政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/118604
English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  Items with full text/Total items : 113318/144297 (79%)
Visitors : 51031868      Online Users : 946
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
    Home ‧ Login ‧ Upload ‧ Help ‧ About ‧ Administer Goto mobile version


    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/118604


    Title: 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
    Authors: 陳毅遠
    Chen, Yi-Yuan
    Contributors: 陳宇紳
    Chen, Yu-Shen
    陳毅遠
    Chen, Yi-Yuan
    Keywords: 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
    Date: 2018
    Issue Date: 2018-07-12 13:34:09 (UTC+8)
    Abstract: 　　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.
    Reference: 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。
    吳筱婷，2012，公司治理與企業社會責任關聯性研究，國立政治大學會計碩士論文。
    林耿民、高晟晉，2016，推動上市（櫃）公司企業社會責任，證券暨期貨月刊，第三十四卷，第六期：18-26。
    林婉婷，2012，高階經理人薪酬結構與企業社會責任績效之關聯性，國立雲林科技大學會計系碩士班論文。
    湯子立，2015，企業社會責任與公司價值的關係—消費者意識的角色，成功大學國際經營管理研究所碩士在職專班學位論文。
    程心瑤，2011，公司治理與企業責任報告之揭露，會計評論，第52期（1月）：35-76。
    黃正忠，2016，【企業社會責任】重新定義企業價值之世界趨勢，會計研究月刊，第365期（4月）：97。
    黃啟瑞，2016，歐美及亞洲主要國家企業社會責任發展經驗概觀，證券櫃檯雙月刊，第183期（六月）：41-43。
    楊雅智，2015，淺談企業社會責任之國際發展趨勢與國內推動現況，證券暨期貨月刊，第33卷，第一期（1月）：5-15。
    鄭涵孺，2013，企業社會責任對高階經理人薪酬之影響－以台灣企業為對象，國立政治大學會計碩士論文。
    Albinger, H. S., and S. J. Freeman. 2000. Corporate social performance and attractiveness as an employer to different job seeking populations. Journal of Business Ethics 28: 243-253.
    Arora, P., and R. Dharwadkar. 2011. Corporate governance and corporate social responsibility (CSR): The moderating roles of attainment discrepancy and organization slack. Corporate Governance: An International Review 19: 136-152.
    Bansal, P. 2005. Evolving sustainably: A longitudinal study of corporate sustainable development. Strategic Management Journal 26: 197-218.
    Barnea, A., and A. Rubin. 2010. Corporate social responsibility as a conflict between shareholders. Journal of Business Ethics 97: 71-86.
    Berger, P. G., E. Ofek. and D. L. Yermack. 1997. Managerial entrenchment and capital structure decisions. Journal of Finance 52: 1411-1438.
    Bertrand, M., and S. Mullainathan. 2001. Are CEOs rewarded for luck? The ones without principals are. The Quarterly Journal of Economics 116: 901-932.
    Bragdon, J. H., and J. Marlin. 1972. Is pollution profitable. Risk Management 19: 9-18.
    Brammer, S., C. Brooks., and S. Pavelin. 2006. Corporate social performance and stock returns: UK evidence from disaggregate measures. Financial Management 35: 97-116.
    Branco, M. C., and L. L. Rodrigues. 2006. Corporate social responsibility and resource-based perspectives. Journal of Business Ethics 69: 111-132.
    Bryan, S., L. Hwang, and S. Lilien. 2000. CEO stock‐based compensation: An empirical analysis of incentive‐intensity, relative mix, and economic determinants. The Journal of Business 73: 661-693.
    Cadbury, A. 1999. Corporate governance: A framework for implementation. Private Sector Development, Knowledge Management Unit, Washington DC.
    Cai, Y., H. Jo, and C. Pan. 2011. Vice or virtue? The impact of corporate social responsibility on executive compensation. Journal of Business Ethics 104: 159-173.
    Capriotti, P., and A. Moreno. 2007. Corporate citizenship and public relations: The importance and interactivity of social responsibility issues on corporate websites. Public Relations Review 33: 84-91.
    Cardebat, J. M., and N. Sirven. 2010. What corporate social responsibility reporting adds to financial return? Journal of Economics and International Finance 2: 20-27.
    Carpenter, M. A., and W. M. Sanders. 2002. Top management team compensation: The missing link between CEO pay and firm performance? Strategic Management Journal 23: 367-375.
    Carroll, A. B. 1991. The pyramid of corporate social responsibility: Toward the moral management of organizational stakeholders. Business Horizons 34: 39-48.
    Chen, C. Y., J. C. Wang, and S. W. Hung. 2017. The Impact of Corporate Governance on the Corporate Social Responsibility and Firm Values. Sun Yat-sen Management Review 25 (March): 135-176.
    Chen, T. J., Y. M. Shiu., and C. Y. Chang. 2015. The Risk Management Effect of Corporate Social Responsibility on Shareholder Value. National Taiwan University Management Review 26: 153-180.
    Cochran, P. L., and R. A. Wood. 1984. Corporate Social Responsibility and Financial Performance. Academy of Management Journal 27 (March): 42-56.
    Cochran, P. P., and S. L. Wartick. 1988. Corporate Governance: a literature review. USA: Financial Executives Research Fundation.
    Cohen, J. R., L. L. Holder-Webb, L. Nath., and D. Wood. 2012. Corporate reporting of nonfinancial leading indicators of economic performance and sustainability. Accounting Horizons 26: 65-90.
    Coles, J. L., N. D. Daniel, and L. Naveen. 2006. Managerial incentives and risk-taking. Journal of Financial Economics 79: 431-468.
    Copeland, T. E., J. F. Weston, and K. Shastri. 1983. Financial Theory and Corporate Policy Reading Mass: Addison-Wesley.
    Dhaliwal, D. S., S. Radhakrishnan, A. Tasang, and Y. G. Yang. 2012. Nonfinancial disclosure and analyst forecast accuracy: International evidence on corporate social responsibility disclosure. The Accounting Review 87 (January): 723-759.
    Dowell, G., S. Hart, and B. Yeung. 2000. Do corporate global environmental standards create or destroy market value? Management Science 46: 1059-1074.
    Du, S., C. B. Bhattacharya, and S. Sen. 2010. Maximizing business returns to corporate social responsibility (CSR): The role of CSR communication. International Journal of Management Reviews 12: 8-19.
    Elkington, J. 1998. Partnerships from cannibals with forks: The triple bottom line of 21st‐century business. Environmental Quality Management 8: 37-51.
    Eng, L. L., and Y. T. Mak. 2003. Corporate governance and voluntary disclosure. Journal of Accounting and Public Policy 22 (July–August): 325–345.
    Falck, O., and S. Heblich. 2007. Corporate social responsibility: Doing well by doing good. Business Horizons 50: 247-254.
    Fama, E. F. 1980. Agency problems and the theory of the firm. Journal of Political Economy 88: 288-307.
    Fombrun, C. J., N. A. Gardberg, and M. L. Barnett. 2000. Opportunity platforms and safety nets: Corporate citizenship and reputational risk. Business and Society Review 105: 85-106.
    Frankental, P. 2001. Corporate social responsibility–a PR invention? Corporate Communications: An International Journal 6: 18-23.
    Freeman, R. E. 1984. Strategic Management: A Stakeholder Approach, Boston, MA: Pitman.
    Friedman, M. 1970. A theoretical framework for monetary analysis. Journal of Political Economy 78 (April): 193-238.
    Frye, M. B., E. Nelling, and E. Webb. 2006. Executive compensation in socially responsible firms. Corporate Governance: An International Review 14: 446-455.
    Greening, D. W., and D. B. Turban. 2000. Corporate social performance as a competitive advantage in attracting a quality workforce. Business & Society 39: 254-280.
    Griffin, J. J., and J. F. Mahon. 1997. The corporate social performance and corporate financial performance debate: Twenty-five years of incomparable research. Business and Society 36: 5-31.
    Guay, W. R. 1999. The sensitivity of CEO wealth to equity risk: an analysis of the magnitude and determinants. Journal of Financial Economics 53 (July): 43-71.
    Hall, B. J., and J. B. Liebman. 1998. Are CEOs really paid like bureaucrats? Quarterly Journal of Economics 113: 653-691.
    Harris, M., and A. Raviv. 1979. Optimal incentive contracts with imperfect information. Journal of Economic Theory 20: 231-259.
    Harrison, P. D., and A. Harrell. 1993. Impact of “adverse selection” on managers` project evaluation decisions. Academy of Management Journal 36: 635-643.
    Hartzell, J. C., and L. T. Starks. 2003. Institutional investors and executive compensation. Journal of Finance. 58: 2351-2374.
    Hemingway, C. A., and P. W. Maclagan. 2004. Managers` personal values as drivers of corporate social responsibility. Journal of Business Ethics 50 (March): 33-44.
    Henderson, A. D., D. Miller., and D. C. Hambrick. 2006. How quickly do CEOs become obsolete? Industry dynamism, CEO tenure, and company performance. Strategic Management Journal 27: 447-460.
    Henderson, D. 2002. Misguided virtue: false notions of corporate social responsibility. London, Institute of Economic Affairs.
    Hoi, C. K., Q. Wu, and H. Zhang. 2013. Is corporate social responsibility (CSR) associated with tax avoidance? Evidence from irresponsible CSR activities. The Accounting Review 88: 2025-2059.
    Hong, B., Z. Li, and D. Minor. 2016. Corporate governance and executive compensation for corporate social responsibility. Journal of Business Ethics 136: 199-213
    Hull, C. E., and S. Rothenberg. 2008. Firm performance: The interactions of corporate social performance with innovation and industry differentiation. Strategic Management Journal 29: 781-789.
    Jamali, D. 2008. A stakeholder approach to corporate social responsibility: A fresh perspective into theory and practice. Journal of Business Ethics 82: 213-231.
    Jensen, M. C. 2002. Value maximization, stakeholder theory, and the corporate objective function. Business Ethics Quarterly 12 (April): 235-256.
    Jensen, M. C., and K. J. Murphy. 1990. Performance pay and top-management incentives. Journal of Political Economy 98: 225-264.
    Jensen, M. C., W. H. Meckling. 1976. Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics 3 (October): 205-360.
    Jo, H., and M. A. Harjoto. 2011. Corporate governance and firm value: The impact of corporate social responsibility. Journal of Business Ethics 103: 351-383.
    Jones, T. M. 1995. Instrumental stakeholder theory: A synthesis of ethics and economics. Academy of Management Review 20: 404-437.
    Kanji, R., and R. Agrawal. 2016. Models of corporate social responsibility: Comparison, evolution and convergence. IIM Kozhikode Society and Management Review 5: 141-155.
    Karamanou, I., and N. Vafeas. 2005. The association between corporate boards, audit committees, and management earnings forecasts: An empirical analysis. Journal of Accounting Research 43: 453-486.
    Kim, Y., M. S. Park., and B. Wier. 2012. Is earnings quality associated with corporate social responsibility? The Accounting Review 87: 761-796.
    Kolk, A., and J. Pinkse. 2010. The integration of corporate governance in corporate social responsibility disclosures. Corporate Social Responsibility and Environmental Management 17: 15-26.
    KPMG. 2017. The KPMG survey of corporate responsibility reporting 2017. Available at: https://home.kpmg.com/content/dam/kpmg/campaigns/csr/pdf/CSR_Reporting_2017.pdf
    Kreps, D. 1990. Corporate culture and economic theory. Perspectives on positive political economy. New York: Cambridge University Press: 90-143
    Lambert, J. D. 1991. Numerical methods for ordinary differential systems: the initial value problem, New York, NY: John Wiley & Sons, Inc.
    Lewellen, W., C. Loderer, and K. Martin. 1987. Executive compensation and executive incentive problems: An empirical analysis. Journal of Accounting and Economics 9: 287-310.
    Lin, C. H., H. L. Yang, and D. Y. Liou. 2009. The impact of corporate social responsibility on financial performance: Evidence from business in Taiwan. Technology in Society 31: 56-63.
    Luo, X., and C. B. Bhattacharya. 2006. Corporate social responsibility, customer satisfaction, and market value. Journal of Marketing 70: 1-18.
    Mahoney, L. S., and L. Thorne. 2005. Corporate social responsibility and long-term compensation: Evidence from Canada. Journal of Business Ethics 57: 241-253.
    Mahoney, L. S., L. Thorne, L. Cecil, and W. LaGore. 2013. A research note on standalone corporate social responsibility reports: Signaling or greenwashing?. Critical Perspectives on Accounting 24 (June): 350-359.
    Margolis, J. D., and Elfenbein, H. A. 2008. Do well by doing good? Don’t count on it. Harvard Business Review 86: 19.
    Margolis, J. D., and J. P. Walsh. 2003. Misery loves companies: Rethinking social initiatives by business. Administrative Science Quarterly 48 (June): 268-305.
    McGuire, J. B., and A. Sundgren, and T. Schneeweis. 1988. Corporate social responsibility and firm financial performance. Academy of Management Journal 31 (December): 854-872.
    McWilliams, A., D. S. Siegel., and P. M. Wright. 2006. Corporate social responsibility: Strategic implications. Journal of Management Studies 43: 1-18.
    Mehran, H. 1995. Executive compensation structure, ownership, and firm performance. Journal of Financial Economics 38: 163-184.
    Mishra, S., and D. Suar. 2010. Does corporate social responsibility influence firm performance of Indian companies? Journal of Business Ethics 95: 571-601.
    Moriarty, J. 2005. On the relevance of political philosophy to business ethics. Business Ethics Quarterly 15: 455-473.
    Newgren, K. E., A. A. Rasher, M. E. LaRoe, and M. R. Szabo. 1985. Environmental assessment and corporate performance: A longitudinal analysis using a market-determined performance measure. Research in Corporate Social Performance and Policy 7: 153-164.
    Nourayi, M. M., and S. M. Mintz. 2008. Tenure, firm`s performance, and CEO`s compensation. Managerial Finance 34: 524-536.
    Orlitzky, M., F. L. Schmidt, and S. L. Rynes. 2003. Corporate social and financial performance: A meta-analysis. Organization Studies 24: 403-441.
    Peloza, J. 2006. Using corporate social responsibility as insurance for financial performance. California Management Review 48: 52-72.
    Penrose, R. M. 1999. The resource-based theory of competitive advantage: implications for strategy formulation. California Management Review 33 (December): 3-23.
    Porta, R., F. Lopez‐de‐Silanes, A. Shleifer, and E. Vishny. 2002. Investor protection and corporate valuation. The Journal of Finance 57: 1147-1170.
    Porter, M. E., and M. R. Kramer. 2006. The link between competitive advantage and corporate social responsibility. Harvard Business Review 84: 78-92.
    Preston, L. E., and D. P. O`bannon. 1997. The corporate social-financial performance relationship: A typology and analysis. Business & Society 36: 419-429.
    Rajgopal, S., and T. Shevlin. 2002. Empirical evidence on the relation between stock option compensation and risk taking. Journal of Accounting and Economics 33: 145-171.
    Roberts, P. W., and G. R. Dowling. 2002. Corporate reputation and sustained superior financial performance. Strategic Management Journal 23: 1077-1093.
    Rutledge, R. W., and K. E. Karim. 1999. The influence of self-interest and ethical considerations on managers` evaluation judgments. Accounting, Organizations and Society 24 (February) 173-184.
    Schwartz, M. S., and A. B. Carroll. 2003. Corporate social responsibility: A rhree-domain approach. Business Ethics Quarterly 13 (October): 503-530.
    Shleifer, A., and R. W. Vishny. 1986. Large shareholders and corporate control. Journal of Political Economy 94: 461-488.
    Simnett, R., A. Vanstraelen, and W. F. Chua. 2009. Assurance on sustainability reports: An international comparison. The Accounting Review 84 (May): 937-967.
    Sloan, R. G. 1993. Accounting earnings and top executive compensation. Journal of Accounting and Economics 16: 55-100.
    Smith, C. W., and R. M. Stulz. 1985. The determinants of firms` hedging policies. Journal of Financial and Quantitative Analysis 20: 391-405.
    Su, W. 2017. Why do firms publish sustainability reports? A nonmarket perspective. Journal of Management and Business Research 34 (September): 331-353.
    Sutcliffe, J. D., and J. R. Schuster. 1973. Flexible compensation during controls. Compensation Review 5: 57-61.
    Tehranian, H., and J. F. Waegelein. 1985. Market reaction to short-term executive compensation plan adoption. Journal of Accounting and Economics 7: 131-144.
    Thorne, L., L. S. Mahoney, and G. Manetti. 2014. Motivations for issuing standalone CSR reports: A survey of Canadian firms. Accounting, Auditing and Accountability Journal 27: 686-714.
    Turban, D. B., and D. W. Greening. 1997. Corporate social performance and organizational attractiveness to prospective employees. Academy of Management Journal 40: 658-672.
    Verrecchia, R. E. 2001. Essays on disclosure. Journal of Accounting and Economics 32 (December): 97-180.
    Vilanova, M., J. M. Lozano, and D. Arenas. 2009. Exploring the nature of the relationship between CSR and competitiveness Journal of Business Ethics 87 (April): 57-69.
    Waddock, S. A., and Graves, S. B. 1997. The corporate social performance-financial performance link. Strategic Management Journal 18 (April): 303-319.
    Wernerfelt, B. 1984. A resource‐based view of the firm. Strategic Management Journal 5 (June): 171-180.
    Wu, S. J., and H. Y. Liao. 2017. The determinants and consequences of voluntary corporate social responsibility disclosure. Sun Yat-sen Management Review 25 (March): 13-62.
    Yang, L., and Z. Guo. 2014. Evolution of corporate social responsibility concept in the West and China. International Review of Management and Business Research 3 (June): 819-826.
    Zhu, W., and M. Zhang. 2013. Status of the development of corporate social responsibility in China and suggested countermeasures for improvement. Science Journal of Business and Management 1 (January): 98-103.
    Description: 碩士
    國立政治大學
    會計學系
    105353116
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0105353116
    Data Type: thesis
    DOI: 10.6814/THE.NCCU.ACCT.022.2018.F07
    Appears in Collections:[Department of Accounting] Theses

    Files in This Item:

    File SizeFormat
    311601.pdf1563KbAdobe PDF2730View/Open


    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