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題名 董事會獨立性和CEO薪酬中採用員工相關績效衡量指標之關聯性研究
Board Independence and the Adoption of Employee-Related Performance Metrics in CEO Compensation
作者 張羽淳
Chang, Yu-Chun
貢獻者 梁嘉紋
張羽淳
Chang, Yu-Chun
關鍵詞 董事會獨立性
CEO薪酬
非財務績效指標
員工相關績效指標
Board independence
CEO compensation
Non-financial performance metrics
Employee-related performance metrics
日期 2025
上傳時間 1-Sep-2025 14:40:37 (UTC+8)
摘要 本研究旨在探討董事會獨立性和CEO薪酬採用員工相關績效衡量指標之關聯性。本研究以1999至2022年的ISS公司為樣本，實證研究發現董事會獨立性與在CEO薪酬中採用員工相關績效衡量指標呈顯著正相關。而董事會獨立性越高，無法進一步強化員工相關績效指標提高員工生產力之能力，經穩健性測試後結果仍然相同。本研究於額外測試再將員工相關績效衡量指標（ER）分為人才與文化（TC）、多元、平等與包容（DEI）、健康與安全（HS） 三類，分別探討董事會監督功能如何調節不同員工相關管理政策對員工生產力之影響，實證研究發現董事會獨立性與在CEO薪酬中採用TC指標、DEI指標及HS指標呈顯著正相關。而實證結果並未顯示董事會獨立性越高能進一步強化TC指標、DEI指標及HS指標提高員工生產力之能力。
This research examines the relationship between board independence and the adoption of employee-related performance metrics in CEO compensation. Base on the sample of ISS firms from 1999 to 2022, the results show a significant positive association between board independence and the inclusion of employee-related performance metrics in CEO compensation. However, higher board independence does not further enhance the effectiveness of these metrics in improving employee productivity. In additional analyses, employee-related performance metrics (ER) are further classified into three categories: Talent & Culture (TC), Diversity, Equity & Inclusion (DEI), and Health & Safety (HS). The study separately investigates how board monitoring functions moderate the impact of these employee management policies on employee productivity. The results indicate that board independence is significantly and positively associated with the adoption of TC, DEI, and HS metrics in CEO compensation. Nevertheless, the empirical evidence suggests that board independence does not further strengthen the effectiveness of these metrics in enhancing employee productivity.
參考文獻 Abdulsalam, K., Christensen, D. M., Graffin, S. D., & Li, J. (2025). Do boards reward and punish CEOs based on employee satisfaction ratings? Organization Science, 36(2), 881-902. Abernethy, M. A., Hung, C. Y., & Jiang, L. (2024). Managers' career preferences and corporate culture. Contemporary Accounting Research, 41(3), 1543-1576. Adams, R. B., & Ferreira, D. (2007). A theory of friendly boards. The Journal of Finance, 62(1), 217-250. Akerlof, G. A. (1982). Labor contracts as partial gift exchange. The quarterly journal of economics, 97(4), 543-569. 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. Aresu, S., Hooghiemstra, R., & Melis, A. (2023). Integration of CSR criteria into executive compensation contracts: a cross-country analysis. Journal of Management, 49(8), 2766-2804. Armstrong, C. S., Guay, W. R., & Weber, J. P. (2010). The role of information and financial reporting in corporate governance and debt contracting. Journal of accounting and economics, 50(2-3), 179-234. Arora, A., & Alam, P. (2005). CEO compensation and stakeholders' claims. Contemporary Accounting Research, 22(3), 519-547. Arthur, J. B. (1994). Effects of human resource systems on manufacturing performance and turnover. Academy of Management Journal, 37(3), 670-687. Bebchuk, L. A., & Tallarita, R. (2022). The perils and questionable promise of ESG-based compensation. J. Corp. L., 48, 37. 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. https://doi.org/10.5465/amj.2009.36461950 Carroll, A. B., & Shabana, K. M. (2010). The business case for corporate social responsibility: A review of concepts, research and practice. International journal of management reviews, 12(1), 85-105. Chhaochharia, V., & Grinstein, Y. (2009). CEO compensation and board structure. The Journal of Finance, 64(1), 231-261. Chiu, S.-C., & Sharfman, M. (2011). Legitimacy, visibility, and the antecedents of corporate social performance: An investigation of the instrumental perspective. Journal of Management, 37(6), 1558-1585. Cohen, S., Kadach, I., Ormazabal, G., & Reichelstein, S. (2023). Executive compensation tied to ESG performance: International evidence. Journal of Accounting Research, 61(3), 805-853. Conyon, M. J., & Peck, S. I. (1998). Board control, remuneration committees, and top management compensation. Academy of Management Journal, 41(2), 146-157. Core, J. E., Holthausen, R. W., & Larcker, D. F. (1999). Corporate governance, chief executive officer compensation, and firm performance. Journal of Financial Economics, 51(3), 371-406. Crook, T. R., Todd, S. Y., Combs, J. G., Woehr, D. J., & Ketchen, D. J., Jr. (2011). Does human capital matter? A meta-analysis of the relationship between human capital and firm performance. J Appl Psychol, 96(3), 443-456. https://doi.org/10.1037/a0022147 De Villiers, C., Naiker, V., & Van Staden, C. J. (2011). The effect of board characteristics on firm environmental performance. Journal of Management, 37(6), 1636-1663. Deckop, J. R., Merriman, K. K., & Gupta, S. (2006). The effects of CEO pay structure on corporate social performance. Journal of Management, 32(3), 329-342. Donaldson, T., & Preston, L. E. (1995). The stakeholder theory of the corporation: Concepts, evidence, and implications. Academy of Management review, 20(1), 65-91. Eccles, R. G., Ioannou, I., & Serafeim, G. (2014). The impact of corporate sustainability on organizational processes and performance. Management Science, 60(11), 2835-2857. 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., Hoitash, R., & Hoitash, U. (2011). The costs of intense board monitoring. Journal of Financial Economics, 101(1), 160-181. Faleye, O., Reis, E., & Venkateswaran, A. (2013). The determinants and effects of CEO–employee pay ratios. Journal of Banking & Finance, 37(8), 3258-3272. Fama, E. F., & Jensen, M. C. (1983). Separation of ownership and control. The journal of law and Economics, 26(2), 301-325. Fauver, L., McDonald, M. B., & Taboada, A. G. (2018). Does it pay to treat employees well? International evidence on the value of employee-friendly culture. Journal of Corporate Finance, 50, 84-108. Flammer, C. (2015a). Does corporate social responsibility lead to superior financial performance? A regression discontinuity approach. Management Science, 61(11), 2549-2568. Flammer, C. (2015b). Does product market competition foster corporate social responsibility? Evidence from trade liberalization. Strategic Management Journal, 36(10), 1469-1485. Flammer, C., & Bansal, P. (2017). Does a long‐term orientation create value? Evidence from a regression discontinuity. Strategic Management Journal, 38(9), 1827-1847. Flammer, C., Hong, B., & Minor, D. (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. Flammer, C., & Kacperczyk, A. (2016). The impact of stakeholder orientation on innovation: Evidence from a natural experiment. Management Science, 62(7), 1982-2001. Flammer, C., & Luo, J. (2017). Corporate social responsibility as an employee governance tool: Evidence from a quasi‐experiment. Strategic Management Journal, 38(2), 163-183. Freeman, R. (1984). Strategic management: A stakeholder approach. Greening, D. W., & Turban, D. B. (2000). Corporate social performance as a competitive advantage in attracting a quality workforce. Business & society, 39(3), 254-280. Guldiken, O., & Darendeli, I. S. (2016). Too much of a good thing: Board monitoring and R&D investments. Journal of Business Research, 69(8), 2931-2938. Guo, J., Huang, P., Zhang, Y., & Zhou, N. (2016). The effect of employee treatment policies on internal control weaknesses and financial restatements. The Accounting Review, 91(4), 1167-1194. Hermalin, B. E., & Weisbach, M. S. (1988). The determinants of board composition. The Rand journal of economics, 589-606. Hillman, A. J., & Dalziel, T. (2003). Boards of directors and firm performance: Integrating agency and resource dependence perspectives. Academy of Management review, 28(3), 383-396. Ikram, A., Li, Z. F., & Minor, D. (2023). CSR-contingent executive compensation contracts. Journal of Banking & Finance, 151, 105655. Ittner, C. D., Larcker, D. F., & Rajan, M. V. (1997). The choice of performance measures in annual bonus contracts. Accounting Review, 231-255. Jensen, M. C., & Meckling, W. H. (1976). Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, 3(4), 305-360. Johnson, R. A., & Greening, D. W. (1999). The effects of corporate governance and institutional ownership types on corporate social performance. Academy of Management Journal, 42(5), 564-576. Jones, D. C., & Kato, T. (1995). The productivity effects of employee stock-ownership plans and bonuses: Evidence from Japanese panel data. The American Economic Review, 391-414. Kassinis, G., & Vafeas, N. (2006). Stakeholder pressures and environmental performance. Academy of Management Journal, 49(1), 145-159. Kolk, A., & Perego, P. (2014). Sustainable bonuses: Sign of corporate responsibility or window dressing? Journal of Business Ethics, 119, 1-15. Liao, L., Luo, L., & Tang, Q. (2015). Gender diversity, board independence, environmental committee and greenhouse gas disclosure. The British Accounting Review, 47(4), 409-424. Morse, A., Nanda, V., & Seru, A. (2011). Are incentive contracts rigged by powerful CEOs? The Journal of Finance, 66(5), 1779-1821. Murphy, K. J. (2013). Executive compensation: Where we are, and how we got there. In Handbook of the Economics of Finance (Vol. 2, pp. 211-356). Elsevier. Pope, S., & Wæraas, A. (2016). CSR-washing is rare: A conceptual framework, literature review, and critique. Journal of Business Ethics, 137, 173-193. Qin, B., & Yang, L. (2022). CSR contracting and performance-induced CEO turnover. Journal of Corporate Finance, 73, 102173. Surroca, J., Tribó, J. A., & Waddock, S. (2010). Corporate responsibility and financial performance: The role of intangible resources. Strategic Management Journal, 31(5), 463-490. Tsang, A., Wang, K. T., Liu, S., & Yu, L. (2021). Integrating corporate social responsibility criteria into executive compensation and firm innovation: International evidence. Journal of Corporate Finance, 70, 102070. Van Essen, M., Otten, J., & Carberry, E. J. (2015). Assessing managerial power theory: A meta-analytic approach to understanding the determinants of CEO compensation. Journal of Management, 41(1), 164-202. Waddock, S. A., Bodwell, C., & Graves, S. B. (2002). Responsibility: The new business imperative. Academy of Management Perspectives, 16(2), 132-148. Waddock, S. A., & Graves, S. B. (1997). The corporate social performance–financial performance link. Strategic Management Journal, 18(4), 303-319. Wang, C., Xie, F., & Zhu, M. (2015). Industry expertise of independent directors and board monitoring. Journal of financial and quantitative analysis, 50(5), 929-962. Wang, J., & Dewhirst, H. D. (1992). Boards of directors and stakeholder orientation. Journal of Business Ethics, 11, 115-123. Widener, S. K. (2006). Human capital, pay structure, and the use of performance measures in bonus compensation. Management accounting research, 17(2), 198-221. Williams, S. J., & Adams, C. A. (2013). Moral accounting? Employee disclosures from a stakeholder accountability perspective. Accounting, Auditing & Accountability Journal, 26(3), 449-495.
描述 碩士
國立政治大學
會計學系
112353111
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0112353111
資料類型 thesis
dc.contributor.advisor 梁嘉紋zh_TW
dc.contributor.author (Authors) 張羽淳zh_TW
dc.contributor.author (Authors) Chang, Yu-Chunen_US
dc.creator (作者) 張羽淳zh_TW
dc.creator (作者) Chang, Yu-Chunen_US
dc.date (日期) 2025en_US
dc.date.accessioned 1-Sep-2025 14:40:37 (UTC+8)-
dc.date.available 1-Sep-2025 14:40:37 (UTC+8)-
dc.date.issued (上傳時間) 1-Sep-2025 14:40:37 (UTC+8)-
dc.identifier (Other Identifiers) G0112353111en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/158998-
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) 112353111zh_TW
dc.description.abstract (摘要) 本研究旨在探討董事會獨立性和CEO薪酬採用員工相關績效衡量指標之關聯性。本研究以1999至2022年的ISS公司為樣本，實證研究發現董事會獨立性與在CEO薪酬中採用員工相關績效衡量指標呈顯著正相關。而董事會獨立性越高，無法進一步強化員工相關績效指標提高員工生產力之能力，經穩健性測試後結果仍然相同。本研究於額外測試再將員工相關績效衡量指標（ER）分為人才與文化（TC）、多元、平等與包容（DEI）、健康與安全（HS） 三類，分別探討董事會監督功能如何調節不同員工相關管理政策對員工生產力之影響，實證研究發現董事會獨立性與在CEO薪酬中採用TC指標、DEI指標及HS指標呈顯著正相關。而實證結果並未顯示董事會獨立性越高能進一步強化TC指標、DEI指標及HS指標提高員工生產力之能力。zh_TW
dc.description.abstract (摘要) This research examines the relationship between board independence and the adoption of employee-related performance metrics in CEO compensation. Base on the sample of ISS firms from 1999 to 2022, the results show a significant positive association between board independence and the inclusion of employee-related performance metrics in CEO compensation. However, higher board independence does not further enhance the effectiveness of these metrics in improving employee productivity. In additional analyses, employee-related performance metrics (ER) are further classified into three categories: Talent & Culture (TC), Diversity, Equity & Inclusion (DEI), and Health & Safety (HS). The study separately investigates how board monitoring functions moderate the impact of these employee management policies on employee productivity. The results indicate that board independence is significantly and positively associated with the adoption of TC, DEI, and HS metrics in CEO compensation. Nevertheless, the empirical evidence suggests that board independence does not further strengthen the effectiveness of these metrics in enhancing employee productivity.en_US
dc.description.tableofcontents 第一章 緒論 1 第二章 文獻探討與假說發展 4 第一節 董事會獨立性與CSR契約之採用 4 第二節 董事會獨立性對CSR契約的調節作用 7 第三章 研究方法 11 第一節 樣本選取與資料來源 11 一、樣本選取過程 11 二、員工相關績效指標 12 第二節 實證模型與變數定義 16 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 19 第三節 迴歸結果 22 一、董事會獨立性與CEO薪酬納入ER Metrics之關聯性 22 二、董事會獨立性對ER Metrics之調節作用 24 第四節 穩健性測試 26 第五節 額外測試 28 第五章 研究結論與建議 31 參考文獻 34 附錄 39zh_TW
dc.format.extent 736947 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0112353111en_US
dc.subject (關鍵詞) 董事會獨立性zh_TW
dc.subject (關鍵詞) CEO薪酬zh_TW
dc.subject (關鍵詞) 非財務績效指標zh_TW
dc.subject (關鍵詞) 員工相關績效指標zh_TW
dc.subject (關鍵詞) Board independenceen_US
dc.subject (關鍵詞) CEO compensationen_US
dc.subject (關鍵詞) Non-financial performance metricsen_US
dc.subject (關鍵詞) Employee-related performance metricsen_US
dc.title (題名) 董事會獨立性和CEO薪酬中採用員工相關績效衡量指標之關聯性研究zh_TW
dc.title (題名) Board Independence and the Adoption of Employee-Related Performance Metrics in CEO Compensationen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) Abdulsalam, K., Christensen, D. M., Graffin, S. D., & Li, J. (2025). Do boards reward and punish CEOs based on employee satisfaction ratings? Organization Science, 36(2), 881-902. Abernethy, M. A., Hung, C. Y., & Jiang, L. (2024). Managers' career preferences and corporate culture. Contemporary Accounting Research, 41(3), 1543-1576. Adams, R. B., & Ferreira, D. (2007). A theory of friendly boards. The Journal of Finance, 62(1), 217-250. Akerlof, G. A. (1982). Labor contracts as partial gift exchange. The quarterly journal of economics, 97(4), 543-569. 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. Aresu, S., Hooghiemstra, R., & Melis, A. (2023). Integration of CSR criteria into executive compensation contracts: a cross-country analysis. Journal of Management, 49(8), 2766-2804. Armstrong, C. S., Guay, W. R., & Weber, J. P. (2010). The role of information and financial reporting in corporate governance and debt contracting. Journal of accounting and economics, 50(2-3), 179-234. Arora, A., & Alam, P. (2005). CEO compensation and stakeholders' claims. Contemporary Accounting Research, 22(3), 519-547. Arthur, J. B. (1994). Effects of human resource systems on manufacturing performance and turnover. Academy of Management Journal, 37(3), 670-687. Bebchuk, L. A., & Tallarita, R. (2022). The perils and questionable promise of ESG-based compensation. J. Corp. L., 48, 37. 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. https://doi.org/10.5465/amj.2009.36461950 Carroll, A. B., & Shabana, K. M. (2010). The business case for corporate social responsibility: A review of concepts, research and practice. International journal of management reviews, 12(1), 85-105. Chhaochharia, V., & Grinstein, Y. (2009). CEO compensation and board structure. The Journal of Finance, 64(1), 231-261. Chiu, S.-C., & Sharfman, M. (2011). Legitimacy, visibility, and the antecedents of corporate social performance: An investigation of the instrumental perspective. Journal of Management, 37(6), 1558-1585. Cohen, S., Kadach, I., Ormazabal, G., & Reichelstein, S. (2023). Executive compensation tied to ESG performance: International evidence. Journal of Accounting Research, 61(3), 805-853. Conyon, M. J., & Peck, S. I. (1998). Board control, remuneration committees, and top management compensation. Academy of Management Journal, 41(2), 146-157. Core, J. E., Holthausen, R. W., & Larcker, D. F. (1999). Corporate governance, chief executive officer compensation, and firm performance. Journal of Financial Economics, 51(3), 371-406. Crook, T. R., Todd, S. Y., Combs, J. G., Woehr, D. J., & Ketchen, D. J., Jr. (2011). Does human capital matter? A meta-analysis of the relationship between human capital and firm performance. J Appl Psychol, 96(3), 443-456. https://doi.org/10.1037/a0022147 De Villiers, C., Naiker, V., & Van Staden, C. J. (2011). The effect of board characteristics on firm environmental performance. Journal of Management, 37(6), 1636-1663. Deckop, J. R., Merriman, K. K., & Gupta, S. (2006). The effects of CEO pay structure on corporate social performance. Journal of Management, 32(3), 329-342. Donaldson, T., & Preston, L. E. (1995). The stakeholder theory of the corporation: Concepts, evidence, and implications. Academy of Management review, 20(1), 65-91. Eccles, R. G., Ioannou, I., & Serafeim, G. (2014). The impact of corporate sustainability on organizational processes and performance. Management Science, 60(11), 2835-2857. 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., Hoitash, R., & Hoitash, U. (2011). The costs of intense board monitoring. Journal of Financial Economics, 101(1), 160-181. Faleye, O., Reis, E., & Venkateswaran, A. (2013). The determinants and effects of CEO–employee pay ratios. Journal of Banking & Finance, 37(8), 3258-3272. Fama, E. F., & Jensen, M. C. (1983). Separation of ownership and control. The journal of law and Economics, 26(2), 301-325. Fauver, L., McDonald, M. B., & Taboada, A. G. (2018). Does it pay to treat employees well? International evidence on the value of employee-friendly culture. Journal of Corporate Finance, 50, 84-108. Flammer, C. (2015a). Does corporate social responsibility lead to superior financial performance? A regression discontinuity approach. Management Science, 61(11), 2549-2568. Flammer, C. (2015b). Does product market competition foster corporate social responsibility? Evidence from trade liberalization. Strategic Management Journal, 36(10), 1469-1485. Flammer, C., & Bansal, P. (2017). Does a long‐term orientation create value? Evidence from a regression discontinuity. Strategic Management Journal, 38(9), 1827-1847. Flammer, C., Hong, B., & Minor, D. (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. Flammer, C., & Kacperczyk, A. (2016). The impact of stakeholder orientation on innovation: Evidence from a natural experiment. Management Science, 62(7), 1982-2001. Flammer, C., & Luo, J. (2017). Corporate social responsibility as an employee governance tool: Evidence from a quasi‐experiment. Strategic Management Journal, 38(2), 163-183. Freeman, R. (1984). Strategic management: A stakeholder approach. Greening, D. W., & Turban, D. B. (2000). Corporate social performance as a competitive advantage in attracting a quality workforce. Business & society, 39(3), 254-280. Guldiken, O., & Darendeli, I. S. (2016). Too much of a good thing: Board monitoring and R&D investments. Journal of Business Research, 69(8), 2931-2938. Guo, J., Huang, P., Zhang, Y., & Zhou, N. (2016). The effect of employee treatment policies on internal control weaknesses and financial restatements. The Accounting Review, 91(4), 1167-1194. Hermalin, B. E., & Weisbach, M. S. (1988). The determinants of board composition. The Rand journal of economics, 589-606. Hillman, A. J., & Dalziel, T. (2003). Boards of directors and firm performance: Integrating agency and resource dependence perspectives. Academy of Management review, 28(3), 383-396. Ikram, A., Li, Z. F., & Minor, D. (2023). CSR-contingent executive compensation contracts. Journal of Banking & Finance, 151, 105655. Ittner, C. D., Larcker, D. F., & Rajan, M. V. 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