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題名：論析強制設置薪酬委員會對公司是否有利？
作者：潘昭容 引用關係
作者(外文)：Chao-Jung Pan
校院名稱：國立臺灣大學
系所名稱：會計學研究所
指導教授：林嬋娟
學位類別：博士
出版日期：2015
主題關鍵詞：經理人薪資；公司治理；薪酬委員會；獨立董事；董事會經驗；executive compensation；corporate governance；compensation committees；independent directors；board experience.
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我國於2010年11月通過證券交易法第十四之六條，規定股票已在證券交易所上市或於證券商營業處所買賣之公司應設置薪資報酬委員會。主管機關冀望藉此規定強化經理人薪酬資訊透明度、抑制肥貓現象以及讓經理人薪資與公司經營績效連結。因此，本文分成兩部分，檢視強制設置薪酬委員會是否真能達成此預期效果？
第一部分先探討強制設置薪酬委員是否有利於提升經理人薪酬績效敏感度，以及影響因素為何。為了檢視此研究議題，本文以臺灣上市櫃公司為研究對象，樣本期間為規定實施前後兩年(即2009年至2010年與2012年至2013年)，並將薪酬委員會的獨立性與專業能力視為強制設置薪酬委員會有效性之決定因素。其中獨立性係以現任獨立董事衡量之，專業能力則是委員的人力與社會資本，即服務董事會年資和擔任董監事家數。實證結果顯示設置薪酬委員會確實能增進經理人薪酬績效敏感度，且主要是透過薪酬委員會之獨立性與專業能力達成此功效。
第二部分探討強制設置薪酬委員會對規定實施前有超額薪資現象或較差經營績效的公司(統稱為焦點公司)是否更為有利，以及其薪酬委員會特性在此之中的作用。針對此研究議題，本文比較焦點公司與標竿公司經理人薪酬績效敏感度之差異，其中標竿公司是指規定實施前較無不合理薪資水準或有較佳經營績效的公司。實證結果顯示相較於標竿公司，規定實施後超額薪資公司薪酬績效敏感度增加幅度較大，而績效差公司卻較小。另外，現任獨立董事或擁有較多人力及社會資本的委員在不同公司會扮演著不同的角色。具體而言，當他們擔任社會大眾所關注的超額薪資公司委員時，傾向於提高薪酬績效敏感度，反之，一旦擔任績效差公司委員時，則較無此傾向。
Article 14-6 of the amended Securities Exchange Act of Taiwan was passed in November of 2010 and mandated that a firm whose stock is listed on the stock exchange or traded over-the-counter shall establish a compensation committee. Regulators in Taiwan claim that this mandate can enhance the transparency of executive compensation, mitigate the “fat cat” phenomenon, and pay executives in line with firm performance and shareholder interests. Thus, this dissertation is divided into two parts to investigate whether this optimistic expectation of the regulators occurs as expected.
Part I of this dissertation examines whether this mandate can benefit firms by enhancing pay-for-performance sensitivity of executive compensation as a whole and what are the channels of this mandate. To address the research questions, this dissertation uses Taiwanese-listed firms during the periods 2009 to 2010 and 2012 to 2013 as the sample. The independence and the competence of the compensation committee are considered to be the two channels which make the compensation committee mandate efficacious. The independence of the compensation committee is estimated by the compensation committee with incumbent independent directors. The competence of the compensation committee is estimated by the human and social capital of the members (i.e., long board service and multiple directorships). The empirical results show that this mandate indeed increases pay-for-performance sensitivity of executive compensation. This effect is mainly via the independence and the competence of the compensation committee.
Part II of this dissertation examines the extent to which firms that previously had overpayment or poor performance (generically called focal firms) benefit from this mandate and how compensation committee composition plays a role in this benefit. To address the research questions, this dissertation compares the change in the pay-for-performance sensitivity of executive compensation between focal firms and benchmark firms. Benchmark firms were less likely to overpay or to underpay or which had good performance before the mandate. The empirical results show that, compared to benchmark firms, the positive effect of this mandate on the pay-for-performance sensitivity is larger for overpaying firms and is smaller for poor-performing firms. This dissertation also finds that compensation committee members with more human and social capital and incumbent independent directors perform diverse functions in different firms. When they serve on overpaying firms that receive public scrutiny, they are more effective at increasing pay-for-performance sensitivity. Conversely, once they serve on poor-performing firms, this function vanishes.
PART I
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Burak Guner, A., Malmendier, U., and Tate, G. 2008. Financial expertise of directors. Journal of Financial Economics 88(2): 323-54.
Carpenter, M. A., Geletkanycz, M. A., and Sanders, W. G. 2004. Upper echelons research revisited: Antecedents, elements, and consequences of top management team composition. Journal of Management 30(6): 749-778.
Chen, Q. 2011. An issue for the establishment of the compensation committee. Accounting Research Monthly 308: 62-66.
Chen, J. J., Liu, X., and Li, W. 2010. The effect of insider control and global benchmarks on chinese executive compensation. Corporate Governance: An International Review 18(2): 107-123.
Chen, J. 2005. Executive compensation and its reform proposals. Accounting Research Monthly 241: 104-113 (In Chinese).
Cheng, Z., and Jiang, Y. 2003. Zhong-Mou Zhang played three aces. Global Views Monthly 204: 189-193(In Chinese).
Chhaochharia, V., and Grinstein, Y. 2012. CEO compensation and board structure- There is an effect after all. Journal of Finance, forthcoming.
Chhaochharia, V., and Grinstein, Y. 2009. CEO compensation and board Structure. The Journal of Finance 1: 231-261
Chou, Y. M., Yao, W. J., and Chen J. F. 2015. Does the compensation committee reduce “fat cat” phenomenon? Journal of Management, Forthcoming (In Chinese).
Conyon, M., and He, L. 2011. Executive compensation and corporate governance in China. Journal of Corporate Finance 17: 1158-1175.
Conyon, M., and Peck, S. 1998. Board control, remuneration committees, and top management compensation. Academy of Management Journal 41(2):146-157.
Core, J., Holthausen, R., and Larcker, D. 1999. Corporate governance, chief executive officer compensation, and firm performance. Journal of Financial Economics 51: 151-84.
Daily, C. M., Johnson, A. E., and Dalton, D. R. 1998. Compensation committee composition as a determinant of CEO compensation. Academy of Management Journal 41: 209-220.
Dalton, D. R., and Dalton, C. M. 2011. Integration of micro and macro studies in governance research: CEO duality, board composition, and financial performance. Journal of Management 37(2): 404-411.
Dalziel, T., Gentry, R. J., and Bowerman, M. 2011. An integrated agency-resource dependence view of the influence of directors’ human and relational capital on firms’ RandD spending. Journal of Management Studies 48: 1217-1242.
Dass, N., Kini, O., Nanda, V., Onal, B., and Wang, J. 2014. Board expertise: Do directors from related industries help bridge the information gap? Review of Financial Studies 27(5): 1533-1592.
De Villiers, C., Naiker, V., and Van Staden, C. J. 2011. The effect of board characteristics on firm environmental performance. Journal of Management 37: 1636-1663.
Etzion, D., and Davis, G. F. 2008. Revolving doors? A network analysis of corporate officers and U.S. government officials. Journal of Management Inquiry 17: 157-161.
Faccio, M., Lang, L., and Young, L. 2001. Dividends and expropriation. The American Economic Review 91(1): 54-78.
Faleye, O., Hoitash, R., and Hoitash, U. 2014. Industry expertise on corporate boards. Working paper.
Fama, E., and Jensen, M. 1983. Separation of ownership and control. Journal of Law and Economics 26(2): 301-325.
Ferris, S. P., Jagannathan, M., and Pritchard, A. C. 2003. Too busy to mind the business? Monitoring by directors with multiple board appointments. The Journal of Finance 58(3): 1087-1111.
Fich, E. M., and Shivdasani, A. 2006. Are busy boards effective monitors? Journal of Finance 61: 689-724.
Fiedler, F. E. 1970. Leadership experience and leader performance- another hypothesis shot to hell. Organizational Behavior and Human Performance 5: 1-14.
Finkelstein, S., Hambrick, D. C., and Cannella, A. A. 2009. Strategic Leadership: Theory and Research on Executives, Top Management Teams, and Boards. England: Oxford University Press.
Fischer, H. M., and Pollock, T. G. 2004. Effects of social capital and power on surviving transformational change: The case of initial public offerings. Academy of Management Journal 47: 463-481.
Gilson, S. C. 1990. Bankruptcy, boards, banks, and blockholders: Evidence on changes in corporate ownership and control when firms default. Journal of Financial Economics 27(2): 355-387.
Gray, S., and Nowland, J. 2013. Is prior director experience valuable? Accounting and Finance 53: 643-666.
Guthrie, K., Sokolowsky, J., and Wan, K. 2012. CEO compensation and board structure revisited. Journal of Finance 67(3): 1149-1168.
Hillman, A. J., and Dalziel, T. 2003. Boards of directors and firm performance: Integrating agency and resource dependence perspectives. Academy of Management Review 28: 383-396.
Hwang, B, and Kim, S. 2009. It pays to have friends. Journal of Financial Economics 93: 138-158.
Jensen, M. C., and Meckling, W. 1976. Theory of the firm: managerial behavior, agency costs, and ownership. Journal of Financial Economics 3: 305-360.
Johnson, S. G., Schnatterly, K., and Hill, A. D. 2013. Board composition beyond independence: Social capital, human capital, and demographics. Journal of Management 39(1): 232-262.
Kaplan, S., and Reishus, D. 1990. Outside directorships and corporate performance. Journal of Financial Economics 27: 389-410.
Kor, Y. Y., and Sundaramurthy, C. 2009. Experience-based human capital and social capital of outside directors. Journal of Management 35: 98-1006.
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Laksmana, I. 2008. Corporate board governance and voluntary disclosure of executive compensation practices. Contemporary Accounting Research 25(4): 1147-1182.
Liao, C. 2014. Reflections of accounting performance and compensation system. Accounting Research Monthly 388: 15-17.
Linck, J. S., Netter, J. M., and Yang, T. 2009. The effects and unintended consequences of the Sarbanes-Oxley Act on the supply and demand for directors. Review of Financial Studies 22: 3287-3328.
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Markoczy, L., Sun, S. L., Peng, M. W., Shi, W., and Ren, B. 2013. Social network contingency, symbolic management, and boundary stretching. Strategic Management Journal 34: 1367-1387.
Newman, H. A., and Mozes, H. A. 1999. Does the composition of the compensation committee influence CEO compensation practices? Financial Management 28(3): 41-53.
O''Reilly, C., Main, B., and Crystal, G. 1988. CEO compensation as tournament and social comparison: A tale of two theories. Administrative Science Quarterly 33(2): 257-274.
Perry, T., and Zenner, M. 2001. Pay for performance? Government regulation and the structure of compensation contracts. Journal of Financial Economics 62(3):453-88.
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Shivdasani, A., and Yermack, D. 1999. CEO involvement in the selection of new board members: an empirical analysis. Journal of Finance 54: 1829-1853.
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PART II
Anderson, R. C., and Reeb, D. M. 2003. Founding-family ownership and firm performance: evidence from the SandP 500. The Journal of Finance 58(3): 1301-1328.
Armstrong, C. S., Core, J. E., and Guay, W. R. 2014. Do independent directors cause improvements in firm transparency? Journal of Financial Economics 113: 383-403.
Banker, R. D., and Datar, S. M. 1989. Sensitivity, precision, and linear aggregation of signals for performance evaluation. Journal of Accounting Research 27: 21-39.
Bayazitova, D., and Shivdasani, A. 2012. Assessing TARP. The Review of Financial Studies 25(2): 377-407.
Bebchuck, L., and Weisbach, M. 2009. The state of corporate governance research. Review of Financial Studies 23: 939-961.
Bebchuk, L. A., Fried, J. M., and Walker, D. I. 2002. Managerial power and rent extraction in the design of executive compensation. University of Chicago Law Review 69: 751-846.
Becker, G. 1981. A Treatise on The Family. Cambridge: Harvard University Press.
Carpenter, M. A., Geletkanycz, M. A., and Sanders, W. G. 2004. Upper echelons research revisited: Antecedents, elements, and consequences of top management team composition. Journal of Management 30(6): 749-778.
Chalevas, C. G. 2011. The effect of the mandatory adoption of corporate governance mechanisms on executive compensation. The International Journal of Accounting 46: 138-174.
Chen, X., Cheng, Q., and Wang, X. 2014. Does increased board independence reduce earnings management? Evidence from recent regulatory reforms. Review of Accounting Studies, Forthcoming.
Chen, Q. 2011. An issue for the establishment of the compensation committee. Accounting Research Monthly 308: 62-66.
Chen, J. 2005. Executive compensation and its reform proposals. Accounting Research Monthly 241: 104-113 (In Chinese).
Cheng, Z., and Jiang, Y. 2003. Zhong-Mou Zhang played three aces. Global Views Monthly 204: 189-193(In Chinese).
Chhaochharia, V., and Grinstein, Y. 2012. CEO compensation and board structure- There is an effect after all. Journal of Finance, forthcoming.
Chhaochharia, V., and Grinstein, Y. 2009. CEO compensation and board Structure. The Journal of Finance 1: 231-261.
Chou, Y. M., Yao, W. J., and Chen J. F. 2015. Does the compensation committee reduce “fat cat” phenomenon? Journal of Management, Forthcoming (In Chinese).
Coles, J., Daniel, N., and Naveen, L. 2008. Boards: does one size fit all? Journal of Financial Economics 87: 329-356.
Conyon, M., and He, L. 2011. Executive compensation and corporate governance in China. Journal of Corporate Finance 17: 1158-1175.
Conyon, M., and Peck, S. 1998. Board control, remuneration committees, and top management compensation. Academy of Management Journal 41(2):146-157.
Core, J., Guay, W., and Larker, D. 2008. The power of the pen and executive compensation. Journal of Financial Economics 88 (1): 1-25.
Core, J., Holthausen, R., and Larcker, D. 1999. Corporate governance, chief executive officer compensation, and firm performance. Journal of Financial Economics 51: 151-184.
Craighead, J., Magnan, M., and Thorne, L. 2004. The impact of mandated disclosure on performance-based CEO compensation. Contemporary Accounting Research 21(2): 369- 398.
Daily, C. M., Johnson, A. E., and Dalton, D. R. 1998. Compensation committee composition as a determinant of CEO compensation. Academy of Management Journal 41: 209-220.
Dalziel, T., Gentry, R. J., and Bowerman, M. 2011. An integrated agency-resource dependence view of the influence of directors’ human and relational capital on firms’ RandD spending. Journal of Management Studies 48: 1217-1242.
Dass, N., Kini, O., Nanda, V., Onal, B., and Wang, J. 2014. Board expertise: Do directors from related industries help bridge the information gap? Review of Financial Studies 27(5): 1533-1592.
De Villiers, C., Naiker, V., and Van Staden, C. J. 2011. The effect of board characteristics on firm environmental performance. Journal of Management 37: 1636-1663.
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Ferri, F, and Maber, D. A. 2013. Say on pay votes and CEO compensation: evidence from the UK. Review of Finance 17: 527-563.
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