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    政大機構典藏 > 商學院 > 會計學系 > 期刊論文 >  Item 140.119/64018


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    題名: 員工分紅、公司治理與未來績效
    其他題名: Employee Bonus, Corporate Governance, and Future Performance
    作者: 許崇源;陳昭蓉
    Hsu, Chung-Yuan;Chen, Chao-Jung
    貢獻者: 會計系
    關鍵詞: 員工分紅;公司治理;盈餘分配權;分配程度;未來績效
    Employee Bonus;Corporate Governance;Cash Flow Right;Overpayment\\Underpayment;Future Performance
    日期: 2008-12
    上傳時間: 2014-02-19 15:48:39 (UTC+8)
    摘要: 本文探討公司治理特性對員工分紅之影響，及員工分紅對公司未來績效（包括資產報酬率、市場報酬及權益報酬率）之影響。實證結果發現，在公司治理特性方面，盈餘分配權較高、董監事持股比率較高及家族控股之公司，通常發放較少之員工分紅，而機構投資人持股比率愈高及獨立董監事席次較高之公司，發放較多之員工分紅。進一步測試員工分紅對公司未來績效之影響，實證結果發現，員工分紅對公司績效之提升有正面的效果。但進一步區分成發放過多員工分紅及發放過少員工分紅後，發現發放過多員工分紅對於提升公司績效的效果，不如發放過少員工分紅者，即過度發放員工分紅對公司績效並無進一步提升的效果。
    This study uses data from listed company to empirically investigate the determinants of employee bonus, including corporate governance characteristics, and the impact of employee bonus on the future performance, including accounting performance and market performance. Empirical result shows that the employee bonus is lower when the firm`s controller has higher cash flow right, when the directors own more shares, and when the firm is controlled by family, and that the employee bonus is higher when the firm’s independent board member and institutional ownership are higher. The above empirical results strongly support management self-interest hypothesis. We also examine the relationship between employee bonus and firm future performance. Results show that the impact of employee bonus on firm future performance is positive, but the impact of overpayment is lower than that of underpayment. The policy implication of the results is discussed in the paper.
    關聯: 中山管理評論, 16(4), 671-702
    資料類型: article
    顯示於類別:[會計學系] 期刊論文

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