疫情前後獎酬與財務績效及CSR績效之關聯性

Abstract

政府強制揭露企業社會責任報告書加上疫情的爆發使企業社會責任的重要性水漲船高，投資人除了財務績效外，也逐漸開始關注公司的CSR績效。本研究使用台灣上市櫃公司近6年資料做為樣本，試圖了解獎酬受到財務績效及CSR績效的影響程度，並進一步探究疫情期間財務績效及CSR績效對獎酬影響程度的變化。

實證結果發現經理人獎酬同時受到公司財務績效及CSR績效影響，而疫情期間財務績效及CSR績效對經理人獎酬的影響程度皆提升，且CSR績效影響程度提升較多，顯示和CSR相關的非財務績效在財務績效下降時扮演更重要的角色。本研究建立了經理人獎酬、財務績效及CSR績效三者間的關聯性，探究獎酬及不同績效間是否會隨時間推移產生變化，為經理人獎酬相關研究提供不同層面的見解。

The government's mandatory disclosure of corporate social responsibility reports and the outbreak of the epidemic have heightened the importance of corporate social responsibility. In addition to financial performance, investors have gradually begun to pay attention to the company's CSR performance. This study uses the data of Taiwanese listed companies in the past 6 years as samples, trying to understand the impact of financial performance and CSR performance on executive compensation, and further explore the changes in the impact of financial performance and CSR performance on compensation during the epidemic.

The empirical results show that executive compensation is affected by the company's financial performance and CSR performance at the same time, and the impact of financial performance and CSR performance on executive compensation increased during the epidemic period. Besides, the impact of CSR performance increased more, showing that during the epidemic period, even if all the company's financial performance has been impacted, if managers can participate in corporate social responsibility and improve the company's reputation, they can prevent the severe reduction of compensation due to the epidemic. This study establishes the relationship between executive compensation, financial performance, and CSR performance, and explores whether there will be changes between these relationships over time, providing insights from different prospects for research on executive compensation.