氣候變遷與高階經理人薪酬績效設計之關聯性

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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)

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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

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指導教授

彭淑卿(Shu-Cing Peng)

審核日期

2023-8-7

推文