企業社會責任與高階主管獎酬

Abstract

本研究主要探討高階主管股權獎酬誘因對CSR績效的影響，並進一步檢驗是否存在高階主管超額獎酬的情況，以區分利害關係人理論與過度投資假說。本文以西元1995年起至2013年止共計十九個年度之美國上市公司為研究樣本進行分析。研究結果顯示CEO股權獎酬誘因與企業社會責任績效呈顯著正相關。此外，在控制公司治理變數之後，並未發現CSR績效與CEO超額獎酬有顯著關聯，因此結果支持權益誘因是激勵CEO從事有利於利害關係人活動之CSR，而非為了自身利益，符合利害關係人理論。

The objective of this research is to investigate the impact of executive equity-based compensation on corporate social performance. The sample includes U.S. listed companies from 1995 to 2013. The empirical results show that CEO equity incentives have a positive impact on corporate social performance. To distinguish between overinvestment hypothesis and stakeholder theory, we further test whether CSR performance is positively related to CEO excess compensation. We do not find evidence of such a positive association, suggesting that CEOs do not engage in CSR for self-dealing but to increase stakeholder interests.