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題名:經理人薪酬結構與ESG對企業價值影響之研究
作者:黃耀德
作者(外文):HUANG,YAO-TE
校院名稱:國立彰化師範大學
系所名稱:財務金融技術學系
指導教授:吳明政
學位類別:博士
出版日期:2023
主題關鍵詞:經理人薪酬ESG公司價值executive compensationESGcorporate performance firm value
原始連結:連回原系統網址new window
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中文摘要
經理人為企業營運的核心決策者,因此如何透過薪酬設計連結企業價值以降低代理問題一直是各界研究之重心,本文旨於探討經理人薪酬結構對企業價值之影響;又企業社會責任議題之重要性日益上升,加上環保意識的提升,2005年時聯合國在《WHO CARES WINS》中提出企業經營的評量基準需納入環境、社會責任與公司治理(簡稱ESG),因此本研究更進一步探討企業永續責任ESG在經理人薪酬結構與公司價值之間的交互作用。
本研究以2021-2022年天下雜誌永續公民獎TOP100獲獎企業為實驗組樣本,並以1:2之配對比例篩選控制組樣本進行研究,研究方法採用一般迴歸模型分析。
研究結果發現,經理人總薪酬、經理人現金基礎薪酬與企業永續責任ESG之交互作用,確實與企業價值有顯著的正向關係;而經理人股票基礎報酬則沒有顯著的證據支持。此結果可以作為公司決策者在設計經理人薪酬結構及政府部門在推行企業永續責任相關政策時之參考。
This study first investigates the relationship between executive compensations (cash, stock and option) and corporate performance. Second, this study use the ESG as the proxy variable of corporate sustainable responsibility to explore whether ESG works as a moderator between executive compensations and corporate performance.
The sample of this study was collected from the listed companies in Taiwan within the period of 2021-2022 from the TEJ database to conduct a multiple regression analysis.
The results indicated that the interaction of executive compensations and ESG can affect firm value, but there is no evidence can prove the same results instead of stock compensation. This result can be used as a reference for company decision-makers and authorities concerned to implement policies related to corporate sustainable responsibility.
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