Tervio, M. (2008). The difference that CEOs make: An assignment model approach. American Economic Review, 98(3), 642-668. Walker, S. (2020, March 14). Covid-19 was a leadership test. It came back negative. The Wall Street Journal. https://www.economist.com/leaders/2021/04/08/covid-19-was-a-leadership-test-it-came-back-negative Wu, Y. L., Shao, B., Newman, A., & Schwarz, G. (2021). Crisis leadership: A review and future research agenda. The Leadership Quarterly, 32(6), Article 101518.
描述 碩士
國立政治大學
財務管理學系
111357034
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0111357034
資料類型 thesis
dc.contributor.advisor 黃嘉威zh_TW
dc.contributor.author (Authors) 林宥君zh_TW
dc.creator (作者) 林宥君zh_TW
dc.date (日期) 2024en_US
dc.date.accessioned 5-Aug-2024 13:44:25 (UTC+8)-
dc.date.available 5-Aug-2024 13:44:25 (UTC+8)-
dc.date.issued (上傳時間) 5-Aug-2024 13:44:25 (UTC+8)-
dc.identifier (Other Identifiers) G0111357034en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/152732-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 財務管理學系zh_TW
dc.description (描述) 111357034zh_TW
dc.description.abstract (摘要) 本研究旨在檢驗執行長的高薪酬究竟是肥貓現象,還是市場反應對稀缺領導人才競爭的價格結果。本研究樣本範圍為台灣上市公司,以董事及總經理與副總作為我國執行長的替代變數,高薪酬以超額薪酬定義,並以新冠疫情為檢驗執行長領導能力的危機情境,分析執行長領有高薪酬對公司財務績效的影響。實證結果顯示,執行長領有高薪酬的公司在疫情期間有相對較好的財務表現,尤其是在那些受到疫情負面衝擊的產業中更為顯著,表示執行長的領導能力在新冠疫情下的危機情境得到凸顯,執行長的高薪酬反應了市場對於優秀領導人才的需求,而非肥貓現象。zh_TW
dc.description.abstract (摘要) This study aims to examine whether the high compensation of CEOs is a "fat cat" phenomenon or a result of competitive market pricing for scarce leadership talent. The sample scope of this study includes publicly listed companies in Taiwan, using board members, general managers, and vice presidents as proxies for CEOs in Taiwan. High compensation is defined as excessive pay, and the COVID-19 pandemic is used as a crisis context to test the leadership capabilities of CEOs. The study analyzes the impact of high CEO compensation on corporate financial performance. Empirical results show that companies with highly compensated CEOs had relatively better financial performance during the pandemic, especially in industries negatively impacted by the pandemic. This indicates that the leadership capabilities of CEOs were highlighted in the crisis context of the COVID-19 pandemic. Therefore, the high compensation of CEOs reflects the market demand for outstanding leadership talent rather than a "fat cat" phenomenon.en_US
dc.description.tableofcontents 第一章、緒論 1 第一節 研究動機與背景 1 第二節 研究貢獻 2 第二章、文獻回顧與假說發展 3 第一節 執行長高薪酬與公司財務績效間的關聯 3 第二節 執行長領導能力於公司面臨危機時的展現 4 第三節 市場面臨新冠疫情衝擊時對產業造成影響的差異 5 第四節 研究假說 6 第三章、研究模型與方法 7 第一節 研究架構與資料樣本 7 第二節 實證模型與變數定義 8 第四章、實證結果 12 第一節 敘述統計量 12 第二節 董事為執行長替代變數的實證結果 12 第三節 總經理與副總作為執行長替代變數的實證結果 14 第四節 董事及總經理與副總分別作為我國執行長的替代變數實證結果比較 16 第五章、結論與研究限制 18 表 A1 變數定義 20 參考文獻 21zh_TW
dc.format.extent 918454 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0111357034en_US
dc.subject (關鍵詞) 高薪酬zh_TW
dc.subject (關鍵詞) 超額薪酬zh_TW
dc.subject (關鍵詞) 財務績效zh_TW
dc.subject (關鍵詞) 危機情境zh_TW
dc.subject (關鍵詞) 新冠疫情zh_TW
dc.subject (關鍵詞) High compensationen_US
dc.subject (關鍵詞) Excess compensationen_US
dc.subject (關鍵詞) Financial performanceen_US
dc.subject (關鍵詞) Crisis contexten_US
dc.subject (關鍵詞) COVID-19 epidemicen_US
dc.title (題名) 肥貓還是招財貓?執行長薪酬對公司財務績效的影響zh_TW
dc.title (題名) Fat cat or Lucky cat? The impact of excessive salary of CEO on corporate performanceen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) Almeida, H. (2019). Is it time to get rid of earnings-per-share (EPS)? The Review of Corporate Finance Studies, 8(1), 174-206. Battisti, E., Alfiero, S., & Leonidou, E. (2022). Remote working and digital transformation during the COVID-19 pandemic: Economic–financial impacts and psychological drivers for employees. Journal of Business Research, 150, 38-50. Bertrand, M., & Mullainathan, S. (2001). Are CEOs rewarded for luck? The ones without principals are. The Quarterly Journal of Economics, 116(3), 901-932. Brick, I. E., Palmon, O., & Wald, J. K. (2006). CEO compensation, director compensation, and firm performance: Evidence of cronyism? Journal of Corporate Finance, 12(3), 403-423. Brogaard, J., Nguyen, T. H., Putnins, T. J., & Wu, E. (2022). What moves stock prices? The roles of news, noise, and information. The Review of Financial Studies, 35(9), 4341-4386. Bundy, J., Pfarrer, M. D., Short, C. E., & Coombs, W. T. (2017). Crises and crisis management: Integration, interpretation, and research development. Journal of Management, 43(6), 1661-1692. Cheadle, C., Vawter, M. P., Freed, W. J., & Becker, K. G. (2003). Analysis of microarray data using Z score transformation. Journal of Molecular Diagnostics, 5(2), 73-81. Chen, H.-C., & Yeh, C.-W. (2021). Global financial crisis and COVID-19: Industrial reactions. Finance Research Letters, 42, 101940. Dessaint, O., Foucault, T., Frésard, L., & Matray, A. (2019). Noisy stock prices and corporate investment. Review of Financial Studies, 32(7), 2625-2672. Francis, T., & Broughton, K. (2021, April 11). CEO pay surged in a year of upheaval and leadership challenges. The Wall Street Journal. https://www.wsj.com/articles/ceo-pay-surged-in-a-year-of-upheaval-and-leader-ship-challenges-11618086407 Gabaix, X., & Landier, A. (2008). Why has CEO pay increased so much? The Quarterly Journal of Economics, 123(1), 49-100. Islam, M. R., Khan, T. R., Choudhury, T. T., & Adnan, A. M. (2014). How earning per share (EPS) affects on share price and firm value. European Journal of Business and Management, 6(17), 97-108. Kaplan, S. N., & Rauh, J. (2010). Wall Street and Main Street: What contributes to the rise in the highest incomes? The Review of Financial Studies, 23(3), 1004-1050. Koehn, N. (2020, April 3). Real leaders are forged in crisis. Harvard Business Review. https://hbr.org/2020/05/real-leaders-are-forged-in-crisis König, A., Graf-Vlachy, L., Bundy, J., & Little, L. M. (2020). A blessing and a curse: How CEOs’ trait empathy affects their management of organizational crises. Academy of Management Review, 45(1), 130-153. Kraus, S., Durst, S., Ferreira, J. J., Veiga, P., Kailer, N., & Weinmann, A. (2022). Digital transformation in business and management research: An overview of the current status quo. International Journal of Information Management, 63, 102466. Mitton, T. (2022). Methodological variation in empirical corporate finance. The Review of Financial Studies, 35(2), 527-575. Rediker, K. J., & Seth, A. (1995). Boards of directors and substitution effects of alternative governance mechanisms. Strategic Management Journal, 16(2), 85-99. Rio-Chanona, R. M., Mealy, P., Pichler, A., Lafond, F., & Farmer, J. D. (2020). Supply and demand shocks in the COVID-19 pandemic: An industry and occupation perspective. Oxford Review of Economic Policy, 36(Supplement_1), S94-S137. Stoker, J. I., Garretsen, H., & Soudis, D. (2019). Tightening the leash after a threat: A multi-level event study on leadership behavior following the financial crisis. The Leadership Quarterly, 30(2), 199-214. Tervio, M. (2008). The difference that CEOs make: An assignment model approach. American Economic Review, 98(3), 642-668. Walker, S. (2020, March 14). Covid-19 was a leadership test. It came back negative. The Wall Street Journal. https://www.economist.com/leaders/2021/04/08/covid-19-was-a-leadership-test-it-came-back-negative Wu, Y. L., Shao, B., Newman, A., & Schwarz, G. (2021). Crisis leadership: A review and future research agenda. The Leadership Quarterly, 32(6), Article 101518.zh_TW