公司政治風險與CEO薪酬變化之關係;The Relationship Between Firm-level Political Risk and Change of CEO Compensation

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Title:	公司政治風險與CEO薪酬變化之關係;The Relationship Between Firm-level Political Risk and Change of CEO Compensation
Authors:	廖韋傑;Liao, Wei-Jie
Contributors:	財務金融學系
Keywords:	政治風險;CEO 薪酬;投資效率;Political Risk;CEO Compensation;Investment Efficiency
Date:	2022-06-06
Issue Date:	2022-07-13 20:43:14 (UTC+8)
Publisher:	國立中央大學
Abstract:	本研究探討公司政治風險對於 CEO 薪酬變化的關係，過往研究主要探討基於權益市場、公司成長及資本結構方面的風險對於 CEO 薪酬的影響，但是較少提及公司政治風險對於 CEO 薪酬的影響。本研究探討了公司在面臨政治風險時，CEO 薪酬結構會如何改變，以及後續所帶來的影響。本文利用 Hassan et al. (2019)所建構的公司政治風險代理變數，結果發現公司政治風險對現金薪酬比例為正向顯著影響，對權益薪酬比例為負向顯著影響。另外也發現公司面臨政治風險時，高權益薪酬反而會讓公司減少資本支出。而公司面臨高政治風險時，增加現金薪酬比例、減少權益薪酬比例能夠使公司投資效率提升。;This paper focuses on the relationship between firm-level political risk and CEO compensation. Previous researches mainly focused the impact of risk based on equity market, firm growth and capital structure on CEO compensation. But there are little studies discuss the impact of firm- level political risk on CEO compensation. This paper discusses the change of CEO compensation structure when firm is stressed on political risk, and the results after the change. The firm-level political risk variable this research adapted is developed by Hassan et al. (2019). The result found out that there is a positively significant impact between firm-level political risk and the level of cash-based compensation and a negatively significant impact on the level of equity-based compensation. Besides, the result also suggested that high level of equity-based compensation will lead to the decline of capital expenditure. When firm is stressed on high level of firm-level political risk, increasing the level of cash-based compensation and decreasing the level of equity-based compensation can boost the investment efficiency
Appears in Collections:	[Graduate Institute of Finance] Electronic Thesis & Dissertation

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