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引文資料
題名:
資訊透明度對於執行長之薪酬合約中績效指標權重之影響:以美國上市、上櫃公司為樣本
書刊名:
臺大管理論叢
作者:
王泰昌
/
劉嘉雯
/
陳良軒
作者(外文):
Wang, Tay-chang
/
Liu, Chia-wen
/
Chen, Liang-shiuan
出版日期:
2022
卷期:
32:3
頁次:
頁1-34
主題關鍵詞:
薪酬合約
;
資訊透明度
;
會計基礎績效指標
;
股份基礎績效指標
;
Compensation contracts
;
Information opacity
;
Accounting-based performance measures
;
stock-based performance measures
原始連結:
連回原系統網址
相關次數:
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:0
共同引用:
3
點閱:6
本研究探討資訊透明度對於執行長之薪酬合約中會計基礎績效指標及股份基礎績效指標權重之影響。首先,本研究以公司股票之買賣價差衡量公司股票相關資訊透明度,發現當公司股票之買賣價差愈大時,薪酬合約中放置於會計基礎績效指標之權重顯著提升,放置於股份基礎績效指標之權重顯著下降。此外,本研究亦以針對公司股票進行分析之分析師個數多寡衡量公司股票相關資訊透明度,發現當分析師個數愈多時,薪酬合約中放置於會計基礎績效指標之權重顯著降低,放置於股份基礎績效指標之權重顯著上升。
另一方面,本研究以財務報表資訊品質衡量公司財務相關資訊透明度,並以裁決性應計數之絕對值衡量財務報表資訊品質。本研究發現,當裁決性應計數之絕對值愈大時,薪酬合約中放置於會計基礎績效指標之權重顯著降低,放置於股份基礎績效指標之權重則未有顯著變化。另外,考量產業特性進行迴歸分析,發現不同產業之產業特性差異,並未對薪酬合約中之會計基礎績效指標及股份基礎績效指標之權重產生顯著影響。
以文找文
This study examines the effect of information opacity of accounting numbers and stock-related information on the weighting of accounting-based and stock-based performance measures in CEOs’compensation contracts. For stock-related information opacity, we find that the weighting of the accounting-based performance measure significantly increases and that the weighting of the stock-based performance measure significantly decreases if the bid-ask spread of the stock increases. In addition, we find that the weighting of the accounting-based performance measure significantly decreases and that the weighting of the stock-based performance measure significantly increases if the number of analysts of a corporation increases.
For information opacity of accounting numbers, we find that the weighting of the accounting-based performance measure significantly decreases if the quality of the information of financial statements worsens. However, the weighting of the stock-based performance measure does not increase significantly simultaneously. Lastly, we take industrial difference into account and find that different business models across industries do not result in significantly higher or lower weightings of performance measures.
以文找文
期刊論文
1.
Cheng, S. J.、Indjejikian, R. J.(2009)。The Market for Corporate Control and CEO Compensation: Complements or Substitutes?。Contemporary Accounting Research,26(3),701-728。
2.
Ozkan, Neslihan、Singer, Zvi、You, Haifeng(2012)。Mandatory IFRS Adoption and the Contractual Usefulness of Accounting Information in Executive Compensation。Journal of Accounting Research,50(4),1077-1107。
3.
Davila, Antonio、Penalva, Fernando(2006)。Governance structure and the weighting of performance measures in CEO compensation。Review of Accounting Studies,11(4),463-493。
4.
Frydman, Carola、Saks, Raven E.(2010)。Executive compensation: A new view from a long-term perspective, 1936-2005。Review of Financial Studies,23(5),2099-2138。
5.
Hall, Brian J.、Liebman, Jeffrey B.(1998)。Are CEOs Really paid like bureaucrats?。The Quarterly Journal of Economics,113(3),653-691。
6.
Baber, William R.、Kang, Sok-Hyon、Kumar, Krishna R.(1998)。Accounting Earnings and Executive Compensation: The Role of Earnings Persistence。Journal of Accounting and Economics,25(2),169-193。
7.
Core, John E.、Guay, Wayne R.、Verrecchia, Robert E.(2003)。Price versus non-price performance measures in optimal CEO compensation contracts。The Accounting Review,78(4),957-981。
8.
Mansi, S. A.、Maxwell, W. F.、Miller, D. P.(2011)。Analyst forecast characteristics and the cost of debt。Review of Accounting Studies,16(1),116-142。
9.
Bushman, Robert M.、Smith, Abbie J.(2001)。Financial accounting information and corporate governance。Journal of Accounting and Economics,32(1-3),237-333。
10.
Banker, Rajiv D.、Datar, Srikant M.(1989)。Sensitivity, precision, and linear aggregation of signals for performance evaluation。Journal of Accounting Research,27(1),21-39。
11.
Dechow, Patricia M.、Sloan, Richard G.、Sweeney, Amy P.(1995)。Detecting earnings management。The Accounting Review,70(2),193-225。
12.
Kothari, Sagar P.、Leone, Andrew J.、Wasley, Charles E.(2005)。Performance matched discretionary accrual measures。Journal of Accounting and Economics,39(1),163-197。
13.
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。
14.
Sloan, Richard Geoffrey(1993)。Accounting earnings and top executive compensation。Journal of Accounting and Economics,16(1-3),55-100。
15.
黃麗津、林穎芬(20200400)。總經理減薪效應、公司治理與家族企業。臺大管理論叢,30(1),65-102。
延伸查詢
16.
Leuz, Christian、Verrecchia, Robert E.(2000)。The Economic Consequences of Increased Disclosure。Journal of Accounting Research,38(Suppl.),91-124。
17.
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。
18.
Bertrand, Marianne、Mullainathan, Sendhil(2001)。Are CEOs rewarded for luck? The ones without principals are。The Quarterly Journal of Economics,116(3),901-932。
19.
Chava, S.、Kumar, P.、Warga, A.(2010)。Managerial agency and bond covenants。The Review of Financial Studies,23(3),1120-1148。
20.
Hung, Shengmin、Pan, Hunghua、Wang, Taychang(2019)。CEO hedging opportunities and the weighting of performance measures in compensation contracts。Contemporary Accounting Research,36(4),2319-2343。
21.
Ibrahim, Salma、Lloyd, Cynthia(2011)。The association between non-financial performance measures in executive compensation contracts and earnings management。Journal of Accounting and Public Policy,30(3),256-274。
22.
Welch, Ivo(2011)。Two Common Problems in Capital Structure Research: The Financial-Debt-To-Asset Ratio and Issuing Activity Versus Leverage Changes。International Review of Finance,11(1),1-17。
單篇論文
1.
Core, John E.,Guay, Wayne R.(2001)。The Other Side of the Trade-Off: The Impact of Risk on Executive Compensation: A Revised Comment。
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