專注型機構投資人與 ESG 連結薪酬關聯性之探討

Abstract

本研究旨在探討專注型機構投資人對企業採用 ESG 連結薪酬制度之影響。本文以 2018 至 2023 年美國上市公司為研究對象，採用羅吉斯迴歸模型進行實證分析。結果顯示，專注型機構投資人持股比例與企業採用 ESG 連結薪酬制度之可能性呈正向關聯性。此外，本研究發現，當該公司的專注型投資人之其他持股企業已導入 ESG 連結薪酬時，會增加專注型機構投資人持股比例與ESG連結薪酬之正向關聯性，證明專注型機構投資人共同持投的資訊外溢效果。進一步分析發現，專注型特質中以持股集中度所帶來的監督效果較持股期間更為顯著，顯示集中持股為推動企業 ESG 薪酬設計之關鍵。整體而言，本研究補充了外部治理機制與薪酬設計之文獻，並對企業規劃高階主管薪酬制度提供實務啟示。

This study examines how dedicated institutional investors influence firms’ adoption of ESG-linked pay. Using a sample of U.S. listed firms from 2018 to 2023, the results from logistic regressions show that greater dedicated institutional ownership is significantly associated with a higher likelihood of adopting ESG-linked pay. This study also finds that the positive relation between dedicated investor ownership and the adoption of ESG-linked pay is more pronounced when other holding companies of the firm’s dedicated investor also adopt ESG-linked pay. This result suggests the spillover effects arising from dedicated investors’ common ownership. Moreover, further analyses reveal that holding concentration, rather than portfolio turnover, is the primary driver of the monitoring effectiveness of dedicated institutional investors. Overall, this study contributes to the literature on external governance mechanisms and incentive design and provides practical implications for firms in designing executive compensation schemes and for investors in formulating sustainable investment strategies.