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題名 董事會組成多樣性和CEO與一般員工薪酬比揭露之關聯性研究
The Association between Board Diversity and Pay Ratio Disclosure作者 丁亭瑋
Ting, Ting-Wei貢獻者 梁嘉紋
Liang, Jia-Wen
丁亭瑋
Ting, Ting-Wei關鍵詞 董事會組成多樣性
薪酬比
CEO薪酬
員工薪酬
Board Diversity
CEO pay ratio
CEO compensation
employee compensation日期 2024 上傳時間 4-Sep-2024 14:46:34 (UTC+8) 摘要 本研究旨在探討董事會組成多樣性和CEO與一般員工薪酬比(CEO pay ratio)揭露之關聯性，包含：CEO pay ratio、CEO薪酬、中位數員工薪酬和CEO pay ratio段落長度。本研究參考Bernile et al. (2018)之作法，建構一個涵蓋六個面向董事會多樣性特徵之指數，包括性別、年齡、種族、教育背景、財務專業知識和董事會經驗等面向，該指數之建立有助於更好的衡量董事會多元化程度。本研究以2017至2021年的美國標準普爾1500指數公司為樣本，實證研究發現董事會組成多樣性與CEO pay ratio、CEO薪酬、pay ratio段落長度呈顯著正相關，而董事會組成多樣性對中位數員工薪酬則無顯著影響。經過穩健性測試，包含控制公司規模和董事會規模的影響、工具變數之替換、自變數之主成分分析，本研究之實證結果依然穩健。
This research examines whether board diversity is associated with CEO pay ratio disclosure (including the ratio size, the components, i.e. CEO compensation and median employee compensation, and the length of the disclosure section). To better measure board diversity, this research follows Bernile et al. (2018) and constructs an index covering six dimensions of board diversity, including directors’ gender, age, race, educational background, financial expertise and experience. Based on a sample of S&P 1500 firms from 2017 to 2021, I find that companies with more diverse boards have higher CEO pay ratios and CEO compensation and also longer pay ratio disclosure. However, I do not find a relation between board diversity and median employee compensation. The results are robust after controlling for firm/board size effect and using alternative instrumental variables and alternative measures of board diversity.參考文獻 Abdou, H. A., Ellelly, N. N., Elamer, A. A., Hussainey, K., & Yazdifar, H. (2021). Corporate governance and earnings management nexus: Evidence from the UK and Egypt using neural networks. International Journal of Finance & Economics, 26(4), 6281-6311. Adams, R. B., & Ferreira, D. (2009). Women in the boardroom and their impact on governance and performance. Journal of Financial Economics, 94(2), 291-309. Akerlof, G. A., & Yellen, J. L. (1988). Fairness and unemployment. The American Economic Review, 78(2), 44-49. Akerlof, G. A., & Yellen, J. L. (1990). The fair wage-effort hypothesis and unemployment. The Quarterly Journal of Economics, 105(2), 255-283. Alam, Z. S., Ghosh, C., Ryan, H. E., & Wang, L. (2023). Discretion in Pay Ratio Estimation. Available at SSRN 3771515. Banker, R. D., Bu, D., & Mehta, M. N. (2016). Pay gap and performance in China. Abacus, 52(3), 501-531. Bao, M. X., Cheng, X., & Smith, D. (2020). A path analysis investigation of the relationships between CEO pay ratios and firm performance mediated by employee satisfaction. Advances in Accounting, 48, 100457. Bebchuk, L., & Fried, J. M. (2006). Pay without performance: The unfulfilled promise of executive compensation. Harvard University Press. Bebchuk, L. A., Fried, J., & Walker, D. (2002). Managerial power and rent extraction in the design of executive compensation. In: National bureau of economic research Cambridge, Mass., USA. Bernile, G., Bhagwat, V., & Yonker, S. (2018). Board diversity, firm risk, and corporate policies. Journal of Financial Economics, 127(3), 588-612. Boone, A., Starkweather, A., & White, J. T. (2024). The saliency of the CEO pay ratio. Review of Finance, 28(3), 1059-1104. Boone, A. L., Starkweather, A., & White, J. T. (2021). Spinning the CEO pay ratio disclosure. Available at SSRN 3481540. Bufarwa, I. M., Elamer, A. A., Ntim, C. G., & AlHares, A. (2020). Gender diversity, corporate governance and financial risk disclosure in the UK. International Journal of Law and Management, 62(6), 521-538. Bugeja, M., Matolcsy, Z., & Spiropoulos, H. (2016). The association between gender-diverse compensation committees and CEO compensation. Journal of Business Ethics, 139, 375-390. Cai, W., Dey, A., Grennan, J., Pacelli, J., & Qiu, L. (2022). Do Diverse Directors Influence DEI Outcomes? Available at SSRN 4232434. Campbell, K., & Mínguez-Vera, A. (2008). Gender diversity in the boardroom and firm financial performance. Journal of Business Ethics, 83, 435-451. Carter, D. A., D'Souza, F., Simkins, B. J., & Simpson, W. G. (2010). The gender and ethnic diversity of US boards and board committees and firm financial performance. Corporate Governance: an International Review, 18(5), 396-414. Carter, D. A., Simkins, B. J., & Simpson, W. G. (2003). Corporate governance, board diversity, and firm value. Financial review, 38(1), 33-53. Carter, M. E., Franco, F., & Gine, M. (2017). Executive gender pay gaps: The roles of female risk aversion and board representation. 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國立政治大學
會計學系
111353001資料來源 http://thesis.lib.nccu.edu.tw/record/#G0111353001 資料類型 thesis dc.contributor.advisor 梁嘉紋 zh_TW dc.contributor.advisor Liang, Jia-Wen en_US dc.contributor.author (Authors) 丁亭瑋 zh_TW dc.contributor.author (Authors) Ting, Ting-Wei en_US dc.creator (作者) 丁亭瑋 zh_TW dc.creator (作者) Ting, Ting-Wei en_US dc.date (日期) 2024 en_US dc.date.accessioned 4-Sep-2024 14:46:34 (UTC+8) - dc.date.available 4-Sep-2024 14:46:34 (UTC+8) - dc.date.issued (上傳時間) 4-Sep-2024 14:46:34 (UTC+8) - dc.identifier (Other Identifiers) G0111353001 en_US dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/153328 - 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) 111353001 zh_TW dc.description.abstract (摘要) 本研究旨在探討董事會組成多樣性和CEO與一般員工薪酬比(CEO pay ratio)揭露之關聯性，包含：CEO pay ratio、CEO薪酬、中位數員工薪酬和CEO pay ratio段落長度。本研究參考Bernile et al. (2018)之作法，建構一個涵蓋六個面向董事會多樣性特徵之指數，包括性別、年齡、種族、教育背景、財務專業知識和董事會經驗等面向，該指數之建立有助於更好的衡量董事會多元化程度。本研究以2017至2021年的美國標準普爾1500指數公司為樣本，實證研究發現董事會組成多樣性與CEO pay ratio、CEO薪酬、pay ratio段落長度呈顯著正相關，而董事會組成多樣性對中位數員工薪酬則無顯著影響。經過穩健性測試，包含控制公司規模和董事會規模的影響、工具變數之替換、自變數之主成分分析，本研究之實證結果依然穩健。 zh_TW dc.description.abstract (摘要) This research examines whether board diversity is associated with CEO pay ratio disclosure (including the ratio size, the components, i.e. CEO compensation and median employee compensation, and the length of the disclosure section). To better measure board diversity, this research follows Bernile et al. (2018) and constructs an index covering six dimensions of board diversity, including directors’ gender, age, race, educational background, financial expertise and experience. Based on a sample of S&P 1500 firms from 2017 to 2021, I find that companies with more diverse boards have higher CEO pay ratios and CEO compensation and also longer pay ratio disclosure. However, I do not find a relation between board diversity and median employee compensation. The results are robust after controlling for firm/board size effect and using alternative instrumental variables and alternative measures of board diversity. en_US dc.description.tableofcontents 第一章 緒論 1 第二章 文獻探討與假說發展 3 第一節 文獻探討 3 一、董事會組成多樣性相關文獻 3 二、Pay Ratio法規與相關文獻 5 第二節 假說發展 7 第三章 研究方法 11 第一節 樣本選取與資料來源 11 第二節 實證模型與變數定義 12 一、主要變數與應變數 13 二、實證模型建立與控制變數 14 第四章 實證結果及分析 19 第一節 敘述性統計分析 19 第二節 相關係數分析 21 第三節 迴歸結果 25 一、董事會組成多樣性與CEO pay ratio之關聯性 25 二、董事會組成多樣性與CEO薪酬之關聯性 25 三、董事會組成多樣性與中位數員工薪酬之關聯性 29 四、董事會組成多樣性與CEO pay ratio段落揭露字數之關聯性 31 第四節 穩健性測試 33 一、公司和董事會規模的影響 33 二、工具變數之替換 36 三、董事會組成多樣性代理變數之主成分分析 38 第五節 額外測試 43 一、各面向董事會組成多樣性與CEO pay ratio之關係 43 二、董事會組成多樣性與員工面向企業社會責任績效之關係 49 第五章 研究結論與建議 51 參考文獻 53 附錄 64 zh_TW dc.format.extent 2663266 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0111353001 en_US dc.subject (關鍵詞) 董事會組成多樣性 zh_TW dc.subject (關鍵詞) 薪酬比 zh_TW dc.subject (關鍵詞) CEO薪酬 zh_TW dc.subject (關鍵詞) 員工薪酬 zh_TW dc.subject (關鍵詞) Board Diversity en_US dc.subject (關鍵詞) CEO pay ratio en_US dc.subject (關鍵詞) CEO compensation en_US dc.subject (關鍵詞) employee compensation en_US dc.title (題名) 董事會組成多樣性和CEO與一般員工薪酬比揭露之關聯性研究 zh_TW dc.title (題名) The Association between Board Diversity and Pay Ratio Disclosure en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) Abdou, H. A., Ellelly, N. N., Elamer, A. A., Hussainey, K., & Yazdifar, H. (2021). Corporate governance and earnings management nexus: Evidence from the UK and Egypt using neural networks. International Journal of Finance & Economics, 26(4), 6281-6311. Adams, R. B., & Ferreira, D. (2009). Women in the boardroom and their impact on governance and performance. Journal of Financial Economics, 94(2), 291-309. Akerlof, G. A., & Yellen, J. L. (1988). Fairness and unemployment. The American Economic Review, 78(2), 44-49. Akerlof, G. A., & Yellen, J. L. (1990). The fair wage-effort hypothesis and unemployment. The Quarterly Journal of Economics, 105(2), 255-283. Alam, Z. S., Ghosh, C., Ryan, H. E., & Wang, L. (2023). Discretion in Pay Ratio Estimation. Available at SSRN 3771515. Banker, R. D., Bu, D., & Mehta, M. N. (2016). Pay gap and performance in China. Abacus, 52(3), 501-531. Bao, M. X., Cheng, X., & Smith, D. (2020). A path analysis investigation of the relationships between CEO pay ratios and firm performance mediated by employee satisfaction. Advances in Accounting, 48, 100457. Bebchuk, L., & Fried, J. M. (2006). Pay without performance: The unfulfilled promise of executive compensation. Harvard University Press. Bebchuk, L. A., Fried, J., & Walker, D. (2002). Managerial power and rent extraction in the design of executive compensation. In: National bureau of economic research Cambridge, Mass., USA. Bernile, G., Bhagwat, V., & Yonker, S. (2018). Board diversity, firm risk, and corporate policies. Journal of Financial Economics, 127(3), 588-612. Boone, A., Starkweather, A., & White, J. T. (2024). The saliency of the CEO pay ratio. Review of Finance, 28(3), 1059-1104. Boone, A. L., Starkweather, A., & White, J. T. (2021). Spinning the CEO pay ratio disclosure. Available at SSRN 3481540. Bufarwa, I. M., Elamer, A. A., Ntim, C. G., & AlHares, A. (2020). Gender diversity, corporate governance and financial risk disclosure in the UK. International Journal of Law and Management, 62(6), 521-538. Bugeja, M., Matolcsy, Z., & Spiropoulos, H. (2016). The association between gender-diverse compensation committees and CEO compensation. Journal of Business Ethics, 139, 375-390. Cai, W., Dey, A., Grennan, J., Pacelli, J., & Qiu, L. (2022). Do Diverse Directors Influence DEI Outcomes? Available at SSRN 4232434. Campbell, K., & Mínguez-Vera, A. (2008). Gender diversity in the boardroom and firm financial performance. Journal of Business Ethics, 83, 435-451. Carter, D. A., D'Souza, F., Simkins, B. J., & Simpson, W. G. (2010). The gender and ethnic diversity of US boards and board committees and firm financial performance. Corporate Governance: an International Review, 18(5), 396-414. Carter, D. A., Simkins, B. J., & Simpson, W. G. (2003). Corporate governance, board diversity, and firm value. Financial review, 38(1), 33-53. Carter, M. 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