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引文資料
題名:
An Analysis of the Relative Importance of Performance Measures in Top Executive Stock-Based Compensation Contract
書刊名:
會計評論
作者:
洪玉舜
/
王泰昌
作者(外文):
Hung, Yu-shun
/
Wang, Tay-chang
出版日期:
2008
卷期:
46
頁次:
頁1-29
主題關鍵詞:
總經理股票誘因薪酬
;
薪酬績效敏感性
;
公司特性
;
績效衡量指標
;
The president's stock-based compensation
;
Pay-performance-sensitivity
;
Corporate characteristics
;
Performance measure
原始連結:
連回原系統網址
相關次數:
被引用次數:期刊(
11
) 博士論文(0) 專書(0) 專書論文(0)
排除自我引用:
11
共同引用:
43
點閱:52
本文之研究目的旨在探究總經理股票誘因薪酬契約中,會計與市場面績效衡量指標之相對重要性是否受到公司特性之影響,其中公司特性包含公司潛在成長機會、規模、風險、與財務槓桿程度。研究結果顯示總經理股票誘因薪酬與績效之相對敏感性隨著公司特性之不同而有所差異。 當公司愈具有潛在成長機會或規模愈大時,會計衡量指標與總經理股票薪酬水準間之相對敏感性愈低;而當公司愈具有潛在成長機會時,市場衡量指標與總經理股票薪酬水準之相對敏感性雖不顯著,然市場衡量指標與總經理股票薪酬變動程度之相對敏感性顯著提升,此亦顯示出總經理薪酬之衡量,以水準與變動兩型態所得之經濟意涵不盡相同。另一方面,當公司風險愈大或財務槓桿使用程度愈高時,會計衡量指標與總經理股票薪酬水準間之相對敏感性顯著提高;而當公司風險愈高時,總經理股票薪酬與市場衡量指標之相對敏感性降低,此似乎說明當環境不確定性愈高時,總經理所需承擔之風險亦較高,其對於風險因素之考量可能遠高於誘因因子,此時公司應降低外部績效(如市場績效)與薪酬之連結,而以內部績效(會計績效)之連結予以替代。
以文找文
The purpose of this paper is to investigate whether the relative importance of accounting and market performance measures in executive stock-based compensation contracts would be affected by corporate characteristics, such as the growth opportunity, size, risk and financial leverage of the corporation. Our results show that the President's stock-based compensation reacts differently to accounting and market performance measures when considering corporate characteristics. We also find that the change-form and level-form of model specification may have different implications. For firms with higher growth opportunity and larger size, the accounting performance measure would have lower sensitivity in the level of the President's stock-based compensation. Further, for firms with a more uncertain environment and higher financial leverage, the accounting performance measure would have higher sensitivity in the level of the President's stock-based compensation. Conversely, for firms with larger size and higher uncertainty, market performance measure would have lower sensitivity in the level of the President's stock-based compensation. These findings indicate that corporations would substitute the internal accounting performance measure for external market performance measure to evaluate the President's actions when they face greater uncertainty of the external environment and debtholders.
以文找文
期刊論文
1.
Davila, Antonio、Penalva, Fernando(2006)。Governance structure and the weighting of performance measures in CEO compensation。Review of Accounting Studies,11(4),463-493。
2.
Lin, Ying-fen、Liu, Victor Wei-chi(19970600)。Corporate Ownership Structure and CEO Compensation。中山管理評論,5(特刊),75-91。
3.
Murphy, Kevin J.(1985)。Corporate performance and managerial remuneration: an empirical review。Journal of Accounting and Economics,7(1-3),11-42。
4.
Prendergast, Canice(2000)。What Trade-off of Risk and Incentives?。The American Economic Review,90(2),421-425。
5.
Prendergast, C.(1999)。The provision of incentives in firms。Journal of Economic Literature,37(1),7-63。
6.
林淑惠、胡星陽(20030600)。上市公司高階經理人之酬勞結構。經濟論文,31(2),171-206。
延伸查詢
7.
Ungson, G. R.、Steers, R. M.(1984)。Motivation and Politics in Executive Compensation。Academy of Management Review,9(2),313-323。
8.
Kerr, J. L.、Bettis, R. A.(1987)。Boards of Directors, Top Management Compensation, and Shareholder Returns。Academy of Management Journal,30(1),645-664。
9.
Finkelstein, S.、Hambrick, Donald C.(1989)。Chief executive compensation: A study of the intersection of markets and political processes。Strategic Management Journal,10(2),121-134。
10.
DeFond, M. L.、Park, C. W.(1999)。The Effect of Compensation on CEO Turnover。Journal of Accounting and Economics,27(1),35-56。
11.
Alexander, D. L.、Zhou, H.(1995)。Product-Market Competition and Executive Compensation。Journal of Economics and Business,47,441-456。
12.
Aggarwal, R. K.、Samwick, A. A.(1999)。Executive Compensation, Strategic Compensation, and Relative Performance Evaluation: Theory and Evidence。Journal of Finance,6,1999-2043。
13.
Aggarwal, R. K.、Samwick, A. A.(1999)。The Other Side of the Trade-off: The Impact of Risk on Executive Compensation。Journal of Political Economy,107。
14.
Clinch, G.(1991)。Employee Compensation and Firms' Research and Development Activity。Journal of Accounting Research,29(1),59-78。
15.
Baber, William R.、Janakiraman, Surya N.、Kang, Sok-Hyon(1996)。Investment opportunities and the structure of executive compensation。Journal of Accounting and Economics,21(3),297-318。
16.
Bushman, Robert M.、Smith, Abbie J.(2001)。Financial accounting information and corporate governance。Journal of Accounting and Economics,32(1-3),237-333。
17.
Gaver, Jennifer J.、Gaver, Kenneth M.(1993)。Additional evidence on the association between the investment opportunity set and corporate financing, dividend, and compensation policies。Journal of Accounting and Economics,16(1-3),125-160。
18.
Hall, Brian J.、Murphy, Kevin J.(2002)。Stock options for undiversified executives。Journal of Accounting and Economics,33(1),3-42。
19.
Holmström, Bengt、Milgrom, Paul R.(1987)。Aggregation and Linearity in the Provision of Intertemporal Incentives。Econometrica,55(2),303-328。
20.
Ittner, Christopher D.、Lambert, Richard A.、Larcker, David F.(2003)。The Structure and Performance Consequences of Equity Grants to Employees of New Economy Firms。Journal of Accounting and Economics,34(1-3),89-127。
21.
John, Teresa A.、John, Kose(1993)。Top-management Compensation and Capital Structure。Journal of Finance,48(3),949-974。
22.
Smith, Clifford W. Jr.、Watts, Ross L.(1992)。The Investment Opportunity Set and Corporate Financing, Dividend, and Compensation Policies。Journal of Financial Economics,32(3),263-292。
23.
Core, John E.、Holthausen, Robert W.、Larcker, David F.(1999)。Corporate governance, chief executive officer compensation, and firm performance。Journal of Financial Economics,51(3),371-406。
24.
Sloan, Richard Geoffrey(1993)。Accounting earnings and top executive compensation。Journal of Accounting and Economics,16(1-3),55-100。
25.
Kaplan, S. N.(1994)。Top Executive Rewards and Firm Performance: a Comparison of Japan and the United States。Journal of Political Economy,102(3),510-546。
26.
Lippert, R. L.、Moore, W. T.(1994)。Compensation Contracts of Chief Executive Officers Determinants of Pay-Performance Sensitivity。The Journal of Financial Research,17(3),321-332。
27.
Lambert, Richard A.、Larcker, David F.(1987)。An Analysis of the Use of Accounting and Market Measures of Performance in Executive Compensation Contracts。Journal of Accounting Research,25(Suppl.),85-125。
28.
Jensen, Michael C.、Murphy, Kevin J.(1990)。Performance Pay and Top-Management Incentives。Journal of Political Economy,98(2),225-264。
29.
Liang, Kung-yee、Zeger, Scott L.(1986)。Longitudinal Data Analysis Using Generalized Linear Models。Biometrika,73(1),13-22。
30.
Liu, P. S.(2004)。One-fourth Presidents' Compensation Rises while Corporate Profit Is Dropping。商業周刊,874,94-98。
31.
Baker, G. P.、Hall, B. J.(2004)。CEO Incentives and Firm Size。Journal of Labor Economics,22,767-798。
32.
Boschen, J. F.、Smith, K. J.(1995)。You Can Pay Me Now and You Can Pay Me Later: The Dynamic Response of Executive Compensation to Firm Performance。The Journal of Business,68(4),577-608。
33.
Goldman, E.、Slezak, S. L.(2006)。An Equilibrium Model of Incentive Contracts in the Presence of Information Manipulation。Journal of Financial Economics,80(3),603-626。
34.
Schaefer, S.(1998)。The Dependence of Pay-performance Sensitivity on the Size of the Firm。The Review of Economics and Statistics,80,436-443。
會議論文
1.
Huber, P.(1967)。The Behavior of Maximum Likelihood Estimates under Nonstandard Conditions。Berkeley, CA。221-233。
研究報告
1.
Core, John E.、Guay, Wayne R.(2001)。The Other Side of the Trade-off: The Impact of Risk on Executive Compensation。The Wharton School, University of Pennsylvania。
2.
Anderson, M. C.、Banker, R. D.、Ravindran, S.(1999)。Interrelations between components of executives' compensation and market and accounting based performance measures (計畫編號:AIM-98-2)。Texas:School of Management, the University of Texas。
3.
Jenter, D.(2001)。Understanding High-powered Incentives。Boston, MA:Harvard Business School Press。
學位論文
1.
江佳明(2001)。公司成長、規模及負債與高階主管獎酬績效敏感性之實證研究(碩士論文)。國立中正大學。
延伸查詢
2.
陳俊勛(2001)。上市公司高階主管薪酬與公司經營績效、風險之關係實證研究(碩士論文)。淡江大學。
延伸查詢
3.
辜秋屏(1997)。高階主管酬勞與公司經營績效之實證研究(碩士論文)。國立台灣大學。
延伸查詢
4.
吳政穎(2000)。我國上市公司股權集中度、薪酬設計與公司經營績效關係之研究(博士論文)。國立政治大學。
延伸查詢
5.
曾玉潔(2000)。我國高階主管薪酬決定因素之實証研究(碩士論文)。國立中正大學。
延伸查詢
6.
蕭黎明(1993)。臺灣上市公司最高主管之報償、持股比例與公司績效之關係研究(碩士論文)。國立台灣大學。
延伸查詢
7.
施念恕(1996)。會計盈餘、股價與高階主管薪酬之相關性研究(碩士論文)。國立中興大學。
延伸查詢
8.
林峰成(1996)。臺灣上市公司高階主管酬勞、公司績效與控制權型態之關聯性實證研究(碩士論文)。國立中正大學。
延伸查詢
9.
林穎芬(1989)。民營企業最高主管報償與公司績效之研究(碩士論文)。國立中山大學。
延伸查詢
圖書論文
1.
Murphy, K. J.(1999)。Executive compensation。Handbook of Labor Economics。Elsevier。
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