董事會特性對薪酬揭露透明度之影響

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：27

、訪客IP：18.223.205.60

姓名

金立勳(Li-shiun Chin) 查詢紙本館藏

畢業系所

企業管理學系

論文名稱

董事會特性對薪酬揭露透明度之影響
(The Impact of Board of Director Characteristic on the Disclosure Level of Compensation Practices)

相關論文

★ 我國中小企業貸款門檻操縱行為分析 -以某銀行授信戶為例	★ 董事會結構與自願性財務預測之關聯性
★ 國際化、創新活動與公司績效：台灣上市公司董事會結構論析	★ 國際化對公司經營績效的影響：資訊透明度的中介效果
★ 內部人持股與會計師選擇關聯性之研究-以馬來西亞上市公司為例	★ 利用吸引力因子進行嚴重服務失誤補救之成效
★ 提升企業價值之永續發展策略－以H公司資源回收為例	★ 組織變革對業務人員銷售力的影響-以電子零組件通路商為例
★ 會計保守性與法說會的關聯性	★ 探索產品品牌、品牌個性與人格特質的對應關係
★ 復徵證券交易所得稅對台灣股市之影響	★ 法人說明會對國際化績效與創新的影響
★ 投資人情緒與資訊透明度關聯性之研究	★ 公司股權結構與內部人交易關聯性之研究
★ 分析師是否高估應計項目的價值-兼論其對現金增資偏低訂價之影響	★ 分析師預測與新上市公司新股折價關聯性之研究

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 ( 永不開放)

摘要(中)

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。

摘要(英)

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.

關鍵字(中)

★ 薪酬水準
★ 薪酬揭露透明度
★ 董事會特性

關鍵字(英)

★ compensation level
★ the disclosure level of compensation practices
★ board of director characteristic

論文目次

中文摘要 i
英文摘要 ii
目錄 iii
表目錄 iv
一、緒論 1
二、文獻回顧 3
2.1 代理問題與董事會 3
2.2 董事會獨立性（Independence）與監督誘因（Monitoring incentives） 4
2.3 國內薪酬揭露規定 5
2.4 薪酬揭露透明度對薪酬之影響 6
三、假說發展 8
四、選樣與研究設計 11
4.1 樣本與研究期間 11
4.2 實證模式與變數定義 11
五、實證結果分析 16
5.1 敘述統計 16
5.2 董事會特性對薪酬揭露透明度之實證結果 28
5.3 薪酬揭露透明度等級與薪酬水準之實證結果 31
六、結論與建議 35
參考文獻 37

參考文獻

Agrawal, A., Knoeber, C., 1996. Firm performance and mechanisms to control agency problems between managers and shareholders. Journal of Financial and Quantitative Analysis 31, 377-396.
Ahmed, A., Duellman, S. (2007) Accounting conservatism and board of director characteristics: An empirical analysis, Journal of Accounting and Economics 43, 411–437.
Ahmed, A.S., Billings, B.K., Morton, R.M., Stanford-Harris, M., 2002. The role of accounting conservatism in mitigating bondholder-shareholder conflicts over dividend policy and in reducing debt costs. The Accounting Review 77, 867-890.
Ashbaugh, H., Collins, D., LaFond, R., 2006. The effects of corporate governance on firms’ credit ratings. Journal of Accounting and Economics 42, 203-243.
Beasley, M.S., 1996. An empirical analysis of the relation between the board of director composition and financial statement fraud. The Accounting Review 71, 443-465
Berle, A.A., Means, G.C., 1932. The Modern Corporation and Private Property. MacMillan, New York.
Bhojraj, S., Sengupta, P., 2003. Effects of corporate governance on bond ratings and yields: the role of institutional investors and outside directors. Journal of Business 76, 455-476.
Boone, A., Field, L., Karpoff, J., Rahega, C., 2006. The determinants of corporate board size: an empirical analysis. Working Paper, Vanderbilt University.
Carpenter, M. A. & Sanders, W. G. 2002. Top management team compensation: The Missing link between CEO pay and firm performance. Strategic Management Journal, 23:367-375.
Coles, Daniel, and Naveen, 2005 Boards: Does One Size Fit All? JOURNAL OF FINANCIAL ECONOMICS 87,329-356(2008)
Core, J., Guay, W., Rusticus, T., 2006. Does weak governance cause weak stock returns? An examination of firm operating performance and analysts’ expectations. Journal of Finance 61, 655-687.
Core, John E., Holthausen, Robert W. & Larcker, David F., 1999.　Corporate Governance, Chief Executive Officer Compensation, and Firm Performance. Journal of Financial Economics 51, 371-406.
Coulton, J. J., Taylor, S. L., & James, C. (2001). The Effect of Compensation Design and Corporate Governance on the Transparency of CEO Compensation Dis-closures Working paper. University of Technology, Sydney.
Fama, E.F., Jensen, M.C., 1983. Separation of ownership and control. Journal of Law and Economics 26, 301-325.
Field, L., Lowry, M., Shu, S., 2005. Does disclosure trigger litigation? Journal of Accounting and Economics 39, 487-507.
Grinstein, Y., Tolkowsky, E., 2004. The role of the board of directors in the capital budgeting process – evidence from S&P 500 firms. Working Paper, Cornell University.
Hart, O., 1995. Corporate Governance: Some Theory and Implications. The Economic Journal 105, 678-689.
Hermalin, B.E., Weisbach, M.S., 2003. Boards of directors as an endogenously determined institution: A survey of the economic literature. Economic Policy Review 9, 7-26.
Jensen, M.C., 1993. The modern industrial revolution, exit and failure of internal control systems. Journal of Finance 48, 831-880
Jensen, M.C., Meckling, W., 1976. Theory of the firm: managerial behavior, agency costs, and ownership structure. Journal of Financial Economics 3, 305-360.
LaksmanaI 2008. Corporate board governance and voluntary discosure of executive compensation practices. Contemporary Accounting Reasearch 25, 1147-1182
Lamber, D. M., Lewis, M. C., and Stock, J. R.(1993). How Shipper Select And Evaluate General Commodities LTL Motor Carriers. Journal of Business Logistics. 14(1), 131-143.
Leftwich, R., Watts, R., Zimmerman, J., 1981. Voluntary corporate disclosure: the case for interim reporting. Journal of Accounting Research 19, 50-77
Performance. Journal of Financial Economics 51, 371-406
Schleifer, A., Vishny, R.W., 1986. Large shareholders and corporate control. Journal of Political Economy 94, 461-488.
Smith, C.W., Watts, R.L., 1992. The investment opportunity set and corporate financing, dividend and compensation policies. Journal of Financial Economics 32, 263-292.
Vafeas and Afxentiou. 1998. Corporate Leadership in a Globalizing Equity Market. Academy of Management Executive, 12, 4: 43-59.
Verrecchia, A. 1983. Discretionary disclosure. Journal of Accounting and Economics 5 3, 179-194.
Warfield, T.D., Wild, J.J., Wild, K.L., 1995. Managerial ownership, accounting choices, and informativeness of earnings. Journal of Accounting and Economics 20, 61-92.
Watts R.L., 1977. Corporate financial statements, a product of the market and political processes. Australian Journal of Management 2, 53-75
Watts, R.L., 2003. Conservatism in accounting part I: explanations and implications. Accounting Horizons 17, 207-221.
Watts, R.L., 2006. What has the invisible hand achieved. Working Paper, Massachusetts Institute of Technology.
Watts, R.L., Zimmerman, J.L., 1978. Toward a positive theory of the determination of accounting standards. The Accounting Review 53, 112-134
Watts, R.L., Zimmerman, J.L., 1986. Positive Accounting Theory. New Jersey, Prentice Hall.
陳俊合，2010，「未費用化薪酬與超額薪酬對高階管理當局薪酬揭露之影響」，會計評論第50期，頁89-113。
彭淑菁，2005，「淺談「公開發行公司年報應行記載事項準則」強化資訊揭露及相關配套機制推動情形」，證券暨期貨月刊，二十五卷 3期，頁26-36。

指導教授

曹壽民(Shou-min Tsao)

審核日期

2011-6-20

推文