氣候變遷與高階經理人薪酬績效設計之關聯性

以作者查詢圖書館館藏

、以作者查詢臺灣博碩士

、以作者查詢全國書目

、勘誤回報

、線上人數：40

、訪客IP：3.147.27.140

姓名

曾姿穎(Tzu-Ying Tseng) 查詢紙本館藏

畢業系所

財務金融學系

論文名稱

氣候變遷與高階經理人薪酬績效設計之關聯性
(The Relationship Between Climate Change and the Design of Executive Performance-Related Compensation)

相關論文

★ 金融危機時期的薪酬變化與公司績效之關係 —以2008金融危機為例	★ 公司女性友善程度對公司績效影響 -以台灣上市公司為例
★ 管理層變動限制與企業社會責任	★ 氣候曝險與財務報表可讀性之相關性
★ 公司政治風險與CEO薪酬變化之關係	★ 女性CEO與氣候變遷相關議題之關係
★ 產品市場競爭對公司剝削員工程度的影響

檔案

[Endnote RIS 格式]

[Bibtex 格式]

[相關文章]

[文章引用]

[完整記錄]

[館藏目錄]

至系統瀏覽論文 (2028-6-30以後開放)

摘要(中)

本文探討氣候變遷與高階經理人薪酬績效設計之關聯性。透過美國各州之氣候變遷適應政策實行與否以及政策實行積極度差異，影響企業之氣候適應性與投資不確定性，觀察其對於CEO之薪酬績效指標影響。在樣本分析中我們發現，氣候變遷適應政策的制定與各州的政黨支持傾向以及產業發展息息相關；而實證結果則顯示了當該州有實行氣候變遷適應政策時，降低了投資不確定性，企業會增加CEO總薪酬績效指標計劃數，並且會較降低CEO非財報相關薪酬績效指標；而進一步則以氣候變遷適應政策實行積極度進行分析，當該州之氣候變遷適應政策實行積極度愈高時，結果除了如同先前發現公司會降低非財報相關薪酬績效指標計劃外，也發現到公司在增加財報相關薪酬績效指標計劃時，亦會增加盈餘相關績效指標比例。本研究之結果為政府政策、公司治理與薪酬訂定間的關聯發現到了另一種可能性。

摘要(英)

This study examines the relationship between climate change and executive compensation design. By analyzing the implementation and intensity of climate change adaptation policies across different states in the United States and their impact on corporate climate adaptability and investment uncertainty, we observe their influence on CEO compensation performance metrics. In the sample analysis, we found that the formulation of climate change adaptation policies is closely related to the political inclination and industrial development of each state. Empirical results indicate that when a state implements climate change adaptation policies, it reduces investment uncertainty, leading companies to increase the number of CEO total compensation performance metrics and decrease CEO non-financial performance metrics. Furthermore, when analyzing the degree of implementation of climate change adaptation policies, higher intensity is associated with a decrease in non-financial performance metrics and an increase in financial performance metrics, particularly those related to earnings. The results of this research reveal an additional possibility in the relationship between government policies, corporate governance, and compensation practices.

關鍵字(中)

★ 氣候變遷
★ CEO
★ 薪酬績效
★ 氣候變遷適應政策
★ 投資不確定性

關鍵字(英)

★ climate change
★ CEO
★ compensation metrics
★ climate adaptation
★ investment-uncertainty

論文目次

摘要 i
ABSTRACT ii
誌謝 iii
表目錄 vi
圖目錄 vii
一、緒論 1
1-1 研究動機與假說 1
1-2 研究樣本、實證結果與穩健性測試 3
二、文獻探討與假說建立 5
2-1 薪酬績效指標 5
2-2 氣候變遷政策與適應性 6
2-3 適應性與投資不確定性 7
2-4 不確定性與薪酬關聯性 8
三、樣本來源與樣本說明 12
3-1 樣本選擇 12
3-2 資料來源 12
3-2-1 氣候變遷適應政策 12
3-2-2 薪酬績效指標 17
3-3 變數 20
3-3-1 自變數-適應政策實行情況 20
3-3-2 控制變數 21
3-3-3 應變數-高階經理人薪酬績效指標 22
3-3-4 敘述統計 22
四、實證結果與分析 25
五、穩健性檢驗 33
六、結論 36
參考文獻 37
附錄一 40

參考文獻

Almeida, H., & Campello, M. (2001). Financial constraints and investment-cash flow sensitivities: New research directions. Twelfth Annual Utah Winter Finance Conference.
Almeida, H., & Campello, M. (2007). Financial constraints, asset tangibility, and corporate investment. Review of Financial Studies, 20(5), 1429-1460.
Atkinson, A. A., Waterhouse, J. H., & Wells, R. B. (1997). A stakeholder approach to strategic performance measurement. MIT Sloan Management Review, 38(3), 25.
Averchenkova, A., Crick, F., Kocornik‐Mina, A., Leck, H., & Surminski, S. (2016). Multinational and large national corporations and climate adaptation: are we asking the right questions? A review of current knowledge and a new research perspective. Wiley Interdisciplinary Reviews: Climate Change, 7(4), 517-536.
Beladi, H., Deng, J., & Hu, M. (2021). Cash flow uncertainty, financial constraints and R&D investment. International Review of Financial Analysis, 76, 101785.
Bernanke, B. S. (1983). Irreversibility, uncertainty, and cyclical investment. Quarterly Journal of Economics, 98(1), 85-106.
Bettis, C., Bizjak, J., Coles, J., & Kalpathy, S. (2010). Stock and option grants with performance-based vesting provisions. Review of Financial Studies, 23(10), 3849-3888.
Bloom, N., Bond, S., & Van Reenen, J. (2007). Uncertainty and investment dynamics. Review of Financial Studies, 74(2), 391-415.
Boyle, G. W., & Guthrie, G. A. (2003). Investment, uncertainty, and liquidity. Journal of Finance, 58(5), 2143-2166.
Brooks, N., & Adger, W. N. (2005). Assessing and enhancing adaptive capacity. Adaptation policy frameworks for climate change: Developing strategies, policies and measures, 165-181.
Coles, J. L., Daniel, N. D., & Naveen, L. (2006). Managerial incentives and risk-taking. Journal of Financial Economics, 79(2), 431-468.
Dasgupta, P. (2008). Nature in economics. Environmental and Resource Economics, 39(1), 1-7.
Dasgupta, S., Mody, A., Roy, S., & Wheeler, D. (2001). Environmental regulation and development: A cross-country empirical analysis. Oxford Development Studies, 29(2), 173-187.
Freeman, R. E., Wicks, A. C., & Parmar, B. (2004). Stakeholder theory and “the corporate objective revisited”. Organization Science, 15(3), 364-369.
Gilman, S. E., Urban, M. C., Tewksbury, J., Gilchrist, G. W., & Holt, R. D. (2010). A framework for community interactions under climate change. Trends in Ecology & Evolution, 25(6), 325-331.
Gulen, H., & Ion, M. (2016). Policy uncertainty and corporate investment. Review of Financial Studies, 29(3), 523-564.
Gupta, A. (Ed.). (2010). Transparency in global environmental governance: a coming of age?. Global Environmental Politics, 10(3), 1-9.
Hallegatte, S. (2009). Strategies to adapt to an uncertain climate change. Global Environmental Change, 19(2), 240-247.
Hayes, R. M., Lemmon, M., & Qiu, M. (2012). Stock options and managerial incentives for risk taking: Evidence from FAS 123R. Journal of Financial Economics, 105(1), 174-190.
Healy, P. M., & Wahlen, J. M. (1999). A review of the earnings management literature and its implications for standard setting. Accounting Horizons, 13(4), 365-383.
Helm, D. (2008). Climate-change policy: why has so little been achieved? Oxford Review of Economic Policy, 24(2), 211-238.
Hoque, Z. (2005). Linking environmental uncertainty to non-financial performance measures and performance: a research note. The British Accounting Review, 37(4), 471-481.
Hoque, Z., & James, W. (2000). Linking balanced scorecard measures to size and market factors: impact on organizational performance. Journal of Management Accounting Research, 12(1), 1-17.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, 3(4), 305-360.
Kaplan, R. S., & Norton, D. P. (2001). Transforming the balanced scorecard from performance measurement to strategic management: Part 1. Accounting Horizons, 15(1), 87-104.
Kaplan, R. S., & Norton, D. P. (2005). The balanced scorecard: measures that drive performance. Harvard business Review, 83(7), 172.
Khatri, N., & D′Netto, B. (1997). Perceived uncertainty and performance: the causal direction. Journal of Applied Management Studies, 6(2), 219.
Li, Z., & Wang, L. (2016). Executive compensation incentives contingent on long-term accounting performance. Review of Financial Studies, 29(6), 1586-1633.
Ma, F. (2019). Subjective CEO pay and long-term incentives. Available at SSRN 3314100.
Minton, B. A., & Schrand, C. (1999). The impact of cash flow volatility on discretionary investment and the costs of debt and equity financing. Journal of Financial Economics, 54(3), 423-460.
Nguyen, N. H., & Phan, H. V. (2017). Policy uncertainty and mergers and acquisitions. Journal of Financial and Quantitative Analysis, 52(2), 613-644.
Pastor, L., & Veronesi, P. (2012). Uncertainty about government policy and stock prices. Journal of Finance, 67(4), 1219-1264.
Rodrik, D. (1991). Policy uncertainty and private investment in developing countries. Journal of Development Economics, 36(2), 229-242.
Rubin, A. (2008). Political views and corporate decision making: The case of corporate social responsibility. Financial Review, 43(3), 337-360.
Sim, J., Zakrajsek, E., & Gilchrist, S. (2010). Uncertainty, financial frictions, and investment dynamics. In 2010 meeting papers (No. 1285). Society for Economic Dynamics.
Stein, L. C., & Wang, C. C. (2016). Economic uncertainty and earnings management. Harvard Business School Accounting & Management Unit Working Paper, (16-103).
Swamidass, P. M., & Newell, W. T. (1987). Manufacturing strategy, environmental uncertainty and performance: a path analytic model. Management Science, 33(4), 509-524.
van Veen-Dirks, P., & Wijn, M. (2002). Strategic control: meshing critical success factors with the balanced scorecard. Long Range Planning, 35(4), 407-427.
Vural‐Yavaş, Ç. (2021). Economic policy uncertainty, stakeholder engagement, and environmental, social, and governance practices: The moderating effect of competition. Corporate Social Responsibility and Environmental Management, 28(1), 82-102.
Wruck, K. H., & Wu, Y. (2021). Relative versus Absolute Performance Evaluation and CEO Decision-Making. Journal of Financial and Quantitative Analysis, 1-51.
Xu, N., Chen, Q., Xu, Y., & Chan, K. C. (2016). Political uncertainty and cash holdings: Evidence from China. Journal of Corporate Finance, 40, 276-295.
Zhang, K., & Liang, Q. M. (2020). Recent progress of cooperation on climate mitigation: A bibliometric analysis. Journal of Cleaner Production, 277, 123495.

指導教授

彭淑卿(Shu-Cing Peng)

審核日期

2023-8-7

推文