R&D投資與明確的財務績效衡量對CEO薪酬的相對重要性：家族管理的調節作用;The Relative Importance of R&D Investments versus Explicit Financial Performance Measures on CEO Compensation: the Moderating Role of Family Management

NCUIR > School of Management at National Central University > Graduate Institute of Business Administration > Electronic Thesis & Dissertation > Item 987654321/66781

Please use this identifier to cite or link to this item: http://ir.lib.ncu.edu.tw/handle/987654321/66781

Title:	R&D投資與明確的財務績效衡量對CEO薪酬的相對重要性：家族管理的調節作用;The Relative Importance of R&D Investments versus Explicit Financial Performance Measures on CEO Compensation: the Moderating Role of Family Management
Authors:	林哲弘;Lin,Che-hung
Contributors:	企業管理學系
Keywords:	CEO薪酬;家族企業;R&D投資;短視R&D投資行為;R&D investment;CEO compensation;family firms;myopic R&D investment behavior
Date:	2015-01-08
Issue Date:	2015-03-16 15:33:09 (UTC+8)
Publisher:	國立中央大學
Abstract:	鑑於企業可以藉由R&D投資與CEO薪酬之間存在較大的關連性來防止CEO投機的減少R&D投資行為，本研究以台灣R&D密集產業為樣本探討家族所有權對R&D投資與CEO薪酬之間的關聯性。實證結果發現，家族企業的CEO薪酬較多依據R&D投資來衡量而較少依據明確的財務績效指標來衡量（即ROA）。此外，相對於先前的研究結果，本研究提供的證據顯示，相較於非家族企業，家族企業投入更多的R&D且R&D效率較高。此一實證結果顯示，家族企業的薪酬結構是基於R&D的投資來鼓勵CEO從事增值的R&D投資，而不是藉由帝國主義來剝削少數股東之利益。;Given that firms can prevent opportunistic reductions in R&D investment by establishing a greater positive association between R&D investment and CEO compensation, this study examines a sample of Taiwan’s R&D-intensive industries to investigate the impact of founding family ownership on the association between R&D investment and CEO compensation. The results show that CEO compensation of family firms depends more on R&D investment and less on explicit financial performance measures (i.e., return on assets). In addition, in contrast to previous findings, the study provides evidence that family firms invest more in R&D and show greater R&D efficiency relative to nonfamily firms. This result suggests that family firms’ compensation structure based on R&D investment encourages CEOs to engage in value-enhancing R&D investment rather than in empire building to expropriate minority shareholders.
Appears in Collections:	[Graduate Institute of Business Administration] Electronic Thesis & Dissertation

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