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    题名: 社會責任型之機構投資人對高階經理人與一般員工薪酬比揭露之影響
    The Association between Socially-Responsible Institutional Ownership and Pay Ratio Disclosure
    作者: 林佳安
    Lin, Chia-An
    贡献者: 梁嘉紋
    林佳安
    Lin, Chia-An
    关键词: 薪酬比揭露
    機構投資人
    社會責任投資
    Pay Ratio Disclosure
    Institutional Investors
    Socially Responsible Investing
    日期: 2020
    上传时间: 2020-08-03 17:27:15 (UTC+8)
    摘要: 根據Dodd-Frank Act之規定，美國上市公司從2017年起應揭露高階經理人與一般員工之薪酬比。本研究主要探討社會責任型之機構投資人持股是否影響公司的薪酬揭露。本研究以標準普爾500指數公司為樣本，研究結果並未發現社會責任型之機構投資人持股與公司揭露之薪酬比具關連性，但實證結果顯示社會責任型之機構投資人持股對於公司使用裁量項目中針對中位數員工薪酬直接向上調整之員工生活水平調整(Cost of Living Adjustment)及員工福利加成(Benefit Addition)有負向影響，顯示當社會責任型之機構投資人擁有公司持股，公司較不將傾向在計算薪酬比時做這些較為明顯的調整；此外，當公司具有較高的社會責任型之機構投資人持股時，將傾向額外補充不同計算方式之薪酬比。然而，若從文字揭露來看，這些公司則不傾向強調提供具競爭力之員工薪酬。
    Section 953 (b) of the Dodd-Frank Act requires all listed firms in the U.S. to disclose CEO pay, median employee pay, and the ratio of the two. Publicly traded firms must comply with the final rule starting from the fiscal year beginning on or after January 1, 2017. In this paper, I analyze Pay Ratio information disclosed from April 2018 to October 2019 by 470 firms in the S&P 500 Index. I explore the relationship between firms with greater socially-responsible ownership and the recently mandated Pay Ratio Disclosure. I find no association between socially responsible ownership and the Reported Pay Ratio, while there is weak evidence that firms with greater socially-responsible ownership are less likely to exercise the “Cost of Living Adjustment” and “Benefit Addition” discretion in the Pay Ratio calculation. These two discretions directly adjust the median employee pay upward and may bring more attention to the Pay Ratio Disclosure. However, I provide evidence that firms with greater socially-responsible ownership are more likely to disclose a Supplementary Pay Ratio. Finally, I find weak evidence that firms with greater socially-responsible ownership are less likely to emphasize that they provide competitive compensation to employees.
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    描述: 碩士
    國立政治大學
    會計學系
    107353015
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0107353015
    数据类型: thesis
    DOI: 10.6814/NCCU202001157
    显示于类别:[會計學系] 學位論文

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