Loading...
|
Please use this identifier to cite or link to this item:
https://nccur.lib.nccu.edu.tw/handle/140.119/135913
|
| Title: | 薪酬差距與公司績效－論薪酬委員會品質之影響
The Relationship between Pay Disparity and Firm Performance: The Impact of Compensation Committee Quality |
| Authors: | 王奕玲
Wang, Yi-Ling |
| Contributors: | 李佳玲
Lee, Chia-Ling
王奕玲
Wang, Yi-Ling |
| Keywords: | 薪酬差距
薪酬委員會品質
公司治理
Pay disparity
Compensation committee quality
Corporate governance |
| Date: | 2021 |
| Issue Date: | 2021-07-01 16:50:55 (UTC+8) |
| Abstract: | 本研究探討薪酬差距與公司績效之關聯性，並進一步分析薪酬委員會品質對薪酬差距與公司績效的影響。薪酬差距為高階經理團隊與基層員工間的薪酬差距比率，考量薪酬差距產生的因素，本研究先建立迴歸模型分析高階經理團隊及基層員工平均薪酬，利用該模型估計出可以被經濟因素解釋的薪酬差距及不可被經濟因素解釋的薪酬差距，再分析薪酬差距與公司績效的關聯性。研究結果顯示可以被經濟因素解釋的薪酬差距與公司績效具有正向影響，不可以被經濟因素解釋的薪酬差距與公司績效有負向影響。本研究再進一步探討薪酬委員會的品質是否達到監督機制，並發現當薪酬委員會的品質越完善，可以強化可以被經濟因素解釋的薪酬差距與公司績效的正向關係。
I study the effect of compensation committee quality on the relationship between pay disparity and firm performance. To begin with, the pay disparity is defined by the ratio of executives to mean employee compensation. In order to separate the components of executive pay and employee compensation, I set up empirical models to estimate the compensation which can be explained by economic factors. I next predict the explained pay disparity and unexplained pay disparity by using the models to evaluate the effects of future firm performance. I find a positive relationship between the explained pay disparity and future firm performance. However, I also find that there is a negative relationship between the unexplained pay disparity and future firm performance. On the other hand, the results indicate that by increasing the compensation committee quality, the positive relationship between the explained pay disparity and future firm performance will become stronger. |
| Reference: | 朱炫璉, 劉乃熒, 陳彥綺, and 吳品萱. 2016. 薪酬委員會品質, 高階經理人現金紅利薪酬與企業績效關聯性之研究. 當代會計 17 (1):63-89.
Abowd, J. M., F. Kramarz, and D. N. Margolis. 1999. High wage workers and high wage firms. Econometrica 67 (2):251-333.
Adams, J. S. 1963. Towards an understanding of inequity. The Journal of Abnormal and Social Psychology 67 (5):422.
Aggarwal, R. K., and A. A. Samwick. 1999. Executive compensation, strategic competition, and relative performance evaluation: Theory and evidence. The Journal of Finance 54 (6):1999-2043.
Akerlof, G. A., and J. L. Yellen. 1990. The fair wage-effort hypothesis and unemployment. The Quarterly Journal of Economics 105 (2):255-283.
Anderson, R. C., S. A. Mansi, and D. M. Reeb. 2004. Board characteristics, accounting report integrity, and the cost of debt. Journal of Accounting and Economics 37 (3):315-342.
Banker, R. D., and S. M. Datar. 1989. Sensitivity, precision, and linear aggregation of signals for performance evaluation. Journal of Accounting Research 27 (1):21-39.
Barnes, W., T. Harikumar, and G. Roth. 2006. Determinants of CEO cash compensation in small, young, fast growing firms. Journal of Business & Economics Research (JBER) 4 (2).
Beasley, M. S. 1996. An empirical analysis of the relation between the board of director composition and financial statement fraud. Accounting Review:443-465.
Bebchuk, L., and J. Fried. 2004. Pay Without Performance: The Unfulfilled Promise of Executive Compensation: Harvard University Press, Cambridge.
Bebchuk, L. A., K. M. Cremers, and U. C. Peyer. 2011. The CEO pay slice. Journal of Financial Economics 102 (1):199-221.
Bebchuk, L. A., and J. M. Fried. 2003. Executive compensation as an agency problem. Journal of Economic Perspectives 17 (3):71-92.
Bebchuk, L. A., J. M. Fried, and D. I. Walker. 2002. Managerial Power and Rent Extraction in the Design of Executive Compensation. The University of Chicago Law Review 69 (3):751-846.
Berk, J. B., R. Stanton, and J. Zechner. 2010. Human capital, bankruptcy, and capital structure. The Journal of Finance 65 (3):891-926.
Bloom, M., and J. G. Michel. 2002. The relationships among organizational context, pay dispersion, and among managerial turnover. Academy of Management Journal 45 (1):33-42.
Brown, C., and J. Medoff. 1989. The Employer Size-Wage Effect. Journal of Political Economy 97 (5):1027-1059.
Brown, M. P., M. C. Sturman, and M. J. Simmering. 2003. Compensation policy and organizational performance: The efficiency, operational, and financial implications of pay levels and pay structure. Academy of Management Journal 46 (6):752-762.
Bushman, R., Q. Chen, E. Engel, and A. Smith. 2004. Financial accounting information, organizational complexity and corporate governance systems. Journal of Accounting and Economics 37 (2):167-201.
Carrell, M. R., and J. E. Dittrich. 1978. Equity theory: The recent literature, methodological considerations, and new directions. Academy of Management Review 3 (2):202-210.
Chemmanur, T. J., Y. Cheng, and T. Zhang. 2013. Human capital, capital structure, and employee pay: An empirical analysis. Journal of Financial Economics 110 (2):478-502.
Chen, Z., Y. Huang, and K. C. J. Wei. 2013. Executive Pay Disparity and the Cost of Equity Capital. Journal of Financial and Quantitative Analysis 48 (3):849-885.
Conyon, M. J., and S. I. Peck. 1998. Board control, remuneration committees, and top management compensation. Academy of Management Journal 41 (2):146-157.
Cowherd, D. M., and D. I. Levine. 1992. Product quality and pay equity between lower-level employees and top management: An investigation of distributive justice theory. Administrative Science Quarterly:302-320.
Cragg, J. G., and S. G. Donald. 1993. Testing identifiability and specification in instrumental variable models. Econometric Theory:222-240.
Crawford, S. S., K. K. Nelson, and B. R. Rountree. 2018. Mind the gap: CEO‐employee pay ratios and shareholder say‐on‐pay votes. Journal of Business Finance & Accounting.
Crosby, F. 1984. Relative deprivation in organizational settings. Research in Organizational Behavior.
Cyert, R., S. Kang, P. Kumar, and A. Shah. 1997. Corporate governance and the level of CEO compensation. Working Paper, Carnegie Mellon University.
Daverth, G., C. Cassell, and P. Hyde. 2016. The subjectivity of fairness: managerial discretion and work–life balance. Gender, Work & Organization 23 (2):89-107.
Deutsch, M. 1985. Distributive justice: A Social Psychological Perspective.
Dye, R. A. 1984. The trouble with tournaments. Economic Inquiry 22 (1):147.
Eisenhardt, K. M., and L. J. Bourgeois III. 1988. Politics of strategic decision making in high-velocity environments: Toward a midrange theory. Academy of Management Journal 31 (4):737-770.
Faleye, O., E. Reis, and A. Venkateswaran. 2013. The determinants and effects of CEO–employee pay ratios. Journal of Banking & Finance 37 (8):3258-3272.
Finkelstein, S., and D. C. Hambrick. 1988. Chief executive compensation: A synthesis and reconciliation. Strategic Management Journal 9 (6):543-558.
Finkelstein, S., and D. C. Hambrick. 1989. Chief executive compensation: A study of the intersection of markets and political processes. Strategic Management Journal 10 (2):121-134.
Freedman, S. M., and J. R. Montanari. 1980. An integrative model of managerial reward allocation. Academy of Management Review 5 (3):381-390.
Gabaix, X., and A. Landier. 2008. Why has CEO pay increased so much? The Quarterly Journal of Economics 123 (1):49-100.
Garvey, G., and T. Milbourn. 2003. Incentive compensation when executives can hedge the market: Evidence of relative performance evaluation in the cross section. The Journal of Finance 58 (4):1557-1582.
Gayle, G.-L., and R. A. Miller. 2009. Has moral hazard become a more important factor in managerial compensation? American Economic Review 99 (5):1740-1769.
Gibbons, R., and K. J. Murphy. 1990. Relative performance evaluation for chief executive officers. ILR Review 43 (3):30-S-51-S.
Gomez-Mejia, L. R., P. Berrone, and M. Franco-Santos. 2014. Compensation and organizational performance: Theory, Research, and Practice: Routledge.
Henderson, A. D., and J. W. Fredrickson. 2001. Top management team coordination needs and the CEO pay gap: A competitive test of economic and behavioral views. Academy of Management Journal 44 (1):96-117.
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.
Jensen, M. C., and K. J. Murphy. 1990. Performance pay and top-management incentives. Journal of Political Economy 98 (2):225-264.
Kale, J. R., E. Reis, and A. Venkateswaran. 2009. Rank‐order tournaments and incentive alignment: The effect on firm performance. The Journal of Finance 64 (3):1479-1512.
Kanapathippillai, S., F. Gul, D. Mihret, and M. B. Muttakin. 2019. Compensation committees, CEO pay and firm performance. Pacific-Basin Finance Journal 57.
Kepes, S., J. Delery, and N. Gupta. 2009. Contingencies in the effects of pay range on organizational effectiveness. Personnel Psychology 62 (3):497-531.
Kini, O., and R. Williams. 2012. Tournament incentives, firm risk, and corporate policies. Journal of Financial Economics 103 (2):350-376.
Kofman, F., and J. Lawarrée. 1993. Collusion in hierarchical agency. Econometrica: Journal of the Econometric Society:629-656.
Kreps, J. M. 1970. Economics of aging: Work and income through the lifespan. American Behavioral Scientist 14 (1):81-90.
Lambert, R. A., D. F. Larcker, and K. Weigelt. 1993. The structure of organizational incentives. Administrative Science Quarterly:438-461.
Laux, C., and V. Laux. 2009. Board committees, CEO compensation, and earnings management. The Accounting Review 84 (3):869-891.
Lazear, E. P. 1989. Pay equality and industrial politics. Journal of Political Economy 97 (3):561-580.
Lazear, E. P., and S. Rosen. 1981. Rank-order tournaments as optimum labor contracts. Journal of Political Economy 89 (5):841-864.
Leventhal, G. S. 1976. The distribution of rewards and resources in groups and organizations. Advances in Experimental Social Psychology: Elsevier, 91-131.
Luong, H., L. Duong, and J. Evans. 2021. CEO pay disparity, takeover premiums and bidder performance in Australia: efficient contracting or managerial power? Accounting & Finance.
Main, B. G., C. A. O`Reilly III, and J. Wade. 1993. Top executive pay: Tournament or teamwork? Journal of Labor Economics 11 (4):606-628.
Martin, J. 1979. Relative deprivation: A theory of distributive injustice for an era of shrinking resources: Graduate School of Business, Stanford University.
Masulis, R. W., and S. Mobbs. 2011. Are all inside directors the same? Evidence from the external directorship market. The Journal of Finance 66 (3):823-872.
Milgrom, P., and J. Roberts. 1988. An economic approach to influence activities in organizations. American Journal of Sociology 94:S154-S179.
Mueller, H. M., P. P. Ouimet, and E. Simintzi. 2017. Within-firm pay inequality. The Review of Financial Studies 30 (10):3605-3635.
Newman, H. A., and H. A. Mozes. 1999. Does the composition of the compensation committee influence CEO compensation practices? Financial Management:41-53.
O`Reilly III, C. A., B. G. Main, and G. S. Crystal. 1988. CEO compensation as tournament and social comparison: A tale of two theories. Administrative Science Quarterly:257-274.
Pfeffer, J. 1972. Size and composition of corporate boards of directors: The Qorganization and its environment. Administrative Science quarterly:218-228.
Rosen, S. 1985. Prizes and incentives in elimination tournaments: National Bureau of Economic Research Cambridge, Mass., USA.
Rouen, E. 2020. Rethinking measurement of pay disparity and its relation to firm performance. The Accounting Review 95 (1):343-378.
Sapp, S. G. 2008. The impact of corporate governance on executive compensation. European Financial Management 14 (4):710-746.
Sargan, J. D. 1958. The estimation of economic relationships using instrumental variables. Econometrica: Journal of the Econometric Society:393-415.
Securities, and E. Commission. 2006. Executive compensation and related person disclosure. SEC Release.
Securities, U., and E. Commission. 2015. SEC adopts rule for pay ratio disclosure. Press Release, August 5.
Shaw, J. D., and N. Gupta. 2007. Pay system characteristics and quit patterns of good, average, and poor performers. Personnel Psychology 60 (4):903-928.
Shin, J. Y., S.-C. Kang, J.-H. Hyun, and B.-J. Kim. 2014. Determinants and Performance Effects of Executive Pay Multiples. ILR Review 68 (1):53-78.
Staw, B. M. 1984. Organizational behavior: A review and reformulation of the field`s outcome variables. Annual Review of Psychology 35 (1):627-666.
Sun, J., and S. Cahan. 2009. The Effect of Compensation Committee Quality on the Association between CEO Cash Compensation and Accounting Performance. Corporate Governance: An International Review 17 (2):193-207.
Sun, J., S. F. Cahan, and D. Emanuel. 2009. Compensation committee governance quality, chief executive officer stock option grants, and future firm performance. Journal of Banking & Finance 33 (8):1507-1519.
Tervio, M. 2008. The difference that CEOs make: An assignment model approach. American Economic Review 98 (3):642-668.
Tirole, J. 1986. Hierarchies and Bureaucracies: On the Role of Collusion in Organizations. Journal of Law, Economics, & Organization 2 (2):181-214.
Trevor, C. O., G. Reilly, and B. Gerhart. 2012. Reconsidering pay dispersion`s effect on the performance of interdependent work: Reconciling sorting and pay inequality. Academy of Management Journal 55 (3):585-610.
Vafeas, N., and Z. Afxentiou. 1998. The association between the SEC`s 1992 compensation disclosure rule and executive compensation policy changes. Journal of Accounting and Public Policy 17 (1):27-54.
Wade, J. B., I. Charles A. O`Reilly, and T. G. Pollock. 2006. Overpaid CEOs and Underpaid Managers: Fairness and Executive Compensation. Organization Science 17 (5):527-544.
Yanadori, Y., and V. Cui. 2013. Creating incentives for innovation? The relationship between pay dispersion in R&D groups and firm innovation performance. Strategic Management Journal 34 (12):1502-1511. |
| Description: | 碩士
國立政治大學
會計學系
108353016 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0108353016 |
| Data Type: | thesis |
| DOI: | 10.6814/NCCU202100508 |
| Appears in Collections: | [會計學系] 學位論文
|
Files in This Item:
| File |
Size | Format | |
|---|
| 301601.pdf | 1557Kb | Adobe PDF2 | 0 | View/Open |
|
All items in 政大典藏 are protected by copyright, with all rights reserved.
|
