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| Title: | CEO長期激勵薪酬、研究發展費用與ESG評比之關聯
The Relationship among Long-Term Incentive Compensation, R&D and ESG Rating |
| Authors: | 林思妤
Lin, Szu-Yu |
| Contributors: | 徐愛恩
Tsui, Stephanie
林思妤
Lin, Szu-Yu |
| Keywords: | 長期激勵薪酬
ESG評比
研究發展費用
R&D
Long-term Incentive Compensation
ESG Rating |
| Date: | 2023 |
| Issue Date: | 2023-08-02 13:25:35 (UTC+8) |
| Abstract: | 企業ESG表現越來越受到社會重視，諸如政府法規規定企業需要接露企業社會責任，抑或是更多的機構提供社會大眾ESG評比分數使更多人能了解市場趨勢等等，都顯示了企業社會責任近年來受到的重視。而過往許多研究企業社會責任的文獻指出，企業社會責任對公司有許多正面影響，例如公司的聲譽、與利害關係人之間的關係或是財務績效表現等等。因此，本研究欲探討是否能透過薪酬激勵來促進公司對企業社會責任之實行與推動。
由於企業社會責任衡量不易，抑有產業差異性等問題，使得過往研究高階主管薪酬及企業社會責任表現的關聯並沒有一致性的結果，因此，本研究欲透過標準普爾全球公司(S&P Global Inc.)提供之ESG指數當作公司ESG表現之代理變數來衡量CEO長期激勵薪酬對企業ESG表現之關聯。
實證結果顯示出，高階主管長期激勵薪酬對企業ESG表現有正向之影響，而當高階主管長期薪酬佔比較高時亦對企業ESG表現有正向影響，符合代理理論之假設。此外，本研究結果也得出研究發展費用對企業ESG表現有顯著正相關，顯示企業投入研究發展費用對企業社會責任有正面之影響。另外，考量到產業特性之差異，本研究對製造業及非製造業進行進一步分析，結果顯示出製造業之長期薪酬激勵或是研究發展費用對企業ESG表現都有更顯著之影響。
The increase in the attention of ESG performance of companies spreads over the society. In recent years, such as government regulations that require companies to disclose their corporate social responsibility or various institutions providing ESG performance information to the public all demonstrate the greater importance of corporate social responsibility. Previous research indicated that corporate social responsibility has several positive impacts on companies, such as reputation, relationships with stakeholders, and financial performance. Therefore, this study aims to explore whether promotion, implementation and advancement of corporate social responsibility can be achieved through incentive compensation.
According to agency theory, when the interests of agents align with those of shareholders, agents will be more motivated to make decisions that positively benefit the long-term interests of the company. However, because of the difficulty in measurement of corporate social responsibility and the differences among industries, resulting in inconsistent findings in previous studies regarding the relationship between executive compensation and corporate social responsibility performance. Therefore, this study uses the ESG index provided by S&P Global Inc. as a proxy variable for corporate ESG performance to measure the association between long-term incentive compensation for CEO and corporate ESG performance.
The empirical results show a positive impact of long-term incentive compensation for top executives on corporate ESG performance. Additionally, the higher the proportion of long-term executive compensation the greater level of corporate ESG performance would present, supporting the assumptions of agency theory. Furthermore, this study finds a significant positive correlation between research and development expenses and corporate ESG performance, indicating that investment in research and development has a positive impact on corporate social responsibility. Considering the differences in industry characteristics, this study further analyzes the manufacturing and non-manufacturing sectors, revealing that long-term incentive compensation as well as research and development expenses have a more significant impact on corporate ESG performance in the manufacturing sector than in the non-manufacturing sector. |
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| Description: | 碩士
國立政治大學
會計學系
110353024 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0110353024 |
| Data Type: | thesis |
| Appears in Collections: | [會計學系] 學位論文
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