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題名：The Impact of Controlling Shareholders on Executive Compensation
書刊名：證券市場發展季刊
作者：林卓民 引用關係／鄭莉／陳嬿如
作者(外文)：Lin, Cho-min／Cheng, Li／Chen, Yenn-ru
出版日期：2017
卷期：29:2=114
頁次：頁31-73
主題關鍵詞：薪酬績效敏感性；公司治理；控制股東；Pay-performance sensitivity；Corporate governance；Controlling shareholders
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(1) 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:1
  • 共同引用共同引用:0
  • 點閱點閱:2
本文主要探討考慮控制股東對於薪酬績效敏感性的影響。本文延續Shaw and Zhang (2010)的研究，加入控制股東的影響，選取2006 年至2015 年台灣經濟新報資料，檢測控制股東對於薪酬績效敏感性的影響。結果發現: (1)在不考慮控制股東的影響時，擁有較佳的公司治理機制的公司能夠提高薪酬績效敏感性；(2)考慮控制股東的影響後，與董事會關聯程度低的控制股東存在正向的誘因效果，因此控制股東與董事會關聯程度低可視為公司有較佳的公司治理品質。本文結論認為探討公司治理機制對於薪酬績效敏感性時，必須考慮控制股東及其與董事會關聯性的影響，此研究結論同時也是本文主要研究貢獻。
This paper primarily investigates the effectiveness of pay-performance sensitivity (PPS) of firms with controlling shareholders. Examining Taiwanese firms public listed from 2006 to 2015, we find two main results. (1) Good corporate governance enhances the sensitivity of pay to performance in general case. (2) When there exist controlling shareholders, the controlling shareholders with lower affiliation with the board of directors can provide more incentive effect on PPS. In particular, the effect of controlling shareholders on PPS changes is subject to firm size and environmental shocks. The results suggest that ownership structure and its affiliation with the board are essential to the effect of compensation that however not yet documented in the related literature.
期刊論文
1.Chen, M.、Lee, K. C.(2008)。Compensation, Corporate Governance and Owner Shareholding: Theory and Evidence from Family Ownership。International Research Journal of Finance and Economics，22(1)，144-161。  new window
2.Shaw, Kenneth W.、Zhang, May H.(2010)。Is CEO cash compensation punished for poor firm performance?。The Accounting Review，85(3)，1065-1093。  new window
3.Conyon, Martin J.、He, Lerong(2011)。Executive compensation and corporate governance in China。Journal of Corporate Finance，17(4)，1158-1175。  new window
4.Bebchuk, Lucian A.、Hamdani, Assaf(2009)。The elusive quest for global governance standards。University of Pennsylvania Law Review，157(5)，1263-1317。  new window
5.Edmans, Alex、Gabaix, Xavier、Landier, Augustin(2009)。A multiplicative model of optimal ceo incentives in market equilibrium。Review of Financial Studies，22(12)，4881-4917。  new window
6.Core, John E.、Guay, Wayne R.、Larcker, David F.(2003)。Executive equity compensation and incentives: A survey。Economic Policy Review，9(1)，27-50。  new window
7.Brick, Ivan E.、Palmon, Oded、Wald, John K.(2006)。CEO compensation, director compensation and firm performance: Evidence of cronyism?。Journal of Corporate Finance，12(3)，403-423。  new window
8.Kato, T.、Kubo, K.(2006)。CEO Compensation and Firm Performance in Japan: Evidence from New Panel Data on Individual CEO Pay。Journal of the Japanese and International Economies，20(1)，1-19。  new window
9.Laux, C.、Laux, V.(2009)。Board committees, CEO compensation, and earnings management。The Accounting Review，84(3)，869-891。  new window
10.Firth, Michael、Fung, Peter M. Y.、Rui, Oliver M.(2006)。Corporate performance and CEO compensation in China。Journal of Corporate Finance，12(4)，693-714。  new window
11.Larcker, David F.、Richardson, Scott A.(2004)。Fees Paid to Audit Firms, Accrual Choices, and Corporate Governance。Journal of Accounting Research，42(3)，625-658。  new window
12.Dechow, P. M.(2006)。Asymmetric sensitivity of CEO cash compensation to stock returns: A discussion。Journal of Accounting and Economics，42(1/2)，193-202。  new window
13.Almazan, A.、Suarez, J.(2003)。Managerial compensation and the market reaction to bank loans。Review of Financial Studies，16(1)，237-261。  new window
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15.Duffhues, P.、Kabir, R.(2008)。Is the pay-performance relationship always positive?: Evidence from the Netherlands。Journal of Multinational Financial Management，18(1)，45-60。  new window
16.Bebchuk, L. A.、Weisbach, M. S.(2010)。The State Of Corporate Governance Research。Review of Financial Studies，23(3)，939-962。  new window
17.Yeh, Y. H.、Lee, T. S.、Woidtke. T.(2001)。Corporate governance and performance: the case of Taiwan。International Review of Finance，2(1)，21-48。  new window
18.Zhou, X.、Swan, P. L.(2003)。Performance thresholds in managerial incentive contracts。The Journal of Business，76(4)，665-696。  new window
19.Cubbin, J. S.、Leech, D.(1983)。The Effect of shareholding dispersion on the degree of control in British companies: Theory and measurement。The Economic Journal，93(370)，351-369。  new window
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21.Buck, T.、Bruce, A.、Main, B.、Udueni, H.(2003)。Long Term Incentive Plans, Executive Pay and UK Company Performance。Journal of Management Studies，40(7)，1709-1721。  new window
22.Bertrand, Marianne、Mullainathan, Sendhil(2001)。Are CEOs Rewarded for Luck? The Ones without Principals Are。The Quarterly Journal of Economics，116(3)，121-148。  new window
23.Fernandes, N.(2008)。Board Composition and Firm Performance: The Role of Independent Board Members。Journal of Multinational Financial Management，18(1)，30-44。  new window
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25.Hermalin, Benjamin E.、Weisbach, Michael S.(1998)。Endogenously Chosen Board of Directors and their Monitoring of the CEO。American Economic Review，88(1)，96-118。  new window
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35.Villalonga, Belen、Amit, Raphael(2006)。How do family ownership, control and management affect firm value?。Journal of Financial Economics，80(2)，385-417。  new window
36.Gompers, Paul A.、Ishii, Joy L.、Metrick, Andrew(2003)。Corporate Governance and Equity Prices。The Quarterly Journal of Economics，118(1)，107-156。  new window
37.Yeh, Yin-Hua、Woidtke, Tracie(2005)。Commitment or Entrenchment?: Controlling Shareholders and Board Composition。Journal of Banking and Finance，29(7)，1857-1885。  new window
38.Jensen, Michael C.(1993)。The modern industrial revolution, exit, and the failure of internal control systems。The Journal of Finance，48(3)，831-880。  new window
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研究報告
1.Core, J. E.、Guay, W. R.、Thomas, R. S.(2004)。Is U.S. CEO Compensation Inefficient Pay without Performance?。  new window
圖書
1.Bhagat, S.、Jefferris, R.(2002)。The Econometrics of Corporate Governance Studies。MIT Press。  new window
圖書論文
1.Bebchuk, L.、Kraakman, R.、Triantis, G.(2000)。Stock pyramids, cross-ownership, and dual class equity: The creation and agency cost of separating control from cash-flow rights。Concentrated corporate ownership。Chicago：University of Chicago Press。  new window
2.Murphy, K. J.(1999)。Executive Compensation。Handbook of Labor Economics。Elsevier Science North Holland。  new window
 
 
 
 
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