English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  Items with full text/Total items : 109952/140891 (78%)
Visitors : 46236707      Online Users : 956
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
Scope Tips:
  • please add "double quotation mark" for query phrases to get precise results
  • please goto advance search for comprehansive author search
  • Adv. Search
    HomeLoginUploadHelpAboutAdminister Goto mobile version
    政大機構典藏 > 商學院 > 會計學系 > 學位論文 >  Item 140.119/54544
    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/54544


    Title: 財務績效與裁量性紅利關聯性之研究
    On the association between financial performance and discretionary bonus
    Authors: 顏佩珊
    Contributors: 梁嘉紋
    顏佩珊
    Keywords: 裁量性紅利
    主觀績效衡量指標
    財務績效
    Discretionary Bonus
    Subjective Performance
    Financial Performance
    Date: 2011
    Issue Date: 2012-10-30 11:19:25 (UTC+8)
    Abstract:   本研究主要探討裁量性紅利對企業未來財務績效之激勵效果,而本研究係以2010年美國S&P500公司作為研究對象,研究期間為2006年至2010年。實證結果顯示:(1)依據主觀績效衡量所發放的裁量性紅利確實可以對企業未來財務績效產生激勵效果;(2)獎酬契約運用主觀與客觀績效衡量時,主觀績效衡量所發放的裁量性紅利佔總紅利比重愈高,對於企業未來財務績效激勵效果愈高;(3)裁量性紅利對於企業未來後續財務績效具有長期激勵效果;(4)績效較低之企業發予高階經理人主觀績效衡量之裁量性紅利,對於企業未來財務績效仍具有激勵效果。
    The study investigate the impact of discretionary bonus on the future firm financial performance. Based on a sample of 2010 S&P500 companies spanning from 2006 and 2010. I find : (1) Discretionary bonus, which was measured subjectively, can improve future firm financial performance. (2) The more proportion of discretionary bonus to total bonus can improve more future firm financial performance. (3) Discretionary bonus can improve the long-term future firm financial performance. (4) Using subjectively discretionary bonus to CEOs on low-profit-company can improve the future firm financial performance.
    Reference: 施建聖,2009,經理人薪酬與公司績效間的關聯性,私立淡江大學財務金融研究所碩士論文。
    洪玉舜及王泰昌,2008,績效衡量指標在高階主管薪酬契約中之相對重要性,博士論文,國立台灣大學會計學研究所。
    許崇源及陳昭榮,2008,員工分紅、公司治理與未來績效,中山管理評論 16 (4): 671-702。
    陳俊合,2005,員工紅利與後續公司績效之關聯性,國立台灣大學會計研究所博士論文。
    蔡柳卿,2003,總經理薪酬、非財務績效衡量指標與公司未來績效,會計評論,第37期,85-116。
    Abowd, J. 1990. Does performance-based managerial compensation affect corporate performance? Industrial and Labor Relations Review 43: 52-73.
    Baiman, S., and M. V. Rajan. 1995. The informational advantages of discretionary bonus schemes. The Accounting Review 70 (October): 557-579.
    Baker, G.P. 1992. Incentive contracts and performance measurement. Journal of Political Economy 100 (June): 598-614.
    Baker, G.P., R. Gibbons, and K. J. Murphy. 1994. Subjective performance measures in optimal incentive contracts. Quarterly Journal of Economics 109 (November): 1125-1156.
    Balkin, D. B., G. D. Markman, and L. R. Gomez-Mejia. 2000. Is CEO pay in high-technology firms related to innovation? Academy of Management Journal 43 (6): 1118-1129.
    Banker, R. D. and S. M. Datar. 1989. Sensitivity, precision, and linear aggregation of signals for performance evaluation. Journal of Accounting Research 27(1):21-39.
    Banz, R. W. 1981. The relationship between return and market value of common stock. Journal of Finance Economics (March): 3-18.
    Benston, G. J. 1985. The self-serving management hypothesis: Some evidence. Journal of Accounting and Economics 7 (April):67-84.
    Bommer, W. H., J. L. Johnson, G. A. Rich, P. M. Podsakoff, and S. B. Mackenzie. 1995. On the interchangeability of objective and subjective measure. Personnel Psychology 48: 587-605.
    Budde, J. 2007. Performance measure congruity and the balanced scorecard. Journal of Accounting Research 45(3): 515-539
    Bushman, R.M., R.J. Indjejikian, and A. Smith. 1996. CEO compensation: The role of individual performance evaluation. Journal of Accounting and Economics 21 (April): 161-193.
    Conyon, M., and D. Leech. 1994. Top pay, company performance and corporate governance. Oxford Bulletin of Economics and Statistics 56: 229-247.
    Core, J. E., R. W. Holthausen, and D. F. Larcker. 1999. Corporate governance, chief executive officer compensation, and firm performance. Journal of Financial Economics 51: 371-406.
    Coughlan, A.T., and R.M. Schmidt. 1985. Executive compensation, management turnover, and firm performance: An empirical investigation. Journal of Accounting and Economics 7 (April):43-66.
    Courty, P. and G. Marchke. 2004. An empirical Investigation of gaming responses to explicit performance incentives. Journal of Labor Economics 22 (1): 23-56.
    Crystal, G. S. 1993. Does increased pay sensitivity really spark an increase in performance? The Crystal Report 5 (May): 1-4.
    Datar, S., S. C. Kulp, and R. A. Lambert. 2001. Balancing performance measures. Journal of Accounting Research 39: 75-92.
    Dechow, P. M. 2006. Asymmetric sensitivity of CEO cash compensation to stock returns: A discussion. Journal of Accounting and Economics 42: 193-202.
    Dechow, P., and R. Sloan. 1991. Executives incentives and the horizon problem. Journal of Accounting and Economics 14 (1): 51-89.
    Demsetz, H., and K. Lehn. 1985. The structure of corporate ownership: Causes and consequences. Journal of Political Economy 93: 1155-1177.
    Ederhof, M. 2010. Discretion in bonus plans. The Accounting Review 85 (6):1921-1949.
    Elayan, F. A., J. S. C. Lau, and T. O. Meyer. 2001. Executive incentive compensation schemes and their impact on corporate performance: Evidence from New Zealand since legal disclosure requirements became effective. Working paper, Masey University.
    Fama, E., 1980. Agency problems and the theory of the firm. Journal of Political Economy 88 (2): 288-307.
    Fama, E., and M. C. Jensen. 1983. Separation of ownership and control. Journal of Law and Economics 26: 301-325.
    Fama, F., and K. R. French. 1992. The cross-section of expected stock returns. The Journal of Finance 47 (2): 427-465.
    Feltham, G. A., and J. Xie. 1994. Performance measure congruity and diversity in multi-task principal/agent relations. The Accounting Review 69: 429-453.
    Finkelstein, S., and B. K. Boyd. 1998. How much does the CEO matter? The role of managerial discretion in the setting of CEO compensation. Academy of Management 41 (2): 179-199.
    Finkelstein, S., and D.C. Hambrick. 1989. Chief executive compensation : A study of the intersection of markets and political processes. Strategic Management Journal 10:121-134.
    Fitzgerald, L., R. Johnston, S. Brignall, R. Silvestro, and C. Voss. 1991. Performance measurement in Service Businesses. Cambridge, MA: The Chartered Institute of Management Accountant.
    Folger, R., and M. A. Konovsky. 1989. Effects of procedural and distributive justice on reactions to pay raise decisions. Academy of Management Journal 32 (March): 115-130.
    Forbes, 2011.05.17, CEO compensation report 2011.
    Forbes, 2011.07.13, Why more executive pay may not pay off.
    Forbes, 2011.09.29, Top 100 CEO pay packages among public companies.
    Fulk, J., A. P. Brief, and S. H. Barr. 1985. Trust-in-supervisor and perceived fairness and accuracy of performance evaluations. Journal of Business Research 13 (August): 301-313.
    Gehart, B., and G. T. Milkovich. 1990. Organizational differences in managerial compensation and financial performance. Academy of Management Journal 30 (December): 663-691.
    Gibbons, R. 1987. Piece-rate incentive schemes. Journal of Labor Economics 5: 413-429.
    Gibbs, M., K. Merchant, W. Vander Stede, and M. Vargus. 2002. Causes and effects of subjectivity in incentives. Working paper, University of Chicago, graduate school of business and University of Southern California, Leventhal school of Accounting.
    Gibbs, M., K. Merchant, W. Vander Stede, and M. Vargus. 2004. Determinants and effects of subjectivity in incentives. The Accounting Review 79 (April):409-436.
    Gibbs, M., K. Merchant, W. Vander Stede, and M. Vargus. 2007. Performance measure properties and incentive system design. Working paper, University of Chicago, University of Southern California, London School of Economics and Political Science and University of Texas-Dallas.
    Gomez-Mejia, L., and R. M. Wiseman. Reframing executive compensation: An assessment and outlook. Journal of Management 23 (3): 291-374.
    Gregg, P., S. Machin, and S. Szymanski. 1993. The disappearing relationship between directors’ pay and corporate performance. British Journal of Industrial Relations 31: 1-9.
    Hanlon, M., S. Rajgopal, and T. Shevlin. 2003. Are executive stock options associated with future earning? Journal of Accounting and Economics 36 (December): 3-43.
    Harrison, R. J., D. L. Torres, and S. Kukalis. 1988. The changing of the guard: Turnover and structural change in the top management positions. Administrative Science Quarterly 33: 211-232.
    Hawkins, S., and R. Hastie. 1990. Hindsight-biased judgments of past events after the outcomes are known. Psychological Bulletin 107 (May): 311-327.
    Hayes, R., and S. Schaefer. 2000. Implicit contracts and the explanatory power of top executive compensation for future performance. The Rand Journal of Economics 31 (Summer):273–293.
    Himmelberg, C., R. Hubbard, and R. D. Palia. 1999. Understanding the determinants of managerial ownership and the link between ownership and performance. Journal of Financial Economics 53: 353-384.
    Holmstrom, B. 1979. Moral hazard and observability. The Bell Journal of Economics 10(1):74-91.
    Holmstrom, B., and P. Milgrom. 1991. Multitask principal-agent analyses: Incentive contracts, asset ownership, and job design. Journal of Law, Economics and Organization 7: 24-52.
    Ittner, C. D. Larcker, and M. Meyer. 2003. Subjectivity and the weighting of performance measures: Evidence from a balanced scorecard. The Accounting Review 78 (July): 725-758.
    Jacobs, M. T. 1991. Short-TERM America: The Causes and Cures of Our Business Myopia. Boston, MA: Harvard Business School Press.
    Jawahar, I.M., and C. R. Williams. 1997. Where all the children are above average: the performance appraisal purpose effect. Personnel Psychology 50: 905-925.
    Jensen, M. C., and K. L. Murphy. 1990. Performance pay and top-management incentives. Journal of Political Economics 98: 225-264.
    Jensen, M.C. and W.H. Meckling. 1976. Theory of the Firm: Management behavior, agency costs and ownership structure. Journal of Financial Economics 3: 305-360.
    Kaplan, R. S., and D. P. Norton. 1992. The balance scorecard-measures that drive performance. Harvard Business Review 70 (January/February): 71-79.
    Kaplan, R. S., and D. P. Norton. 1996. The balanced scorecard: translating strategy into action. Boston, MA: Harvard Business School Press.
    Kerr, J.L., and L. Kern. 1992. Effect of relative decision monitoring on chief executive. Academy of Management Journal 35 (2): 370-397.
    Lawler, E. E. 1971. Pay and Organizational Effectiveness. New York, NY: McGraw-Hill.
    Leone, A., J. Wu, and J. Zimmerman. 2006. Asymmetric sensitivity of CEO cash compensation to stock returns. Journal of Accounting and Economics 42:167-192.
    Lewellen, W.G., and B. Huntsman. 1970. Managerial pay and corporate performance. The American Economic Review 60 (4): 710-720.
    MacLeod, W. B., and D. Parent. 1999. Job characteristics and the form of compensation. Research in Labor Economics 18: 177-242.
    Main, B., 1991. Top executive pay and performance. Managerial and Decision Economics 12: 219-229.
    Makri, M., P. J. Lane, and L. R. Gomez-Mejia. 2006. CEO incentives, innovation, and performance in technology-intensive firms: a reconciliation of outcome and behavior-based incentive schemes. Strategic Management Journal 27: 1057-1080.
    McConaughy, D. L., and Mishra, Chandra S. 1996. Debt, performance-based incentives, and firm performance. Financial Management 25: 37-51.
    Mehran, H., 1995. Executive compensation structure, ownership and firm performance. Journal of Financial Economics 38: 163-184.
    Merchant, K. A. 1989. Rewarding results: motivating profit center managers. Boston, MA: Harvard Business School Press.
    Merchant, K. A., and J. F. Manzoni. 1989. The achievability of budget targets in profit centers: a field study. The Accounting Review 64 (3): 539-558.
    Milgrom, P. 1988. Employment contracts, influence activities, and efficient organization design. Journal of Political Economy 96 (February): 42-60.
    Moers, F. 2005. Discretion and bias in performance evaluation: the impact of diversity and subjectivity. Accounting, Organizations and Society 30:67-80.
    Morck, R., A. Shileifer, and R. W. Vishny. 1988. Management ownership and market valuation: An empirical analysis. Journal of Financial Economics 20: 293-315.
    Murphy, D. C. 1985. Ph. D. Thesis, massachusetts institute of technology.
    Murphy, K. J. 2000. Performance standards in incentive contracts. Journal of Accounting and Economics 30 (December): 245-278.
    Murphy, K. J., 1999. Executive compensation. In Handbook of Labor Economics, edited by Ashenfelter, O., and D. Carl. North-Holland, Amsterdam:2485-2563.
    Murphy, K.J., and P. Oyer. 2003. Discretion in executive incentive contracts: Theory and evidence. Working paper, University of Southern California and Stanford. University.
    Nathan BR, R. A. Alexander. 1988. A comparison of criteria for test validation: A metaanalytic investigation. Personnel Psychology 41: 517-535.
    Park, S. and M. H. Song. 1995. Employee stock ownership plans, firm performance, and monitoring by outside blockholder. Financial Management (Winter): 52-64.
    Pavlik, E., T. Scott, and P. Tiessen. 1993. Executive compensation: Issues and research. Journal of Accounting Literature 12: 131-189.
    Prendergast, C. 1993. A theory of “yes men.” American Economic Review 83 (September): 757-770.
    Prendergast, C., and R. Topel. 1993. Discretion and bias in performance evaluation. European Economic Review 37 (April): 355-365.
    Raith, M. 2001. Competition, risk, and managerial incentives. Working paper, University of Chicago.
    Rajan, M. V., and S. Reichelstein. 2009. Objective versus subjective indicators of managerial performance. The Accounting Review 84: 209-237.
    Shaw, K. W., and M. H. Zhang. 2010. Is CEO cash compensation punished for poor firm performance? The Accounting Review 85(3):1065-1093.
    Smith, C. W. and R. L. Watts. 1992. The investment opportunity set and corporate financing, dividend, and compensation policy. Journal of Financial Economics 32: 263-292.
    Weir, C., and D. Laing. 2001. Governance structures, director independence and corporate performance in the UK. European Business Review 13 (2): 86-95.
    Wiseman, R. M., and L. R. Gomez-Mejia. 1998. A behavioral agency model of managerial risk taking. Academy of Management 23 (1): 133-153.
    Woods, A. 2008. Subjective adjustments to objective performance measures: An empirical examination in complex work settings. Working paper, Michigan State University.
    Description: 碩士
    國立政治大學
    會計研究所
    99353050
    100
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0099353050
    Data Type: thesis
    Appears in Collections:[會計學系] 學位論文

    Files in This Item:

    There are no files associated with this item.



    All items in 政大典藏 are protected by copyright, with all rights reserved.


    社群 sharing

    著作權政策宣告 Copyright Announcement
    1.本網站之數位內容為國立政治大學所收錄之機構典藏,無償提供學術研究與公眾教育等公益性使用,惟仍請適度,合理使用本網站之內容,以尊重著作權人之權益。商業上之利用,則請先取得著作權人之授權。
    The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

    2.本網站之製作,已盡力防止侵害著作權人之權益,如仍發現本網站之數位內容有侵害著作權人權益情事者,請權利人通知本網站維護人員(nccur@nccu.edu.tw),維護人員將立即採取移除該數位著作等補救措施。
    NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - Feedback