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標題: | 企業ESG表現與經理人薪酬之關聯性 The Correlation of Corporate ESG Performance and Executive Compensation |
作者: | 廖瓊禎 Chiung-Chen Liao |
指導教授: | 陳思帆 Szu-fan Chen |
關鍵字: | 經理人薪酬,TWSE公司治理評鑑,MSCI ESG指數, executive compensation,TWSE Corporate Governance Evaluation,MSCI ESG index, |
出版年 : | 2024 |
學位: | 碩士 |
摘要: | 本研究旨在探討企業ESG表現與企業經理人薪酬之關聯性以及因果關係。研究使用台灣經濟新報(TEJ)資料庫中2014年至2019年的上市櫃公司資料,以經理人平均薪酬衡量經理人薪酬變數,並將ESG表現區分為兩種類型:以TWSE公司治理評鑑作為「表面ESG評分」的指標,以及以MSCI ESG指數作為「實際ESG表現」的指標。結果顯示,「表面ESG評分」與「經理人薪酬」呈現顯著正相關並具有因果關係,當TWSE評分較高時,企業經理人薪酬也較高,且評分變動與薪酬變動呈正向關係。然而,「實際ESG表現」與「經理人薪酬」之間則未呈現顯著關係,亦無因果關係。
本研究結果顯示,在臺灣企業中,經理人薪酬的決定較偏向於採用「表面ESG評分」而非「實際ESG表現」,其原因可能是因為TWSE評鑑較容易受到企業操控。本研究結果對於ESG評分與經理人薪酬的相互關係提供了實證依據。 The purpose of this study is to investigate the association and the potential causal relation between corporate ESG performance and executive compensation. The study uses data from the Taiwan Economic Journal (TEJ) database and examines TWSE-listed companies between 2014 and 2019. Financial institutions are excluded. This study uses the average compensation of top executives as the measure of executive pay and classify ESG measures into two types: "superficial ESG performance" as measured by the TWSE corporate governance evaluation results, and "actual ESG performance" as measured by the MSCI ESG index. Empirical results show a significantly positive correlation between "superficial ESG performance" and executive compensation. Further change analysis shows that an increase in superficial ESG performance is followed by an increase in executive compensation. In contrast, no statistically significant association is observed between "actual ESG performance" and executive compensation. The findings suggest that in Taiwanese companies, executive compensation is tied to widely observable and potentially easier to manipulate ESG scores rather than the firm’s actual ESG performance. The empirical evidence of this study sheds new light on the relation between corporate ESG performance and executive compensation. |
URI: | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/91374 |
DOI: | 10.6342/NTU202400066 |
全文授權: | 同意授權(限校園內公開) |
顯示於系所單位: | 會計學系 |
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