:::

詳目顯示

回上一頁
題名:總經理酬勞與聘任人選之研究
作者:林淑惠 引用關係
校院名稱:國立臺灣大學
系所名稱:財務金融學研究所
指導教授:胡星陽
學位類別:博士
出版日期:2004
主題關鍵詞:誘因契約監督機制大股東持股剝削動機公司表現
原始連結:連回原系統網址new window
相關次數:
  • 被引用次數被引用次數:期刊(0) 博士論文(0) 專書(0) 專書論文(0)
  • 排除自我引用排除自我引用:0
  • 共同引用共同引用:0
  • 點閱點閱:20
論文提要內容
本論文旨在從公司治理的角度探討影響總經理酬勞設計和大股東決策的因素。第一篇文章主要在探討公司成長機會和監督機制對經理人酬勞連結程度的影響。以台灣上市公司85-88年總經理酬勞為研究對象。我們發現成長機會高的公司並沒有較高的酬勞連結程度。另一方面,公司監督機制會影響酬勞連結程度,且董事會和大股東的監督能力和酬勞連結程度有互補的關係。另外,我們發現監督機制和酬勞連結程度存在互動關係。在大公司,當董事會能有效發揮功能時,經理人酬勞連結程度提高;相對的,在小公司,當董事會能發揮作用時會降低經理人酬勞連結程度。
第二篇文章是以1991-2000年家族控制的台灣上市公司資料,檢驗影響大股東聘任總經理決策的因素,並分析家族經理人對公司表現的影響。實証結果發現,大股東在決定是否任用家族成員擔任總經理時會受到公司規模、研發費用率及廣告費用率三項公司特徵的影響。另外,我們也發現控制股東的特徵對是否任用家族經理人也有顯著的影響。當控制股東擁有的所有權比例高、所有權和控制權分離時,會傾向聘用家族經理人。大股東關係人佔董事會成員的比例和聘用家族經理人的機率也有顯著的正向關係。在總經理身份和公司表現方面,實証結果顯示,聘用家族經理人的公司表現不及聘用外部專業經理人的公司,其中又以集團家族聘用家族經理人的公司表現顯著最差。此結果不因公司績效變數或迴歸模型設定的不同而改變。
Abstract
This dissertation contains two essays on corporate governance issue. The first essay examines the effects of growth opportunities and monitoring mechanism on the sensitivity of CEO compensation to firm performance. Our results are based on 1996~99 CEO compensation data from companies listed on the Taiwan Stock Exchange. We find that the sensitivity of CEO pay in growth firms is not significantly higher than that in other firms. However, monitoring mechanism affects the sensitivity; moreover, the monitoring mechanism and the sensitivity of CEO pay are complementary mechanisms to alleviate the agency problem between manager and shareholders. In addition, the complementary relation is significant in large firms, but monitoring mechanism is a substitute for the sensitivity of CEO pay in small firms.
The second essay examines the determinants of CEOs for family controllers and explores the relation between family CEOs and performance. We use family-controlled, listed companies in Taiwan from 1991 through 2000 as sample. We find that with large firm size and high R&D spending, controlling shareholders tend to hire non-family managers. High advertisement expense has significantly positive relation with the presence of family CEOs. Our analysis also suggests that families with high ownership and separation of ownership and control are more likely to use family members as CEOs. Furthermore, high proportion of affiliated directors has significantly positive relation with the presence of family CEOs. Consistent with the notion that family CEO is detrimental, we find that performance of family CEOs is inferior to non-family CEOs. The destructive effect is especially significant in business groups.
參考文獻

中華徵信所,1996,台灣地區集團企業研究:民國八十五/八十六年版,中華徵信所企業股份有限公司出版。
白慧平,1991,公司特性與高階主管薪酬制度關係研究,私立東吳大學會計學研究所未出版碩士論文。
李德冠,2001,公司監理機制對於關係人交易影響之研究,私立輔仁大學金融研究所未出版碩士論文。
林穎芬,1989,民營企業最高主管報酬與公司績效之研究,國立中山大學企業管理研究所未出版碩士論文。
林穎芬,1998,台灣上市公司控管機制的研究,國立中山大學企管所未出版博士論文。
俞海琴﹐周本鄂﹐1994﹐台灣地區上市公司董監事、關係人持股比率和公司托賓Q關係之研究﹐管理評論(13:1)。new window
陳隆麒、郭敏華、吳政穎,1998,我國上市公司高階主管薪酬決定因素之探討,中國財務學會年會暨學術研討會(1998)論文集,pp.925-943。
辜秋屏﹐1997﹐高階主管酬勞與公司經營績效之實證研究﹐台灣大學會計研究所碩士論文。
葉銀華、邱顯比和何憲章,1997,利益輸送代理問題和股權結構之理論與實証研究,中國財務學刊,pp47-73。new window


Abowd, J. and M. Bognanno , 1995. International Differences in Executive and Managerial Compensation, in R. Freeman, and L. Katz, ed., Differences and Changes in Wage Structures, Chicago: The University of Chicago Press, 67-103.
Aggarwal, R. and A. Samwick, 1997. Executive compensation, strategic competition, and relative performance evaluation: theory and evidence, Dartmouth College.
Aggarwal, R. and G. Mandelker , 1987. Managerial Incentives and Corporate Investment and Financing Decisions, Journal and Finance, 42(4), 823-837.
Agrawal, A. and G. Mandelker, 1987. Managerial incentives and corporate investment and financing decision. Journal of Finance 42(4), 823-837.
Allen, M., , 1981. Power and Privilege in the Large Corporation, American Journal of Sociology, 16, 1112-1123.
Amihud, Y. and B. Lev , 1981. Risk Reduction as a Managerial Motives for Conglomerate Mergers, The Bell Journal of Economics, 12, 605-617.
Anderson and Reeb, 2003. Founding-Family ownership and firm performance: evidence from the S&P 500, Journal of Finance 58(3), 1301-1328.
Anderson, Mansi, and Reeb, 2003. Founding family ownership and the agency cost of debt, Journal of Financial Economics 68, 263-285.
Ang, Cole, and James Lin, 2000. Agency costs and ownership structure, Journal of Finance 55, 81-106.
Bae, K.-H, Kang, J.-K., Kim, J.-M.,2002. Tunneling or value added? Evidence from mergers by Korean business groups. Journal of Finance 57, 2695-2740.
Baker, G., M. Jensen, and K. J. Murphy , 1988. Compensation and Incentives: Practice vs. Theory, Journal of Finance, 43(3. 593-616.
Banker, R. and S. Datar , 1989. Sensitivity, Precision, and Linear Aggregation of Accounting Signals, Journal of Accounting Research, 27,, 21-39.
Barclay and Holderness, 1989. Private benefits from control of public corporations. Journal of Financial Economics 25, 371-395.
Beatty, R. and E. Zajac , 1994. Managerial Incentives, Monitoring, and Risk Bearing: A Study of Executive Compensation, Ownership, and Board Structure in initial Public Offerings, Administrative Science Quarterly, 39, 313-335.
Bertrand, M. and S. Mullainathan , 2000. Agents With and Without Principals, American Economics Review, 90, 203-208.
Bertrand, M. and S. Mullainathan , 2000. Do CEOs Set Their Own Pay? NBER Working Paper 7604.
Bhattacharya and Ravikumar, 2002. From cronies to professionals: the evolution of family firms. Working Paper.
Bizjak, J. J. Brickley and J. Coles , 1993. Stock-Based Incentive Compensation and Invsetment Behavior, Journal of Accounting and Economics, 16, 349-372.
Boyd, B.K. , 1994. Board Control and CEO Compensation, Strategic Management Journal, 15, 335-344.
Burkart, Panunzi, and Shleifer, 2003. Family Firm. Journal of Finance 58, 2167-2202.
Bushman, R. and R. Indjejikian , 1993. Accounting Income, Stock price, and Managerial Compensation, Journal of Accounting and Economics, 16, 3-23.
Cadbury Report , 1992. The Financial Aspects of Corporate Governance, London.
Claessens, Djankov, Fan, Lang, 2000. The separation of ownership and control in East Asian corporations. Journal of Finance Economics 58, 81-112.
Claessens, Djankov, Fan, Lang, 2002. Disentangling the incentive and entrenchment effects of large shareholder. Journal of Finance 57, no.6, 2741-2771.
Core, E., Holthausen, and David Larcker , 1999. Corporate Governance, Chief Executive Officer Compensation, and Firm Performance, Journal of Financial Economics, 51, 371-406.
Core, J. and W. Guay , 1999. The Use of Equity Grants to Manage Optimal Incentive Levels, Journal of Accounting and Economics, 28, 151-184.
Coughlan, A. and R. Schmidt , 1985. Executive Compensation, Management Turnover, and Firm Performance, Journal of Accounting and Economics, 7, 43-66.
Crystal, G. , 1991. In Search of Excess: The Overcompensation of American Executives, W.W. Norton and Company, New York.
DeAngelo, H. and L. DeAngelo , 1991. Union Negotiations and Corporate Policy: A Study of Labor Concessions in the Domestic Steel Industry during the 1980s, Journal of Financial Economics, 30, 3-44.
Dechow and Sloan , 1991. Executive Incentives and the Horizon Problem: An Empirical Investigation, Journal of Accounting and Economics, 14, 1. March, 51-89.
Denis and Denis, 1994. Majority owner-managers and organizational efficiency, Journal of Corporate Finance 1, 91-118.
Eaton, J. and H. Rosen , 1983. Agency, Delayed Compensation and the Structure of Executive Remuneration, Journal of Finance, 38, 1489-1505.
Faccio, M. and L. Lang, 2002. The ultimate ownership of western European corporations. Journal of Financial Economics, 65, 365-395.
Fama and Jensen, 1983. Separation of ownership and control, Journal of Law and Economics 26, 301-325.
Finkelstein, S. and D. Hambrick, , 1989. Chief Executive Compensation, Strategic Management Journal, 10, 121-134.
Fox, H. , 1983. Executive Incentives: Long-term Performance Share/Unit Plans, Conference Board Research Bulletin no. 132.
Fox, H. , 1984. Restricted Stock for Executives, Conference Board Research Bulletin no. 159.
Gaver, J., K. Gaver , 1993. Additional Evidence on the Association between the Investment Opportunity Set and Corporate Financing, Dividend, and Compensation Policies, Journal of Accounting and Economics, 16,125-160.
Gaver, J., K. Gaver , 1995. Compensation Policy and the Investment Opportunity Set, Financial Management, 24.
Gibbons, R. and K. Murphy , 1990. Relative Performance Evaluation for Chief Executive Officers, Industrial and Labor Relations Review, 43, 30s-51s.
Gibbons, Robert, and Kevin J. Murphy , 1992. Optimal Incentive Contracts in Presence of Career Concerns, Journal of Political Economy, 100, 468-505.
Gomez-Mejia, Nunez-Nickel, and Gutierrez, 2001. The role of family ties in agency contracts, Academy of Management Journal 44, 81-95.
Hall, J. and J. Liebman , 1998. Are CEOs Paid like Bureaucrats, Quarterly Journal of Economics, 653-691.
Hart, O. , 1995. Corporate governance, The Economic Journal , 105, 678-689.
Himmelberg, Hubbard, and Palia, 1999. Understanding the determinants of managerial ownership and the link between ownership and performance. Journal of Financial Economics 53, 353-384.
Holderness, 2002. Survey of blockholders and corporate control. FRBNY Economic Policy Review, forthcoming.
Holmstrom, B., 1979. Moral Hazard and Observability, The Bell Journal of Economics, 10, 74-91.
Holmstrom, B., and P. Milgrom , 1987. Aggregation and Linearity in the Provision of Intertemporal Incentives,Econometrica, 55, 303-28.
Hoshi, Kashyap, and Scharfstein, 1991. Corporate structure, liquidity and investment: evidence from Japanese panel data, Quarterly Journal of Economics 106(1), 33-60.
James, Harvey, 1999. Owner as manager, extended horizons and the family firm, International Journal of the Economics of Business 6, 41-56.
Jensen, M. and K. J. Murphy , 1990. Performance Pay and Top-Management Incentives, Journal of Political Economy, 98, 225-64.
Jensen, M. and W. Meckling, 1976. Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics 3, 305-360.
Joh, S.-W., 2003. Corporate governance and firm profitability: evidence from Korea before the economic crisis. Journal of Financial Economics 68, 287-322.
John, T. and K. John, 1993. Top-management compensation and capital structure. Journal of Finance 48(3), 949-974.
Johnson, Boone, Breach, and Friedman, 2000. Corporate governance in the Asian financial crisis. Journal of Financial Economics 58, 141-186.
Johnson, La Porta, Lopez-de-Silanes, and Shleifer, 2000. Tunneling, American Economic Review 90, 20-27.
Johnston, J. , 1984. Econometric Methods, McGraw-Hill.
Joskow, P. and N. Rose and C. Wolfram , 1996. Political Constraints on Executive Compensation: Evidence from the Electric Utility Industry, Rand Journal of Economics, 27, 165-82.
Kang, J. and A. Shivdasani, 1995. Firm performance, corporate governance, and top executive turnover in Japan. Journal of Financial Economics 38(1), 29-58.
Kaplan, S. and B. Minton, 1994. Appointments of outsiders to Japanese boards: Determinants and implications for managers. Journal of Financial Economics 36, 225-257.
Kenney, Charles, 1992. Fall of the house of Wang, Computer World, February 17, 67-68.
Khanna, T., Palepu, K., 2000. Is group affiliation profitable in emerging markets? An analysis of diversified Indian business groups. Journal of Finance 55, 867-891.
Kim, 2004. Bailout and conglomeration. Journal of Financial Economics 71, 315-347.
Kole, S. , 1997. The Complexity of Compensation Contract, Journal of Financial Economics, 43, 79-104.
Kraft, K. and A. Niederprum , 1999. Determinants of Management Compensation with Risk-Averse Agents and Dispersed Ownership of the Firm, Journal of Economic Behavior & Organization, 40, 17-27.
La Porta, Lopez-de-Silanes, Shleifer, and Vishny, 1998. Law and Finance, Journal of Political Economy 106, 1113-1155.
La Porta, Rafael, Florencio Lopez-de-Silanes, and Andrei Shleifer , 1999. Corporate Ownership around the World, Journal of Finance, 54, 471-581.
Lambert, R. , 1986. Executive Effort and the Selection of Risky Projects, Rand Journal of Economics, 17, 77-88.
Lambert, R., D. Larcker , 1987. An Analysis of the Use of Accounting and Market Measures of Performance in Executive Compensation Contracts, Journal of Accounting Research, 25, 85-123.
Lambert, R., Larcker, D., Weigelt, K. , 1993. The Structure of Organizational Incentives, Administrative Science Quarterly, 38, 438-461.
Mehran , 1995. Executive Compensation Structure, Ownership, and Firm Performance, 38, 163-184.
Milgrom, P., and J. Roberts , 1992. Economics, Organizations and Management, Englewood Cliffs, NJ: Prentice-Hall.
Milliron J. , 2000. Board of Director Incentive Alignment and the Design of Executive Compensation Contracts, Working paper, University of Chicago.
Mirrless, J. , 1974. Notes on Welfare Economics, Information, and Uncertainty, in Balch, McFadden, and Wu, eds., Essays on Economic Behavior under Uncertainty, Amsterdam: North Holland publishing Co.
Mirrless, J. , 1976. The Optimal Structure of Incentive and Authority within an Organization. The Bell Journal of Economics, 7, 105-131.
Morck, R. A. Shleifer, and R. Vishny, 1988. Managerial ownership and market valuation: An empirical analysis. Journal of Financial Economics 20, 293-315.
Morck, Strangeland, and Yueng, 2000. Inherited wealth, corporate control, and economic growth? In Randall Morck, Ed.: Concentrated corporate ownership, (NBER Conference Volume, University of Chicago Press, Chicago, IL).
Murphy, K. , 1998. Executives Compensation, in Handbook of Labor Economics, edited by O. Ashenfelter and D. Card, North-Holland Publishers.
Myers, S. , 1977. Determinants of Corporate Borrowing, Journal of Financial Economics, 5, 147-175.
Newman H. and H. Mozes , 1999. Does the Composition of the Compensation Committee Influence CEO Compensation Practices, Financial management, 28, 41-53.
O’Reilly, C., B. Main and G. Crystal , 1988. CEO Compensation as Tournament and Social Comparison: A Tale of Two Theories, Administrative Science Quarterly, 33, 257-274.
Paul, J. , 1992. On the Efficiency of Stock-based Compensation, The Review of Financial Studies, 5, 471-502.
Pfeffer, J. , 1981. Power in Organizations, Pitman Publisher, Boston, MA.
Rosen, S. , 1992. Contracts and the Market for Executives, in Contract Economics, edited by Lars Wein and Hans Wijkander, Blackwell Publishers.
Ross, S. , 1973. The Economic Theory of Agency: The Principal’s Problem, The American Economic Review, 63, 134-139.
Shleifer, A. and R. Vishny, 1989. Management entrenchment: the case of manager-specific investments. Journal of Financial Economics 25, 123-140.
Shleifer, A., and R. Vishny , 1986. Large Shareholders and Corporate Control, Journal of Political Economy, 94, 461-488.
Shleifer, A., and R. Vishny , 1997. A Survey of Corporate Governance, Journal of Finance, 737-785.
Sloan, R. , 1993. Accounting Earnings and Top Executive Compensation, Journal of Accounting and Economics, 16, 1. 55-100.
Smith, B. and Amoako-Adu Ben, 1999. Management succession and financial performance of family controlled firms. Journal of Corporate Finance 5, 341-368.
Smith, C.W., and R. Watts , 1982. Incentive and Tax Effects of U.S. Executive Compensation Plans, Australian Journal of Management, 7, 139-157.
Smith, C.W., and R. Watts , 1992. The Investment Opportunity Set and Corporate Financing, Dividend, and Financing Policies, Journal of Financial Economics, 32, 262-292.
White , 1980. A Heteroskedasticity-consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity, Econometrica, 48, 817-824.
Yeh, Yin-Hua and T. Woidtke, 2003. Commitment or Entrenchment?: Controlling Shareholders and Board Composition. The Third Asian Corporate Governance Conference, Seoul, Korea.
Yeh, Yin-Hua H., P. G. Shu, and W. Y. Huang, 2001. The year-end anomaly of Taiwan family control groupings. Review of Pacific Basin Financial Markets and Policies.
Yeh, Yin-Hua, Chen-en Ko, and Yu-Hui Su, 2003. Ultimate control and expropriation of minority shareholders: new evidence from Taiwan. Academia economic paper, 31, 263-299.
Yeh, Yin-Hua, T. Lee, and T. Woidtke, 2001. Family control and corporate governance: evidence from Taiwan. International Review of Finance, 2(1/2), 21-48.
Yermack, D., , 1996. Higher Market Valuation for Firms with a Small Board of Directors, Journal of Financial Economics, 40, 185-211.
Zajac, E. and J. Westphal , 1994. The Costs and Benefits of Managerial Incentives and Monitoring in Large U.S. Corporations: When is More Not Better? Strategic Management Journal, 15, 121-142.
 
 
 
 
第一頁 上一頁 下一頁 最後一頁 top
:::
無相關著作
 
無相關點閱
 
QR Code
QRCODE