The Association between Executive Compensation, Corporate Social Responsibility and Firm Performance
Corporate social responsibility
|上傳時間: ||2018-07-12 13:34:09 (UTC+8)|
|摘要: || 由於公司的經營模式已由過去以股東利益至上逐漸轉為以利害關係人為重心，企業社會責任（corporate social responsibility）的議題也因此逐漸受到各界重視。過去許多文獻探討企業社會責任活動與公司經營績效之關聯性。本研究以代理理論（agency theory）為基礎，以台灣資料探討公司經理人的薪酬結構對企業社會責任績效的影響，並進一步分析經理人薪酬對企業社會責任和公司經營績效之間的關聯性。
In view of frequent incidences of corporate misconducts and unethical managerial behaviors in past few decades, many have been calling for managers to act in the interest of stakeholders rather than shareholders. Whether firms are socially responsible, therefore, has increasingly become important and received a lot of attentions. This study investigates whether the structure of executive compensation is associated with the performance of corporate social responsibility (CSR), and whether compensation structure moderates the relationship between CSR performance and future firm performance.
Based on a sample of Taiwanese listed firms from 2007 to 2016, the analysis indicates that a firm’s performance in social responsibility increases in the percentage of equity-based compensation (stock bonus and stock option) of executive total compensation. Future, when the proportion of equity-based compensation is higher, the association between CSR performance and future performance is more positive. The findings also show that the effect of equity-based compensation on CSR and future firm performance is greater for firms whose corporate governance is better. Taken together, empirical evidence in this study indicates that equity-based compensation mitigates agency conflict between managers and shareholders, thereby enhancing the quality of CSR activities. This in turn translates into better CSR performance and future firm performance.
|參考文獻: ||池祥麟、林怡君，2007，企業社會績效與企業財務績效關連性之分析-以道瓊 STOXX 永續性指數為例，國立台北大學合作經濟學系碩士論文。
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