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研究生:李亞璇
研究生(外文):Ya-Hsuan Lee
論文名稱:持續自願揭露已實現薪酬之決定因素
論文名稱(外文):Determinants of Persistent Disclosures of Realized Pay
指導教授:吳淑鈴吳淑鈴引用關係
指導教授(外文):Shu-Ling Wu
口試委員:洪聖閔陳宗岡
口試委員(外文):Sheng-Min HungTsung-Kang Chen
學位類別:碩士
校院名稱:國立臺灣大學
系所名稱:會計學研究所
學門:商業及管理學門
學類:會計學類
論文種類:學術論文
論文出版年:2019
畢業學年度:108
語文別:中文
論文頁數:44
中文關鍵詞:已實現薪酬自願性揭露薪酬績效關聯性
外文關鍵詞:Realized PayVoluntary DisclosurePay for Performance
DOI:10.6342/NTU201902094
相關次數:
  • 被引用被引用:0
  • 點閱點閱:202
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美國自 2011 年起強制實施 Say-on-Pay,企業為說明高階主管薪酬與績效係為緊密相關,開始自願在年報上揭露已實現薪酬,以說服股東同意公司之薪酬方案。本研究選取 2011 年至 2017 年,美國 S&P 1500 名單上,連續揭露以及不連續揭露已實現薪酬之公司為研究樣本,並使用羅吉斯迴歸分析來探討促使公司持續揭露已實現薪酬之決定因素。實證結果發現,在往年 Say-on-Pay 支持率較高及媒體關注度較高的情況下,會顯著提升企業持續在年報上自願揭露已實現薪酬的可能。然而實證結果無法說明機構投資人持股比例與企業持續揭露已實現薪酬之關聯性,且雖與高階主管薪酬較攸關之公司治理較佳的企業傾向持續揭露已實現薪酬,但影響亦不顯著。
All public traded firms in the U.S. were mandated to adopt Say-on-Pay since 2011. In order to increase the passing rate, some companies have started to voluntarily disclose “Realized Pay” in proxy statements to clarify the alignment between the executive compensation package and the financial performance. Focusing on those companies that disclose realized pay for several consecutive years and those companies that only disclose realized pay occasionally, both from 2011 to 2017, this study uses the logit regression to investigate the factors which motivate firms to disclose realized pay information persistently. The empirical results suggest that companies with better past Say-on-Pay voting outcomes and higher media coverage are more likely to disclose realized pay persistently. However, there is no evidence showing that institutional ownership is related to persistent disclosures of realized pay. Moreover, although firms with better compensation-related corporate governance tend to persistently disclose realized pay, the result is not significant.
目錄
摘要.................................................................................................................................i
Abstract.........................................................................................................................ii
表目錄...........................................................................................................................iv
第一章 緒論........................................................................................................1
第一節 研究背景與動機............................................................................................. 1
第二節 研究目的......................................................................................................... 2
第三節 論文架構......................................................................................................... 3
第二章 文獻回顧................................................................................................4
第一節 自願性揭露..................................................................................................... 4
第二節 Say-on-Pay 制度............................................................................................ 6
第三節 已實現薪酬(Realized Pay)....................................................................... 9
第三章 研究方法..............................................................................................13
第一節 研究假說....................................................................................................... 13
第二節 實證模型及變數定義................................................................................... 18
第三節 樣本選取及資料蒐集................................................................................... 24
第四章 實證結果與分析.................................................................................27
第一節 敘述統計....................................................................................................... 27
第二節 相關係數分析............................................................................................... 31
第三節 迴歸結果....................................................................................................... 33
第五章 研究結論與限制.................................................................................36
第一節 研究結論....................................................................................................... 36
第二節 研究限制....................................................................................................... 37
附錄 1: 已實現薪酬揭露範例................................................................................38
參考文獻......................................................................................................................39
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