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標題: | 持續自願揭露已實現薪酬之決定因素 Determinants of Persistent Disclosures of Realized Pay |
作者: | Ya-Hsuan Lee 李亞璇 |
指導教授: | 吳淑鈴(Shu-Ling Wu) |
關鍵字: | 已實現薪酬,自願性揭露,薪酬績效關聯性, Realized Pay,Voluntary Disclosure,Pay for Performance, |
出版年 : | 2019 |
學位: | 碩士 |
摘要: | 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. |
URI: | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/74696 |
DOI: | 10.6342/NTU201902094 |
全文授權: | 有償授權 |
顯示於系所單位: | 會計學系 |
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