政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/146409
English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  全文筆數/總筆數 : 113392/144379 (79%)
造訪人次 : 51216128      線上人數 : 854
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
搜尋範圍 查詢小技巧：
  • 您可在西文檢索詞彙前後加上"雙引號"，以獲取較精準的檢索結果
  • 若欲以作者姓名搜尋，建議至進階搜尋限定作者欄位，可獲得較完整資料
    •  進階搜尋
    政大機構典藏 > 商學院 > 會計學系 > 學位論文 >  Item 140.119/146409


    請使用永久網址來引用或連結此文件: https://nccur.lib.nccu.edu.tw/handle/140.119/146409


    題名: 機構投資人持股對企業使用主觀及客觀指標發放獎酬之影響
    The impact of institutional investors` shareholding on companies` use of subjective and objective indicators to pay compensation
    作者: 江孟衡
    Jiang, Meng-Heng
    貢獻者: 徐愛恩
    Tsui, Stephanie
    江孟衡
    Jiang, Meng-Heng
    關鍵詞: 薪酬合約
    主觀績效指標
    相對績效指標
    機構投資人
    Institutional investors
    Compensation contracts
    Subjective performance measures
    Relative performance measures
    日期: 2023
    上傳時間: 2023-08-02 13:28:00 (UTC+8)
    摘要: 本研究探討機構投資人監督效果對企業使用主觀及客觀指標發放獎酬的影響。客觀績效指標由於它事前訂定的特性，使高階經理人有機會操弄績效。因此透過融入能事後進行調整的主觀績效指標及能夠過濾市場衝擊之相對績效指標（RPE）於薪酬合約中，可以有效降低高階經理人操縱績效的動機和機會。但主觀績效指標將延伸出資訊不透明等代理問題。據此，本研究欲探討機構投資人對於主觀績效指標的態度為傾向透過主觀績效指標達到最適薪酬合約，抑或是傾向降低主觀績效指標延伸出的代理成本，並進一步研究機構投資人為使公司達最適薪酬合約是否將使公司融入RPE於薪酬合約中。
    實證結果顯示機構投資人對薪酬委員會制定薪酬契約有顯著的影響，並發現在 Dedicated 類型、Value 類型 以及同時為 Dedicated 和 Growth 類型之機構投資人影響尤為顯著，但未發現Growth類型機構投資人對公司融入RPE有顯著影響。
    This study aims to analyze how the monitoring practices of institutional investors affect the selection of performance measures for executive compensation. The use of objective performance measures can be manipulated by senior executives, while incorporating adjustable subjective measures and relative performance evaluation (RPE) measures can reduce incentives for manipulation. However, subjective measures create agency problems due to information opacity. This study explores whether institutional investors prefer subjective measures to achieve optimal compensation contracts or to mitigate agency costs. This study also investigates whether they advocate the inclusion of RPE in compensation contracts.
    The empirical results demonstrate a significant influence of institutional investors on the compensation contracts formulated by the compensation committee. Specifically, institutional investors of the Dedicated and Value types, as well as those who are both Dedicated and Growth types, have a particularly notable impact. However, no significant influence of Growth type institutional investors on the inclusion of RPE in compensation contracts is found.
    參考文獻: 李靜妮，2011，公司治理與裁量性紅利關聯性之研究，國立政治大學會計學系碩士論文。
    郭家瑀，2019，不同類型機構投資人持股對公司債殖利率利差影響，國立台灣大學管理學院財務金融研究所碩士論文。
    Abarbanell, J. S., Bushee, B. J., & Smith Raedy, J. (2003). Institutional investor preferences and price pressure: The case of corporate spin‐offs. The Journal of Business, 76(2), 233-261.
    Agrawal, A., & Mandelker, G. N. (1990). Large shareholders and the monitoring of managers: The case of antitakeover charter amendments. Journal of Financial and Quantitative Analysis, 25(2), 143-161.
    Albuquerque, A. (2009). Peer firms in relative performance evaluation. Journal of Accounting and Economics, 48(1), 69-89.
    Almazan, A., Hartzell, J. C., & Starks, L. T. (2005). Active institutional shareholders and costs of monitoring: Evidence from executive compensation. Financial management, 34(4), 5-34.
    An, H., & Zhang, T. (2013). Stock price synchronicity, crash risk, and institutional investors. Journal of Corporate Finance, 21, 1-15.
    Baiman, S., & Rajan, M. V. (1995). The informational advantages of discretionary bonus schemes. The Accounting Review, 557-579.
    Baker, G., Gibbons, R., & Murphy, K. J. (1994). Subjective performance measures in optimal incentive contracts. The Quarterly Journal of Economics, 109(4), 1125-1156.
    Baker, G. P., Jensen, M. C., & Murphy, K. J. (1988). Compensation and incentives: Practice vs. Theory. The Journal of Finance, 43(3), 593-616.
    Banker, R. D., & Datar, S. M. (1989). Sensitivity, precision, and linear aggregation of signals for performance evaluation. Journal of Accounting Research, 27(1), 21-39.
    Barro, J. R., & Barro, R. J. (1990). Pay, performance, and turnover of bank ceos. Journal of Labor Economics, 8(4), 448-481.
    Bebchuk, L. A., & Fried, J. M. (2003). Executive compensation as an agency problem. Journal of Economic Perspectives, 17(3), 71-92.
    Bernardin, H. J., & Buckley, M. R. (1981). Strategies in rater training. Academy of Management Review, 6(2), 205-212.
    Bjerke, D. G., Cleveland, J. N., Morrison, R. F., & Wilson, W. C. (1987). Officer Fitness Report Evaluation Study.
    Blanchard, O. J., Lopez-de-Silanes, F., & Shleifer, A. (1994). What do firms do with cash windfalls? Journal of Financial Economics, 36(3), 337-360.
    Blume, M. E., & Keim, D. B. (2014). The changing nature of institutional stock investing. Critical Finance Review, 6, 1-41.
    Bol, J. C. (2008). Subjectivity in compensation contracting. AAA Management Accounting Section (MAS) 2006 Meeting Paper, Journal of Accounting Literature, 76, 1-24.
    Borochin, P., & Yang, J. (2017). The effects of institutional investor objectives on firm valuation and governance. Journal of Financial Economics, 126(1), 171-199.
    Brickley, J. A., Lease, R. C., & Smith Jr, C. W. (1988). Ownership structure and voting on antitakeover amendments. Journal of Financial Economics, 20, 267-291.
    Bushee, B. (2004). Identifying and attracting the “right” investors: Evidence on the behavior of institutional investors. Journal of Applied Corporate Finance, 16(4), 28-35.
    Bushee, B. J. (1998). The influence of institutional investors on myopic r&d investment behavior. The Accounting Review, 305-333.
    Bushee, B. J., Carter, M. E., & Gerakos, J. (2014). Institutional investor preferences for corporate governance mechanisms. Journal of Management Accounting Research, 26(2), 123-149.
    Bushee, B. J., & Goodman, T. H. (2007). Which institutional investors trade based on private information about earnings and returns? Journal of Accounting Research, 45(2), 289-321.
    Bushee, B. J., & Noe, C. F. (2000). Corporate disclosure practices, institutional investors, and stock return volatility. Journal of Accounting Research, 171-202.
    Callen, J. L., & Fang, X. (2013). Institutional investor stability and crash risk: Monitoring versus short-termism? Journal of Banking & Finance, 37(8), 3047-3063.
    Carmichael, H. L. (1989). Self-enforcing contracts, shirking, and life cycle incentives. Journal of Economic Perspectives, 3(4), 65-83.
    Chung, C. Y., & Wang, K. (2014). Do institutional investors monitor management? Evidence from the relationship between institutional ownership and capital structure. The North American Journal of Economics and Finance, 30, 203-233.
    Chung, R., Firth, M., & Kim, J.-B. (2002). Institutional monitoring and opportunistic earnings management. Journal of Corporate Finance, 8(1), 29-48.
    Core, J. E., Holthausen, R. W., & Larcker, D. F. (1999). Corporate governance, chief executive officer compensation, and firm performance. Journal of Financial Economics, 51(3), 371-406.
    Cornett, M. M., Marcus, A. J., Saunders, A., & Tehranian, H. (2007). The impact of institutional ownership on corporate operating performance. Journal of Banking & Finance, 31(6), 1771-1794.
    Davis, G. F., & Thompson, T. A. (1994). A social movement perspective on corporate control. Administrative Science Quarterly, 141-173.
    Dechow, P. M., & Sloan, R. G. (1991). Executive incentives and the horizon problem: An empirical investigation. Journal of Accounting and Economics, 14(1), 51-89.
    Den Hartog, D. N., Boselie, P., & Paauwe, J. (2004). Performance management: A model and research agenda. Applied Psychology, 53(4), 556-569.
    Dong, M., & Ozkan, A. (2008). Institutional investors and director pay: An empirical study of uk companies. Journal of Multinational Financial Management, 18(1), 16-29.
    Dorata, N. T., & Petra, S. T. (2008). Ceo duality and compensation in the market for corporate control. Managerial Finance.
    Duggal, R., & Millar, J. A. (1999). Institutional ownership and firm performance: The case of bidder returns. Journal of Corporate Finance, 5(2), 103-117.
    Ederhof, M. (2010). Discretion in bonus plans. The Accounting Review, 85(6), 1921-1949.
    Edmans, A., Goncalves-Pinto, L., Groen-Xu, M., & Wang, Y. (2018). Strategic news releases in equity vesting months. The Review of Financial Studies, 31(11), 4099-4141.
    Finkelstein, S., & Hambrick, D. C. (1990). Top-management-team tenure and organizational outcomes: The moderating role of managerial discretion. Administrative Science Quarterly, 484-503.
    Gaspar, J.-M., Massa, M., & Matos, P. (2005). Shareholder investment horizons and the market for corporate control. Journal of Financial Economics, 76(1), 135-165.
    Gaver, J. J., Gaver, K. M., & Austin, J. R. (1995). Additional evidence on bonus plans and income management. Journal of Accounting and Economics, 19(1), 3-28.
    Ghalayini, A. M., & Noble, J. S. (1996). The changing basis of performance measurement. International Journal of Operations & Production Management, 16(8), 63-80.
    Gibbons, R., & Murphy, K. J. (1990). Relative performance evaluation for chief executive officers. ILR Review, 43(3), 30-S-51-S.
    Gibbs, M., Merchant, K. A., Stede, W. A. V. d., & Vargus, M. E. (2004). Determinants and effects of subjectivity in incentives. The Accounting Review, 79(2), 409-436.
    Gibbs, M. J., Merchant, K. A., Stede, W. A. V. D., & Vargus, M. E. (2005). The benefits of evaluating performance subjectively. Performance Improvement, 44(5), 26-32.
    Gillan, S., & Starks, L. T. (2003). Corporate governance, corporate ownership, and the role of institutional investors: A global perspective. Weinberg Center for Corporate Governance Working Paper(2003-01).
    Gong, G., Li, L. Y., & Shin, J. Y. (2011). Relative performance evaluation and related peer groups in executive compensation contracts. The Accounting Review, 86(3), 1007-1043.
    Gosselin, M. (2005). An empirical study of performance measurement in manufacturing firms. International Journal of Productivity and Performance Management.
    Graves, S. B. (1988). Institutional ownership and corporate r&d in the computer industry. Academy of Management Journal, 31(2), 417-428.
    Grossman, S. J., & Hart, O. D. (1980). Takeover bids, the free-rider problem, and the theory of the corporation. The Bell Journal of Economics, 42-64.
    Hallock, K. F. (1997). Reciprocally interlocking boards of directors and executive compensation. Journal of Financial and Quantitative Analysis, 32(3), 331-344.
    Harris, M. M. (1994). Rater motivation in the performance appraisal context: A theoretical framework. Journal of Management, 20(4), 735-756.
    Hartzell, J. C., & Starks, L. T. (2003). Institutional investors and executive compensation. The Journal of Finance, 58(6), 2351-2374.
    Healy, P. M. (1985). The effect of bonus schemes on accounting decisions. Journal of Accounting and Economics, 7(1-3), 85-107.
    Himmelberg, C. P., & Hubbard, R. G. (2000). Incentive pay and the market for ceos: An analysis of pay-for-performance sensitivity. Tuck-JFE Contemporary Corporate Governance Conference.
    Holmström, B. (1979). Moral hazard and observability. The Bell Journal of Economics, 74-91.
    Holmstrom, B. (1982). Moral hazard in teams. The Bell Journal of Economics, 324-340.
    Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. The American Economic Review, 76(2), 323-329.
    Jensen, M. C., & Meckling, W. H. (2019). Theory of the firm: Managerial behavior, agency costs and ownership structure. Corporate Governance , 77-132.
    Jensen, M. C., & Murphy, K. J. (1990). Performance pay and top-management incentives. Journal of Political Economy, 98(2), 225-264.
    John Harry III, E., Gao, Z., Hwang, Y., & Wu, W.-T. (2018). Performance periods in ceo performance-based equity awards: Theory and evidence. The Accounting Review, 93(2), 161-190.
    John, T. A., & John, K. (1993). Top‐management compensation and capital structure. The Journal of Finance, 48(3), 949-974.
    Joshi, P., Kumar, R., & Al-Ajmi, J. (2011). An empirical study of the use and usefulness of financial, non-financial and subjective measures for performance evaluation in industrial companies in bahrain. International Journal of Managerial and Financial Accounting, 3(2), 140-169.
    Kefe, I. (2019). The determination of performance measures by using a balanced scorecard framework. Foundations of Management, 11(1), 43-56.
    Kim, S., & Ng, J. (2018). Executive bonus contract characteristics and share repurchases. The Accounting Review, 93(1), 289-316.
    Lee, S. P., & Chen, H. J. (2011). Corporate governance and firm value as determinants of ceo compensation in taiwan: 2sls for panel data model. Management Research Review.
    Li, J., Lam, K., Qian, G., & Fang, Y. (2006). The effects of institutional ownership on corporate governance and performance: An empirical assessment in hong kong. Management International Review, 46(3), 259-276.
    Lillis, A. M. (2002). Managing multiple dimensions of manufacturing performance—an exploratory study. Accounting, Organizations and Society, 27(6), 497-529.
    Lingle, J. H., & Schiemann, W. A. (1996). From balanced scorecard to strategic gauges: Is measurement worth it? Management Review, 85(3), 56.
    Longenecker, C. O., Sims Jr, H. P., & Gioia, D. A. (1987). Behind the mask: The politics of employee appraisal. Academy of Management Perspectives, 1(3), 183-193.
    Lovett, S., Rasheed, A. A., & Hou, W. (2022). Stock options, restricted stock, salary, or bonus? Managing ceo compensation to maximize organizational performance. Business Horizons, 65(2), 115-123.
    Ma, F. (2019). Subjective ceo pay and long-term incentives. Available at SSRN 3314100.
    Manheim, D. (2018). Building less flawed metrics: Dodging goodhart and campbell`s laws.
    Milgrom, P. R., & Roberts, J. (1992). Economics, organization and management englewood cliffs (nj), 1992.
    Montgomery, C. A. (1994). Corporate diversificaton. Journal of Economic Perspectives, 8(3), 163-178.
    Murphy, K. J. (2000). Performance standards in incentive contracts. Journal of Accounting and Economics, 30(3), 245-278.
    Murphy, K. J., & Jensen, M. C. (2011). Ceo bonus plans: And how to fix them. Harvard Business School NOM Unit Working Paper, 12-022.
    Nisar, T. M. (2007). Evaluation of subjectivity in incentive pay. Journal of Financial Services Research, 31(1), 53-73.
    O`Neill, M., & Swisher, J. (2003). Institutional investors and information asymmetry: An event study of self‐tender offers. Financial Review, 38(2), 197-211.
    Pan, H.-H., Liao, Y.-P., & Chung, M.-C. (2019). 薪酬委員會之專業性與高階經理人薪酬相對績效評估. 會計評論(68), 119-159.
    Parrino, R., Sias, R. W., & Starks, L. T. (2003). Voting with their feet: Institutional ownership changes around forced ceo turnover. Journal of Financial Economics, 68(1), 3-46.
    Prendergast, C. (1999). The provision of incentives in firms. Journal of Economic Literature, 37(1), 7-63.
    Prendergast, C. (2002). Uncertainty and incentives. Journal of Labor Economics, 20(S2), S115-S137.
    Prendergast, C., & Topel, R. H. (1996). Favoritism in organizations. Journal of Political Economy, 104(5), 958-978.
    Pucheta‐Martínez, M. C., & García‐Meca, E. (2014). Institutional investors on boards and audit committees and their effects on financial reporting quality. Corporate Governance: An International Review, 22(4), 347-363.
    Rajan, M. V., & Reichelstein, S. (2006). Subjective performance indicators and discretionary bonus pools. Journal of Accounting Research, 44(3), 585-618.
    Rajgopal, S., Shevlin, T., & Zamora, V. (2006). Ceos` outside employment opportunities and the lack of relative performance evaluation in compensation contracts. The Journal of Finance, 61(4), 1813-1844.
    Rumelt, R. P. (1974). Strategy, structure, and economic performance.
    Ryan Jr, H. E., & Wiggins III, R. A. (2002). The interactions between r&d investment decisions and compensation policy. Financial Management, 5-29.
    Shleifer, A. (1985). A theory of yardstick competition. The RAND Journal of Economics, 319-327.
    Tsui, S. (2013). Relative performance evaluation and the use of discretionary bonuses in executive compensation.
    Wahal, S., & McConnell, J. J. (2000). Do institutional investors exacerbate managerial myopia? Journal of Corporate Finance, 6(3), 307-329.
    Woods, A. (2012). Subjective adjustments to objective performance measures: The influence of prior performance. Accounting, Organizations and Society, 37(6), 403-425.
    描述: 碩士
    國立政治大學
    會計學系
    110353047
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0110353047
    資料類型: thesis
    顯示於類別:[會計學系] 學位論文

    文件中的檔案:

    檔案 描述 大小格式瀏覽次數
    304701.pdf2471KbAdobe PDF20檢視/開啟


    在政大典藏中所有的資料項目都受到原著作權保護.


    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 ©   - 回饋