本研究欲檢視董事會特性對薪酬揭露透明度關係，分別以四種董事會特性來衡量：（1）董事兼任公司高階經理人的比例，（2）董事長兼任總經理，（3）董事會規模，（4）外部董事持股比例。實證結果顯示：董事兼任公司高階經理人的比例與薪酬揭露透明度呈顯著負相關；董事長兼任CEO與薪酬揭露透明度亦呈顯著負相關；董事會規模與薪酬揭露透明度則無顯著相關；最後，外部董事持股與薪酬揭露透明度呈顯著正相關。此外，本文亦探討薪酬揭露透明度與薪酬水準間的關係。結果顯示，薪酬揭露透明度與總薪酬、現金薪酬呈顯著負相關；而薪酬揭露透明度與股票薪酬則無顯著相關。 This study investigates the impact of board of director characteristic on the voluntary disclosure level of compensation practices and how this disclosure level influences the level of executive compensation. We focus on four board of director characteristics: (1) percentage of insiders on the board (2) separation of chairman and CEO positions (3) board size (4) outside director ownership. The results document that the percentage of insiders on the board is negatively related to the disclosure level of compensation practices, and CEO/chair separation is negatively related to the disclosure level. Board size is unrelated to the disclosure level. Board size is unrelated to the disclosure level. Outside director ownership is positively related to the disclosure level. In addition, this study finds that the compensation disclosure level is negatively related to executive compensation level.
