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    題名: 高階經理人薪酬結構、企業社會責任與公司績效之關聯性
    The Association between Executive Compensation, Corporate Social Responsibility and Firm Performance
    作者: 陳毅遠
    Chen, Yi-Yuan
    貢獻者: 陳宇紳
    Chen, Yu-Shen
    陳毅遠
    Chen, Yi-Yuan
    關鍵詞: 企業社會責任
    薪酬結構
    權益薪酬
    代理問題
    Corporate social responsibility
    Compensation structure
    Equity-based compensation
    Agency problem
    日期: 2018
    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。

      本研究以2007年至2016年台灣上市櫃公司為樣本,以公司是否獲得天下雜誌「天下企業公民獎」作為企業社會責任表現衡量之變數。實證結果發現,公司經理人權益薪酬(股票紅利與員工認股權)佔其總薪酬的比例較高時,公司企業社會責任表現會比較好。此外,若經理人總薪酬中的權益薪酬比率較高,企業社會責任表現與公司經營績效的關聯性也愈正面。而權益薪酬對企業社會責任影響與公司治理良窳有關。在公司治理較好的情況下,權益薪酬對企業社會責任表現以及對企業社會責任與公司經營績效之間的關聯性更有正面效果。綜合來說,研究結果顯示,權益薪酬降低經理人與股東間的代理問題,使企業社會責任表現較好,並且對公司未來績效及價值有正面影響。
    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.
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    描述: 碩士
    國立政治大學
    會計學系
    105353116
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0105353116
    資料類型: thesis
    顯示於類別:[會計學系] 學位論文

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