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| Title: | 企業對環境和社會責任的投入表現對公司績效影響－探討高管與基層薪酬差距的調節效果
The Impact of Environmental and Social Performance On Corporate Performance: The Moderating Effect of the Pay Ratio Between Top Management and Employees |
| Authors: | 陳品璇
Chen, Pin-Hsuan |
| Contributors: | 譚丹琪
Tan, Dan-Chi
陳品璇
Chen, Pin-Hsuan |
| Keywords: | ESG
公司績效
高管基層薪酬差距
調節效果
ESG
Corporate performance
Pay ratio between top management and employees
Moderating Effect |
| Date: | 2024 |
| Issue Date: | 2024-07-01 12:43:47 (UTC+8) |
| Abstract: | 旨在探討企業在ES策略中，投入環境與社會面對公司績效的影響，並藉此探討高管與基層薪資報酬在此關係中所帶來的調節效果。從事ESG策略時，高階主管被認為是可以有效的規劃策略並推動執行，且越來越多企業在實踐ESG，將實際表現與高管薪酬掛鉤。而薪資一直是社會所關注的議題，企業高層的薪酬假設過低會導致流失較好的人力資本，使企業可能會面臨淘汰風險，造成員工或是利害關係人有負面影響，但若高階主管擁有過高薪酬是否會有「肥貓」等問題，使高管基層薪資差距過大產生不公平的現象。然而，具有適當差距卻可激勵高管更加努力提升企業經營效能，不管是有效的運用有限資源去實施ESG策略，並能夠同時使公司經營績效有更佳的表現，因此利用薪資作為最直接使高管產生積極性的誘因，同時可以促進公司績效。因此本研究欲探討是否高管基層薪資差距，在ES與公司績效間的關聯產生顯著的調節作用。
本研究以台灣上市上櫃公司為樣本，涵蓋2018年至2022年的資料，樣本資料共計8,140個，來源於台灣經濟新報資料庫。研究方法採用Panel Data Regression模型，將公司財務績效（以ROA、ROE衡量）作為應變數，ES總分及其分項分數作為自變數，高管與基層薪酬差距作為調節變數，並控制公司規模和產業類別的影響。
研究結果顯示，環境與社會的總分對公司績效有顯著的正向影響，基於此條件下加入調節變數後，高管基層薪資差距大對ES與公司績效之間的關係具有顯著的調節效果，特別是社會構面上，證實薪資差距的存在能強化ES對公司績效的正向影響，因企業高管的薪酬水準較高，也因此可能具有較高的知識背景或是專業技能，在面對公司人力、資源分配有限情況下做出最佳決策，且面臨國際上的準則，如勞工問題、性別多樣性等社會倡議上可以進行較具前瞻性的規劃，推動可持續發展的策略。因此在追求更高標準ESG策略時，同時追求企業績效更全面的發展。這些結果為企業在制定ESG策略和制訂薪酬結構時提供實證依據，並提供有價值的建議，促進企業可持續發展性。
This study aims to explore the impact of corporate investment in environmental and social aspects of ESG strategies on company performance, and to investigate the moderating effect of pay ratio between top management and employees. When engaging in ESG strategies, senior executives are considered effective in planning and promoting strategy implementation. An increasing number of companies are linking actual ESG performance with top management compensation. However, compensation has always been a social concern; too low top management compensation might lead to the loss of valuable human capital, risking the company's elimination and negatively impacting employees or stakeholders. However, excessively top management compensation might lead to issues like "fat cat" creating large pay disparities and unfair phenomena. This study aims to explore whether the pay disparity significantly moderates the relationship between ESG and company performance.
The sample of this study consists of listed companies in Taiwan, covering data from 2018 to 2022, totaling 8,140 samples from the TEJ Database. The research method employs the Panel Data Regression model, using company financial performance (measured by ROA and ROE) as the dependent variable, ESG scores and its components as independent variables, and the pay ratio between top management and employees as the moderating variable, while controlling for company size and industry category.
The results show that the total scores of environmental and social aspects have a significant positive impact on company performance. Under this condition, adding the moderating variable reveals that a pay ratio between top management and employees significantly moderates the relationship between ESG and company performance, particularly in the social aspect, confirming that the existence of pay disparity can enhance the positive impact of ESG on company performance. |
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| Description: | 碩士
國立政治大學
國際經營與貿易學系
111351036 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0111351036 |
| Data Type: | thesis |
| Appears in Collections: | [國際經營與貿易學系 ] 學位論文
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