臺灣博碩士論文加值系統

This study examined the relationship between TMT different compensation packages and innovation. We provide evidence that both TMT cash and options compensation has a positive impact on corporate new product introduce (innovation). On the other hand we show that TMT stock compensation have a negative impact on innovation. We also find that unvested option is more effective in promoting innovation that vested options. We do further robustness’ test to control for endogeneity problem, the 2SLS result show that our previous findings are not affected by endogeneity issues.

This study examined the relationship between TMT different compensation packages and innovation. We provide evidence that both TMT cash and options compensation has a positive impact on corporate new product introduce (innovation). On the other hand we show that TMT stock compensation have a negative impact on innovation. We also find that unvested option is more effective in promoting innovation that vested options. We do further robustness’ test to control for endogeneity problem, the 2SLS result show that our previous findings are not affected by endogeneity issues.

1. Introduction………………………………………………………………1
2. Literature Review…………………………………………………………………………3
2. Executive Compensation……………………………………...…………3
2. Innovation………………………………………………………………… 5
2. Executive Compensation and Innovation …………………………… 13
3. Motivation and Hypothesis…………………………………..……… 17
3. compensation and Innovation: Cash Compensation…………….… 17
3. compensation and Innovation: Stock Options ………………..…… 18
3.compensation and Innovation: Stock ………………………...……… 19
4.Data and Variable……………………………………...………………… 20
4. Data ….……………………………………………………………….……20
4. Variables ……………….............…………………………………….… 20
4.2.1 Dependent Variable ………………………..…………………….… 20
4.2.2 Independent Variable …………………………………………….… 21
4.2.3 Control Variable…………..……………………………………….… 21
5. Empirical Results………………………………………………………22
5.1 Univariable Analysis …………………………..……………………… 22
5.2 Multivariable Analysis …………………………………...…………… 24
5.2.1 Fixed effect Regression…………..………………………………… 24
5.2.2 Endogeneity Issues ………………………………………………… 26
5.2.3 Vested vs Unvested Options ……………………………………… 29
Conclusions …………………………………………………………………………………30 References .…………………………………………………………………31
Tables…………………………………………………………………………33

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