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題名 企業社會責任對高階經理人薪酬之影響
The Effect of Corporate Social Responsibility on Top Management Compensation: Evidence from Taiwan作者 鄭涵孺 貢獻者 郭弘卿
鄭涵孺關鍵詞 企業社會責任
社會績效
高階經理人薪酬
固定薪酬
變動薪酬日期 2012 上傳時間 2-Sep-2013 15:27:57 (UTC+8) 摘要 本研究探討企業社會績效對高階經理人薪酬之影響，以及企業社會績效對於高階經理人薪酬之影響是否會受其投入社會活動期間長短之影響。將研究結果分為二部分：針對企業社會績效對於高階經理人薪酬之影響，實證結果顯示，在全體樣本之下，社會績效對於高階經理人之固定薪酬與變動薪酬之影響皆為顯著正相關，表示當企業的社會績效好時，通常會吸引或是聘僱到素質較好的高階經理人，因此企業所支付予高階經理人之薪酬水準亦會提高；而在企業社會績效達到一定程度的樣本下，社會績效對於固定薪酬與變動薪酬之影響仍為顯著正相關，表示即使當企業之社會績效達到一定程度後，只要企業願意繼續投入於社會活動中，使大眾對企業的評價繼續提高，企業仍會願意支付較高之薪酬水準予高階經理人。另外，針對企業社會績效對於固定薪酬與變動薪酬之影響是否會受到其投入社會活動期間長短的影響，實證結果顯示，當企業長時間投入於社會活動中，其社會績效對於高階經理人固定薪酬之成長率之影響會更為顯著；然而，其對變動薪酬之變動率（成長率）非為顯著相關，這可能係表示變動薪酬主要係受到短期性績效所影響，所以相較而言，其與社會績效之關係較不會受到投入社會活動期間長短之影響。 參考文獻 一、網站天下雜誌，2013，CSR-天下企業公民。網址：http://issue.cw.com.tw/issue/csr/index.jsp。財團法人臺灣永續能源研究基金會，臺灣企業永續報告獎。網址：http://taise.org.tw/active_area2.php?cid=1遠見雜誌，2010，第六屆遠見雜誌企業社會責任獎。網址：http://www.gvm.com.tw/CSR2012/select.html。遠見雜誌，2011，第七屆遠見雜誌企業社會責任獎。網址：http://www.gvm.com.tw/CSR2011/index.htm。二、中文部分方妙玲，2008，高階主管薪資與財務績效及社會績效之關聯性：代理理論及利害關係人理論觀點，企業管理學報，第77期（6月）：47-80。申永順、胡憲倫與簡又新，2012，國際企業永續報告之發展趨勢及我國推動現況，證券櫃檯，第160期（8月）：29-37。吳壽山、葉淑玲、陳莉貞與劉美纓，2012，我國辦理企業社會責任評鑑之可行性分析，證券櫃檯，第160期（8月）：6-19。林淑惠與胡星陽，2003，上市公司高階經理人之酬勞結構，經濟論文，第2期：171-206。郭淑芳，2006，臺灣上市公司經理人報酬及激勵政策決定因子分析，國立中山大學財務管理學系研究所。陳家德，2010，公司治理、企業社會責任與高階經理人之薪酬，國立中央大學人力資源管理研究所。辜秋屏，1997，高階主管酬勞與公司經營績效之實證研究，國立臺灣大學會計研究所。黃雪娟，2012，企業社會責任報告書之查證與品質分析，證券櫃檯，第160期（8月）：67-76。歐陽豪與莊雙喜，2008，高階管理者特性、產業競爭程度指標與績效評估對高階管理者薪酬之影響：臺灣上市公司的證據，崑山科技大學學報，第5期（3月）：15-37。蕭燕錫，1994，以代理理論淺釋高階主管獎酬計畫，信用合作，第42期（10月）：59-66。三、英文部分Agarwal, N. C. 1981. Determinants of executive compensation. Industrial Relations 20 (Winter): 36-46.Alexander, G. J., and R. A. Buchholz. 1978. Corporate social responsibility and stock market performance. Academy of Management Journal 21 (September): 479-486.Alkhafaji, A. 1989. A stakeholder approach to corporate governance: Managing in a dynamic environment. New York, NY: Quorum Books.Anderson, J. C., and A. W. Frankle. 1980. Voluntary social reporting: An iso-beta portfolio analysis. Accounting Review 55 (July): 467-479.Arrow, K. J. 1975. Social responsibility and economic efficiency. Public Policy 16 (January): 27-37.Aupperle, K. E., A. B. Carroll, and J. D. Hatfield. 1985. An empirical examination of the relationship between corporate social responsibility and profitability. Academy of Management Journal 28 (June): 446-463.Balkin, D. B., and L. R. Gomez-Mejia. 1987. Toward a contingency theory of compensation strategy. Strategic Management Journal 8 (March/April): 169-182.Bowen, H. R. J., F. Ernest 1953. Social responsibilities of the businessman. New York, NY: Harper & Brothers.Brick, I. E., O. Palmon, and J. K. Wald. 2006. CEO compensation, director compensation, and firm performance: Evidence of cronyism? Journal of Corporate Finance 12 (June): 403-423.Carroll, A. B. 1991. The pyramid of corporate social responsibility: Toward the moral management of organizational stakeholders. Business Horizons 34 (July/August): 39-48.Core, J. E., R. W. Holthausen, and D. F. Larcker. 1999. Corporate governance, chief executive officer compensation, and firm performance. Journal of Financial Economics 51 (March): 371-406.Coughlan, A. T., and R. M. Schmidt. 1985. Executive compensation, management turnover, and firm performance: an empirical investigation. Journal of Accounting and Economics 7 (April): 43-66.Cumming, C. M. 1989. Total compensation: An approach to pay structure design. Compensation and Benefits Review 21 (February): 37-42.Davis, K. 1960. Can business afford to ignore social responsibilities? California Management Review 2 (Spring): 70-77.Davis, K. 1973. The case for and against business assumption of social responsibilities. Academy of Management Journal 16 (June): 312-322.Finkelstein, S., and D. C. Hambrick. 1988. Chief executive compensation: A synthesis and reconciliation. Strategic Management Journal 9 (November/December): 543-558.Finkelstein, S., and D. C. Hambrick. 1989. Chief executive compensation: A study of the intersection of markets and political processesss. Strategic Management Journal 10 (March/April): 121-134.Freeman, R. E. 1984. Strategic management : A stakeholder approach. New York, NY: Cambridge University press.Friedman, M. 1970. The social responsibility of business is to increase its profits. The New York Times Magazine 13 (September): 32-33.Frye, M. B., E. Nelling, and E. Webb. 2006. Executive compensation in socially responsible firms. Corporate Governance: An International Review 14 (September): 446-455.Gaver, J. J., and K. M. Gaver. 1993. Additional evidence on the association between the investment opportunity set and corporate financing, dividend, and compensation policies. Journal of Accounting and Economics 16 (January): 125-160.Gerhart, B., and G. T. Milkovich. 1990. Organizational differences in managerial compensation and financial performance. Academy of Management Journal 33 (December): 663-691.Goodall, T. 2005. Measuring corporate sustainability performance and its impact on corporate financial performance. Applied research in environmental economics 31: 51-70.Hölmstrom, B. 1979. Moral hazard and observability. The Bell Journal of Economics 10 (Spring): 74-91.Hemmer, T. 1996. On the design and choice of "modern" management accounting measures. Journal of Management Accounting Research 8: 87-116.Hill, C. W. L., and G. R. Jones 2007. Strategic management: An integrated approach. Ohio, OH: Erin Joyner.Hill, C. W. L., and P. Phan. 1991. CEO tenure as a determinant of CEO pay. Academy of Management Journal 34 (September): 707-717.Hitt, M. A., R. E. Hoskisson, and R. D. Ireland 1999. Strategic management : Competitiveness and globalization. Ohio, OH: South-Western College Pub.Jensen, M. C., and W. H. Meckling. 1976. Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics 3 (October): 305-360.Jones, T. M. 1995. Instrumental stakeholder theory: A synthesis of ethics and economics. Academy of Management Review 20 (April): 404-437.Kaplan, S. N. 1994. Top executive rewards and firm performance: A comparison of Japan and the United States. Journal of Political Economy 102 (June): 510-546.Kato, T., and C. Long. 2006. Executive compensation, firm performance, and corporate governance in China: Evidence from firms listed in the Shanghai and Shenzhen Stock Exchanges. Economic Development & Cultural Change 54 (July): 945-983.Kraft, K. L., and J. Hage. 1990. Strategy, social responsibility and implementation. Journal of Business Ethics 9 (January): 11-19.Mahoney, L., and L. Thorn. 2006. An examination of the structure of executive compensation and corporate social responsibility: A Canadian investigation. Journal of Business Ethics 69 (December): 149-162.Mcguire, J. B., A. Sundgren, and T. Schneeweis. 1988. Corporate social responsibility and firm financial performance. Academy of Management Journal 31 (December): 854-872.Mcguire, J. W. 1963. Business and society. New York, NY: McGraw-Hill Irwin.Mcwilliams, A., and D. Siegel. 2000. Corporate social responsibility and financial performance: Correlation or misspecification? Strategic Management Journal 21 (May): 603-609.Mcwilliams, A., and D. Siegel. 2001. Corporate social responsibility: A theory of the firm perspective. Academy of Management Review 26 (January): 117-127.Mirrlees, J. A. 1976. The optimal structure of incentives and authority within an organization. The Bell Journal of Economics 7 (Spring): 105-131.Murphy, K. 1999. Handbook of Labor Economics. New York, NY: North-Holland.Porter, M. E., and M. R. Kramer. 2006. Strategy and society: The link between competitive advantage and corporate social responsibility. Harvard Business Review 84 (December): 78-92.Preston, L. E., and D. P. O`bannon. 1997. The corporate social-financial performance relationship. Business and Society 36 (December): 419-429.Rosen, S. 1982. Authority, control, and the distribution of earnings. The Bell Journal of Economics 13 (Autumn): 311-323.Savage, G. T., T. W. Nix, C. J. Whitehead, and J. D. Blair. 1991. Strategies for assessing and managing organizational stakeholders. The Executive 5 (May): 61-75.Schuler, D. A., and M. Cording. 2006. A corporate social performance-corporate financial performance behavioral model for consumers. Academy of Management Review 31 (July): 540-558.Schwartz, M. S., and A. B. Carroll. 2003. Corporate social responsibility: A three-domain approach. Business Ethics Quarterly 13 (October): 503-530.Sethi, S. P. 1975. Dimensions of corporate social performance: An analytical framework. California Management Review 17 (March): 58-64.Sheldon, O. 1923. The philosophy of management. London, LON: Pitman.Sloan, R. G. 1993. Accounting earnings and top executive compensation. Journal of Accounting and Economics 16 (January): 55-100.Smith Jr, C. W., and R. L. Watts. 1992. The investment opportunity set and corporate financing, dividend, and compensation policies. Journal of Financial Economics 32 (December): 263-292.Tosi, H. L., Jr., and L. R. Gomez-Mejia. 1994. CEO compensation monitoring and firm performance. The Academy of Management Journal 37 (August): 1002-1016.Waddock, S. A., and S. B. Graves. 1997. The corporate social performance- financial performance link. Strategic Management Journal 18 (April): 303-319.Wartick, S. L., and P. L. Cochran. 1985. The evolution of the corporate social performance model. Academy of Management Review 10 (October): 758-769.Wood, D. J. 1991. Corporate social performance revisited. Academy of Management Review 16 (October): 691-718.Zalewski, D. A. 2003. Corporate objectives: Maximizing social versus private equity. Journal of Economic Issues 37 (June): 503-509. 描述 碩士
國立政治大學
會計研究所
100353019
101資料來源 http://thesis.lib.nccu.edu.tw/record/#G0100353019 資料類型 thesis dc.contributor.advisor 郭弘卿 zh_TW dc.contributor.author (Authors) 鄭涵孺 zh_TW dc.creator (作者) 鄭涵孺 zh_TW dc.date (日期) 2012 en_US dc.date.accessioned 2-Sep-2013 15:27:57 (UTC+8) - dc.date.available 2-Sep-2013 15:27:57 (UTC+8) - dc.date.issued (上傳時間) 2-Sep-2013 15:27:57 (UTC+8) - dc.identifier (Other Identifiers) G0100353019 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/59249 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 會計研究所 zh_TW dc.description (描述) 100353019 zh_TW dc.description (描述) 101 zh_TW dc.description.abstract (摘要) 本研究探討企業社會績效對高階經理人薪酬之影響，以及企業社會績效對於高階經理人薪酬之影響是否會受其投入社會活動期間長短之影響。將研究結果分為二部分：針對企業社會績效對於高階經理人薪酬之影響，實證結果顯示，在全體樣本之下，社會績效對於高階經理人之固定薪酬與變動薪酬之影響皆為顯著正相關，表示當企業的社會績效好時，通常會吸引或是聘僱到素質較好的高階經理人，因此企業所支付予高階經理人之薪酬水準亦會提高；而在企業社會績效達到一定程度的樣本下，社會績效對於固定薪酬與變動薪酬之影響仍為顯著正相關，表示即使當企業之社會績效達到一定程度後，只要企業願意繼續投入於社會活動中，使大眾對企業的評價繼續提高，企業仍會願意支付較高之薪酬水準予高階經理人。另外，針對企業社會績效對於固定薪酬與變動薪酬之影響是否會受到其投入社會活動期間長短的影響，實證結果顯示，當企業長時間投入於社會活動中，其社會績效對於高階經理人固定薪酬之成長率之影響會更為顯著；然而，其對變動薪酬之變動率（成長率）非為顯著相關，這可能係表示變動薪酬主要係受到短期性績效所影響，所以相較而言，其與社會績效之關係較不會受到投入社會活動期間長短之影響。 zh_TW dc.description.tableofcontents 第壹章 緒論 1第一節 研究動機與目的 1第二節 研究問題 4第三節 研究架構 5第貳章 文獻探討 6第一節 企業社會責任之定義與發展 6第二節 企業社會責任與財務績效表現之相關文獻 14第三節 高階經理人薪酬之相關文獻 19第四節 高階經理人薪酬與企業社會責任間之相關文獻 24第參章 研究設計與方法 25第一節 研究假說 25第二節 實證模型與變數衡量 27第三節 研究期間、資料來源與樣本選取 41第四節 敘述性統計 46第肆章 實證結果與分析 47第一節 企業社會績效對高階經理人薪酬之影響 47第二節 企業社會績效對高階經理人薪酬之影響程度是否受其投入社會活動期間長短之影響 57第伍章 結論與建議 63第一節 研究結論 63第二節 研究限制與建議 65參考文獻 66 zh_TW dc.language.iso en_US - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0100353019 en_US dc.subject (關鍵詞) 企業社會責任 zh_TW dc.subject (關鍵詞) 社會績效 zh_TW dc.subject (關鍵詞) 高階經理人薪酬 zh_TW dc.subject (關鍵詞) 固定薪酬 zh_TW dc.subject (關鍵詞) 變動薪酬 zh_TW dc.title (題名) 企業社會責任對高階經理人薪酬之影響 zh_TW dc.title (題名) The Effect of Corporate Social Responsibility on Top Management Compensation: Evidence from Taiwan en_US dc.type (資料類型) thesis en dc.relation.reference (參考文獻) 一、網站天下雜誌，2013，CSR-天下企業公民。網址：http://issue.cw.com.tw/issue/csr/index.jsp。財團法人臺灣永續能源研究基金會，臺灣企業永續報告獎。網址：http://taise.org.tw/active_area2.php?cid=1遠見雜誌，2010，第六屆遠見雜誌企業社會責任獎。網址：http://www.gvm.com.tw/CSR2012/select.html。遠見雜誌，2011，第七屆遠見雜誌企業社會責任獎。網址：http://www.gvm.com.tw/CSR2011/index.htm。二、中文部分方妙玲，2008，高階主管薪資與財務績效及社會績效之關聯性：代理理論及利害關係人理論觀點，企業管理學報，第77期（6月）：47-80。申永順、胡憲倫與簡又新，2012，國際企業永續報告之發展趨勢及我國推動現況，證券櫃檯，第160期（8月）：29-37。吳壽山、葉淑玲、陳莉貞與劉美纓，2012，我國辦理企業社會責任評鑑之可行性分析，證券櫃檯，第160期（8月）：6-19。林淑惠與胡星陽，2003，上市公司高階經理人之酬勞結構，經濟論文，第2期：171-206。郭淑芳，2006，臺灣上市公司經理人報酬及激勵政策決定因子分析，國立中山大學財務管理學系研究所。陳家德，2010，公司治理、企業社會責任與高階經理人之薪酬，國立中央大學人力資源管理研究所。辜秋屏，1997，高階主管酬勞與公司經營績效之實證研究，國立臺灣大學會計研究所。黃雪娟，2012，企業社會責任報告書之查證與品質分析，證券櫃檯，第160期（8月）：67-76。歐陽豪與莊雙喜，2008，高階管理者特性、產業競爭程度指標與績效評估對高階管理者薪酬之影響：臺灣上市公司的證據，崑山科技大學學報，第5期（3月）：15-37。蕭燕錫，1994，以代理理論淺釋高階主管獎酬計畫，信用合作，第42期（10月）：59-66。三、英文部分Agarwal, N. C. 1981. Determinants of executive compensation. Industrial Relations 20 (Winter): 36-46.Alexander, G. J., and R. A. Buchholz. 1978. Corporate social responsibility and stock market performance. Academy of Management Journal 21 (September): 479-486.Alkhafaji, A. 1989. A stakeholder approach to corporate governance: Managing in a dynamic environment. New York, NY: Quorum Books.Anderson, J. C., and A. W. Frankle. 1980. Voluntary social reporting: An iso-beta portfolio analysis. Accounting Review 55 (July): 467-479.Arrow, K. J. 1975. Social responsibility and economic efficiency. Public Policy 16 (January): 27-37.Aupperle, K. E., A. B. Carroll, and J. D. Hatfield. 1985. An empirical examination of the relationship between corporate social responsibility and profitability. Academy of Management Journal 28 (June): 446-463.Balkin, D. B., and L. R. Gomez-Mejia. 1987. Toward a contingency theory of compensation strategy. Strategic Management Journal 8 (March/April): 169-182.Bowen, H. R. J., F. Ernest 1953. Social responsibilities of the businessman. New York, NY: Harper & Brothers.Brick, I. E., O. Palmon, and J. K. Wald. 2006. CEO compensation, director compensation, and firm performance: Evidence of cronyism? Journal of Corporate Finance 12 (June): 403-423.Carroll, A. B. 1991. The pyramid of corporate social responsibility: Toward the moral management of organizational stakeholders. Business Horizons 34 (July/August): 39-48.Core, J. E., R. W. Holthausen, and D. F. Larcker. 1999. Corporate governance, chief executive officer compensation, and firm performance. Journal of Financial Economics 51 (March): 371-406.Coughlan, A. T., and R. M. Schmidt. 1985. Executive compensation, management turnover, and firm performance: an empirical investigation. Journal of Accounting and Economics 7 (April): 43-66.Cumming, C. M. 1989. Total compensation: An approach to pay structure design. Compensation and Benefits Review 21 (February): 37-42.Davis, K. 1960. Can business afford to ignore social responsibilities? California Management Review 2 (Spring): 70-77.Davis, K. 1973. The case for and against business assumption of social responsibilities. Academy of Management Journal 16 (June): 312-322.Finkelstein, S., and D. C. Hambrick. 1988. Chief executive compensation: A synthesis and reconciliation. Strategic Management Journal 9 (November/December): 543-558.Finkelstein, S., and D. C. Hambrick. 1989. Chief executive compensation: A study of the intersection of markets and political processesss. Strategic Management Journal 10 (March/April): 121-134.Freeman, R. E. 1984. Strategic management : A stakeholder approach. New York, NY: Cambridge University press.Friedman, M. 1970. The social responsibility of business is to increase its profits. The New York Times Magazine 13 (September): 32-33.Frye, M. B., E. Nelling, and E. Webb. 2006. Executive compensation in socially responsible firms. 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