臺灣博碩士論文加值系統

本研究係探討公司內部法律顧問之存在對於其公司在追溯股票選擇權給予日時，是否有正向或負向影響。過去的文獻對於公司內部法律顧問研究，認為其知識背景及相關訓練，讓此法律顧問可能具有公司治理把關者之角色，但也可能由於自我利益之考量而妥協。研究發現:公司內部法律顧問之存在對於追溯股票選擇權給予日有負向顯著關係。本研究認為，依研究結果顯示，公司內部法律顧問具有把關者之角色，因此可抑制公司不當地追溯股票選擇權給予日。

This study examines whether the existence of General Counsel (GC) in top management is associated with the occurrence of a firm’s stock option backdating. Using a sample of firms that have unscheduled stock option grants, this study tests whether GCs act as a “facilitator” or a “gatekeeper” in the stock option backdating decision. The results show that firms with general counsel are less likely to incur stock option backdating. The results suggest that GCs’ legal background and expertise and their awareness of stock option backdating will motivate them to serve as a monitoring role when it comes to stock option backdating.

謝辭...i
摘要...ii
Abstract...iii
Content...iv
List of Tables...v
1.Introduction...1
2.Motivation and Research Objectives...5
3.Literature Review...10
3.1 The role of General Counsel...10
3.2 Stock option backdating...12
4.Hypotheses Development...17
5.Research Design...21
5.1 Identifying the presence of the GC in top management...21
5.2 Identifying backdated options awards...22
5.3 Logistic regression on general counsel and backdating...26
6.Descriptive Statistics and Empirical Results...31
6.1 Descriptive statistics and correlation matrix...31
6.2 Empirical result...37
6.3 Additional test...39
7.Conclusion and Research Limitation...43
Reference...45

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