政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/141535
English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  Items with full text/Total items : 113318/144297 (79%)
Visitors : 51089114      Online Users : 893
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/140.119/141535


    Title: 以員工關係作為績效衡量指標之經濟後果
    The economic consequences of using employee relations as performance metrics
    Authors: 詹皓惟
    Chan, Hao-Wei
    Contributors: 梁嘉紋
    Liang, Jia-Wen
    詹皓惟
    Chan, Hao-Wei
    Keywords: 員工關係
    ESG 績效衡量指標
    薪酬比率
    經理人薪酬
    Employee relations
    ESG metrics
    Pay ratio
    Executive compensation
    Date: 2022
    Issue Date: 2022-09-02 14:43:08 (UTC+8)
    Abstract: 有鑒於採用企業社會責任相關指標衡量 CEO 績效的企業日益增加，本研究探討企業採用員工關係作為 CEO 績效衡量指標之影響。以 2018 至 2020 年的美國 Standard & Poor 500 公司為樣本，實證結果顯示，採用員工關係作為績效衡量指標之企業有顯著較低的 CEO 與員工薪酬比率，員工薪酬亦顯著較高。而採用員工關係績效指標則對 CEO 薪酬無顯著影響。另外，員工關係績效衡量指標雖與員工生產力呈正相關，卻與企業價值呈現負相關。整體而言，採用員工關係作為 CEO 績效衡量指標有助於提升員工福祉，惟指標之內容及衡量方式應審慎考量，否則將無益於企業價值之提升與長期發展。
    In light of the recent trend of stakeholder-oriented performance metrics adoption, this research examines the consequences of firms using employee metrics in their CEO compensation plans. Using a sample of S&P 500 companies from 2018 to 2020, I find that firms adopting employee metrics are lower in pay ratios and higher in employee compensation and employee productivity, while I do not find a relation between employee metrics and CEO compensation. I further find that the adoption of employee metrics has a negative effect on firm value. Overall, the results suggest a positive effect of employee metrics on employee welfare and employee productivity; however, firms should use the ESG metrics with prudence, otherwise it may adversely affect firm value and long-term performance.
    Reference: Adams, R., H. Almeida, and D. Ferreira (2009). Understanding the relationship between founder-CEOs and firm performance. Journal of Empirical Finance, 16(1): 136-150.

    Agrawal, A., I. Hacamo, and Z. Hu (2021). Information dispersion across employees and stock returns. The Review of Financial Studies, 34(10): 4785-4831.

    Akerlof, G. A., and J. L. Yellen (1990). The fair wage-effort hypothesis and
    unemployment. The Quarterly Journal of Economics, 105(2): 255-283.

    American Express Company (2021). Proxy statement 2021. U.S. Securities and
    Exchange Commission.
    https://www.sec.gov/Archives/edgar/data/0000004962/000119312521087284/d919404ddef14a.htm

    Arora, A., and P. Alam (2010). CEO compensation and stakeholders` claims. Contemporary Accounting Research. 22(3): 519-547.

    Bamberger, P. A., M. Biron, and I. Meshoulam (2014). Human resource strategy: Formulation, implementation, and impact (2nd ed.). Routledge.

    Bao, M. X., X. Cheng, and D. Smith (2020). A path analysis investigation of the relationships between CEO pay ratios and firm performance mediated by employee satisfaction. Advances in Accounting, 48.

    Barrymore, N., and R. Sampson (2021). ESG Performance and Labor Productivity: Exploring whether and when ESG affects firm performance. Academy of Management Proceedings, 2021(1): 13997.

    Bebchuk, L. A., and R. Tallarita (2020). The illusory promise of stakeholder governance. Cornell Law Review, 106: 91-178.

    Bebchuk, L. A., and R. Tallarita (2022). The perils and questionable promise of ESG- based compensation. Available at SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4048003

    Bebchuk, L. A., A. Cohen, and C. C. Y. Wang (2013). Learning and the disappearing association between governance and returns. Journal of Financial Economics, 108(2): 323-348.

    Bebchuk, L. A., K. J. M. Cremers, and U. C. Peyer (2011). The CEO pay slice. Journal of Financial Economics, 102(1): 199-221.

    Benedetti, A. H., and S. Chen (2018). High CEO-to-worker pay ratios negatively impact consumer and employee perceptions of companies. Journal of Experimental Social Psychology, 79: 378–393.

    Berman, S. L., A. C. Wicks, S. Kotha, and T. M. Jones (1999). Does stakeholder orientation matter? The relationship between stakeholder management models and firm financial performance. The Academy of Management Journal, 42(5): 488-506.

    Bharadwaj, A. S., S. G. Bharadwaj, and B. R. Konsynski (1999). Information technology effects on firm performance as measured by Tobin’s Q. Management Science, 45(7), 1008-1024.

    Blau, P. M. (1964). Justice in social exchange. Sociological Inquiry, 34(2): 193-206.

    Boone, A. L., A. Starkweather, and J. T. White (2021). Spinning the CEO Pay Ratio
    Disclosure. Available at SSRN:
    https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3481540

    Clarkson, M. B. E. (1995). A stakeholder framework for analyzing and evaluating corporate social performance. The Academy of Management Review, 20(7): 92-117.

    Coombs, J. E., and K. M. Gilley (2005). Stakeholder management as a predictor of CEO compensation: Main effects and interactions with financial performance. Strategic Management Journal, 26(9): 827-840.

    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(3): 371-406.

    Edmans, A. (2011). Does the stock market fully value intangibles? Employee satisfaction and equity prices. Journal of Financial Economics, 101(3): 621-640.

    Edmans, A. (2012). The link between job satisfaction and firm value, with implications for corporate social responsibility. Academy of Management Perspectives, 26(4): 1- 19.

    Faleye, O., E. Reis, and A. Venkateswaran (2013). The determinants and effects of CEO-employee pay ratios. Journal of Banking and Finance, 37(8): 3258-3272.

    Farooq, O., M. Payaud, D. Merunka, and P. Valette-Florence (2014). The impact of corporate social responsibility on organizational commitment: Exploring multiple mediation mechanisms. Journal of Business Ethics, 125: 563-580.

    Flammer, C., B. Hong, and D. Minor (2019). Corporate governance and the rise of integrating corporate social responsibility criteria in executive compensation: Effectiveness and implications for firm outcomes. Strategic Management Journal, 40(7): 1097-1122.

    Freeman, R.E. (1984). Strategic Management: A Stakeholder Approach. Pitman, Boston.

    Gan, H., M. S. Park, and S. Suh (2020). Non-financial performance measures, CEO compensation, and firms’ future value. Journal of Business Research, 110: 213-227.

    Gao, H., K. Li, and Y. Ma (2021). Stakeholder orientation and the cost of debt: Evidence from state-level adoption of constituency statutes. Journal of Financial and Quantitative Analysis, 56(6): 1908-1944.

    Gosling, T., and P. O’Connor (2021). Executive pay and ESG performance. Available at:
    https://corpgov.law.harvard.edu/2021/04/12/executive-pay-and-esg-performance/

    Hanlon, M., S. Rajgopal, and T. Shevlin (2003). Are executive stock options associated with future earnings? Journal of Accounting and Economics, 36(1-3): 3-43.

    Hayes, R. M., and S. Schaefer (1999). How much are differences in managerial ability worth? Journal of Accounting and Economics, 27(2): 125-148.

    Heckman, J. J. (1979). Sample selection bias as a specification error. Econometrica, 47(1): 153-161.

    Hill, C. W. L., and T. M. Jones (1992). Stakeholder-agency theory. Journal of Management Studies, 29(2): 131-154.

    Hillman, A. J., and G. D. Keim (2001). Shareholder value, stakeholder management, and social issues: What`s the bottom line? Strategic Management Journal, 22(2): 125- 139.

    Holmström, B. (2017). Pay for Performance and Beyond. American Economic Review, 107(7): 1753-1777.

    Jayaraman, S., and T. T. Milbourn (2012). The role of stock liquidity in executive compensation. The Accounting Review, 87(2): 537-563.

    Jensen, M. C., and W. H. Meckling (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4): 305- 360.

    Jones, T. M. (1995). Instrumental stakeholder theory: A synthesis of ethics and economics. The Academy of Management Review, 20(2): 404–437.

    Kim, S., and J. Ng (2018). Executive bonus contract characteristics and share repurchases. The Accounting Review, 93(1): 289-316.

    Knight, D. J. (1999). Performance measures for increasing intellectual capital. Strategic Leadership, 27(12): 22-27.

    Koch, M. J., and R. G. McGrath (1996). Improving labor productivity: Human resource management policies do matter. Strategic Management Journal, 17(5): 335-354.

    Lennox, C. S., J. R. Francis, and Z. Wang (2012). Selection models in accounting research. The Accounting Review, 87(2): 589-616.

    Maddala, G. S. (1983). Limited-Dependent and Qualitative Variables in Econometrics. Cambridge University Press, Cambridge.

    Maddala, G. S. (1991). A perspective on the use of limited-dependent and qualitative variables models in accounting research. The Accounting Review, 66(4): 788-807.

    Marcoux, A. M. (2000). "Balancing Act." In Contemporary Issues in Business Ethics, 4th edition, edited by J. R. DesJardins and J. J. McCall. Wadsworth: 92-100.

    Menendez, R. (2011). Letter to the SEC concerning Section 953(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Available at: https://www.menendez.senate.gov/imo/media/doc/Letter%20to%20SEC1-19- 11.pdf

    Mohan, B., T. Schlager, D. Deshpandé, and M. I. Norton (2018). Consumers avoid buying from firms with higher CEO-to-worker pay ratios. Journal of Consumer Psychology, 28(2): 344-352.

    Pan, Y., W. S. Pikulina, S. Siegel, and T. Y. Wang (2022). Do equity markets care about income inequality? Evidence from pay ratio disclosure. Journal of Finance, 77(2): 1371-1411.

    Parmar, B., R. E. Freeman, J. S. Harrison, A. C. Wicks, S. D. Colle, and L. Purnell (2010). Stakeholder theory: The state of the art. The Academy of Management Annals, 3(1): 403-445.

    Parrino, R. (1997). CEO turnover and outside succession A cross-sectional analysis. Journal of Financial Economics, 46(2): 165-197.

    Rouen, E. (2020). Rethinking measurement of pay disparity and its relation to firm performance. The Accounting Review, 95(1): 343-378.

    Rountree, B., J. P. Weston, and G. Allayannis (2008). Do investors value smooth performance? Journal of Financial Economics, 90(3): 237-251.

    Securities and Exchange Commission (SEC). (2015, August 5). Pay ratio disclosure. August 5. Available at: https://www.sec.gov/rules/final/finalarchive/finalarchive2015.shtml

    Stewart, T. A. (1997). Intellectual Capital: The New Wealth of Organizations. Doubleday/Currency, New York.

    Sveiby, K. (1997). The intangible assets monitor. Journal of Human Resource Costing and Accounting, 2(1): 73-97.

    Tantalo, C., and R. L. Priem (2016). Value creation through stakeholder synergy. Strategic Management Journal, 37(2): 314-329.

    Tesla, Inc. (2019). Proxy statement 2019. U.S. Securities and Exchange Commission. https://www.sec.gov/Archives/edgar/data/0001318605/000156459019014268/tsla- def14a_20190611.htm

    Twitter, Inc. (2020). Proxy statement 2020. U.S. Securities and Exchange Commission. https://www.sec.gov/Archives/edgar/data/0001418091/000114036120008934/nc10 008144x1_def14a.htm#tCDA

    Weber, J., and M. Willenborg (2003). Do expert informational intermediaries add value? Evidence from auditors in microcap initial public offerings. Journal of Accounting Research, 41(4): 681-720.

    Wooldridge, J. M. (2002). Econometric analysis of cross section and panel data. The MIT Press, Cambridge.
    Description: 碩士
    國立政治大學
    會計學系
    109353003
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0109353003
    Data Type: thesis
    DOI: 10.6814/NCCU202201137
    Appears in Collections:[Department of Accounting] Theses

    Files in This Item:

    File Description SizeFormat
    300301.pdf1389KbAdobe PDF231View/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