請用此 Handle URI 來引用此文件：
http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/92930完整後設資料紀錄
| DC 欄位 | 值 | 語言 |
|---|---|---|
| dc.contributor.advisor | 王泰昌 | zh_TW |
| dc.contributor.advisor | Tay-chang Wang | en |
| dc.contributor.author | 黃家琪 | zh_TW |
| dc.contributor.author | Jia-Chi Huang | en |
| dc.date.accessioned | 2024-07-08T16:06:54Z | - |
| dc.date.available | 2024-07-09 | - |
| dc.date.copyright | 2024-07-08 | - |
| dc.date.issued | 2024 | - |
| dc.date.submitted | 2024-06-12 | - |
| dc.identifier.citation | TEJ台灣經濟新報，2023，TESG永續發展指標技術手冊。
Adu, D. A., Flynn, A., and Grey, C. (2023). Carbon Performance, Financial Performance and Market Value: The Moderating Effect of Pay Incentives. Business Strategy and the Environment, 32(4), 2111-2135. Atz, U., Van Holt, T., Liu, Z. Z., and Bruno, C. (2022). Does Sustainability Generate Better Financial Performance? Review, Meta-analysis, and Propositions. Journal of Sustainable Finance and Investment. Bae, J., Yang, X., and Kim, M. I. (2021). ESG and Stock Price Crash Risk: Role of Financial Constraints. Asia-Pacific Journal of Financial Studies, 50(5), 556-581. Berg, F., Koelbel, J. F., and Rigobon, R. (2022). Aggregate Confusion: The Divergence of ESG Ratings. Review of Finance, 26(6), 1315-1344. Blanes, F., De Fuentes, C., and Porcuna, R. (2021). Corporate Social Responsibility and Executive Compensation: Further Evidence from Spanish Listed Companies. Sustainability, 13(13), 7341. Busch, T. and Lewandowski, S. (2018). Corporate Carbon and Financial Performance: A Meta-analysis. Journal of Industrial Ecology, 22(4), 745-759. Clark, G. L., Feiner, A., and Viehs, M. (2015). From the Stockholder to the Stakeholder: How Sustainability Can Drive Financial Outperformance. University of Oxford. Cohen, S., Kadach, I., Ormazabal, G., and Reichelstein, S. (2023). Executive Compensation Tied to ESG Performance: International Evidence. Journal of Accounting Research, 61, 805-853. Cornell, B. and Damodaran, A. (2020). Valuing ESG: Doing Good or Sounding Good? NYU Stern School of Business. Ducassy, I. (2013). Does Corporate Social Responsibility Pay Off in Times of Crisis? An Alternate Perspective on the Relationship between Financial and Corporate Social Performance. Corporate Social Responsibility and Environmental Management, 20(3), 157-167. Ferris, S. P., Kumar, R., Sant, R., Sopariwala, P. R. (1998). An Agency Analysis of the Effect of Long-term Performance Plans on Managerial Decision Making. The Quarterly Review of Economics and Finance, 38(1), 73-91. Francoeur, C., Melis, A., Gaia, S., & Aresu, S. (2017). Green or Greed? An Alternative Look at CEO Compensation and Corporate Environmental Commitment. Journal of Business Ethics, 140(3), 439-453. Freiberg, D., Rogers, J., and Serafeim, G. (2020). How ESG Issues Become Financially Material to Corporations and Their Investors. Harvard Business School Accounting & Management Unit Working Paper. Ganu, S. K., Newbury, R. and Zhu, X. (2023). Global Report on ESG Metrics in Incentive Plans 2023. Gibson, R., Krueger, P., and Schmidt, P. S. (2019). ESG Rating Disagreement and Stock Returns. Swiss Finance Institute Research Paper. Haque, F. and Ntim, C.G. (2020). Executive Compensation, Sustainable Compensation Policy, Carbon Performance and Market Value. British Journal of Management, 31(3), 525-546. Hong, B., Li, Z. and Minor, D. (2016). Corporate Governance and Executive Compensation for Corporate Social Responsibility. Journal of Business Ethics, 136(1), 199-213. Ikram, A., Li, Z. and Minor, D. (2023). CSR-contingent Executive Compensation Contracts. Journal of Banking & Finance, 151, 105655. Indahl, R., and Jacobsen, H. G. (2019). Private Equity 4.0: Using ESG to Create More Value with Less Risk. Journal of Applied Corporate Finance, 31(2), 34-41. Kotsantonis, S., and Serafeim, G. (2019). Four Things No One Will Tell You About ESG Data. Journal of Applied Corporate Finance, 31, 50-58. Larcker, D. F. (1983). The Association Between Performance Plan Adoption and Corporate Capital Investment. Journal of Accounting and Economics, 5, 3-30. Larcker, D. F., Tayan, B., and Watts, E. M. (2022). Seven Myths of ESG. European Financial Management, 28(4), 869-882. Lewandowski, S. (2017). Corporate Carbon and Financial Performance: The Role of Emission Reductions. Business Strategy and the Environment, 26(8), 1196-1211. Pastor, L., Robert, R. F. and Taylor, L. A. (2022). Dissecting Green Returns. Fama-Miller Center Working Paper, Jacobs Levy Equity Management Center for Quantitative Financial Research Paper. Phung, G., Trinh, H. H., Nguyen, T. H., and Trinh, V. Q. (2023). Top-management Compensation and Environmental Innovation Strategy. Business Strategy and the Environment, 32(4), 1634-1649. Verheyden, T., Eccles, R. G. and Feiner, A. (2016). ESG for All? The Impact of ESG Screening on Return, Risk, and Diversification. Journal of Applied Corporate Finance, 28(2), 47-55. Willis Towers Watson Climate Governance Initiative (2023). Executive Compensation Guidebook for Climate Transition: 2023 Addendum. Xie, J., Nozawa, W., Yagi, M., Fujii, H. and Managi, S. (2019). Do Environmental, Social, and Governance Activities Improve Corporate Financial Performance? Business Strategy and the Environment, 28(2), 286-300. | - |
| dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/92930 | - |
| dc.description.abstract | 本篇研究使用台灣經濟新報(TEJ)資料庫於2022年3月發布的「TESG永續發展指標」資料，分析台灣上市、上櫃公司於2015年至2022年在環境、社會、公司治理三個層面的表現對於公司管理階層薪酬的影響。
本篇研究分別以各公司經理人所處主管機關規定上市櫃公司揭露薪酬區間之中位數(以下簡稱經理人薪酬中位數)、各公司總經理與副總經理薪酬平均數衡量經理人薪酬變數，前者以個人為單位，而後者以公司之平均為單位。本篇研究並將薪酬分成固定性質之薪資部分和變動性質之獎金部分，觀察兩者與將總薪酬作為應變數之迴歸結果間之差異。 結果顯示，ESG總分與經理人薪酬呈現正向關聯，環境、社會及公司治理構面分數與經理人薪酬亦呈現正向關聯。另外，獎金相對於薪資作為應變數而言，其與企業總體ESG表現、環境、社會及公司治理構面的表現關聯性更為強烈且顯著，此與預期相同。但部分ESG議題與薪酬間未見顯著關聯，甚至出現負向關聯之情形。本篇研究提供了TESG永續發展指標與經理人薪酬之關聯性實證結果，有助於了解現階段台灣企業在薪酬設計時所重視的ESG議題。 | zh_TW |
| dc.description.abstract | This study utilizes data from the Taiwan Economic Journal (TEJ) database, specifically the "TESG Indicators" released in March 2022, to analyze the influence of companies' performance in environmental, social, and corporate governance (ESG) aspects from 2015 to 2022 on executive compensation.
The study measures executive compensation variables using the median of disclosed compensation ranges for executives in listed and OTC companies and the average compensation of CEOs and deputy CEOs within each company. Executive compensation is further segmented into salary and bonus components to observe differences in regression outcomes. Results indicate a positive association between TESG sustainability ratings and executive compensation, with scores in environmental, social, and corporate governance dimensions also showing positive correlations with executive compensation. Additionally, bonuses exhibit a stronger and more significant correlation with overall ESG performance, as well as environmental, social, and corporate governance dimensions compared to salary, which is consistent with expectations. However, some specific ESG issues show no significant association with compensation, and in some cases, even display a negative correlation. This study provides empirical evidence on the relationship between TESG indicators and executive compensation, aiding in understanding the ESG issues emphasized by companies in their compensation design processes. | en |
| dc.description.provenance | Submitted by admin ntu (admin@lib.ntu.edu.tw) on 2024-07-08T16:06:53Z No. of bitstreams: 0 | en |
| dc.description.provenance | Made available in DSpace on 2024-07-08T16:06:54Z (GMT). No. of bitstreams: 0 | en |
| dc.description.tableofcontents | 中文摘要 i
英文摘要 ii 目次 iii 圖次 v 表次 v 壹、緒論 1 貳、文獻回顧與假說發展 3 第一節 文獻探討 3 第二節 假說發展 12 參、研究方法 14 第一節 資料來源與樣本選擇 14 第二節 TESG永續發展指標簡介 18 第三節 變數選擇與研究模型 20 肆、實證結果 28 第一節 敘述性統計 28 第二節 相關係數分析 31 第三節 迴歸結果分析 33 伍、額外分析 45 第一節 兩期變動模型 45 第二節 群集標準誤 56 第三節 解決內生性問題 63 陸、結論與研究限制 65 第一節 結論 65 第二節 研究限制 66 參考文獻 68 附錄 72 | - |
| dc.language.iso | zh_TW | - |
| dc.title | 公司經理人薪酬與 ESG 表現之關聯性 | zh_TW |
| dc.title | The Correlation of Corporate Executive Compensation and ESG Performance | en |
| dc.type | Thesis | - |
| dc.date.schoolyear | 112-2 | - |
| dc.description.degree | 碩士 | - |
| dc.contributor.coadvisor | 劉嘉雯 | zh_TW |
| dc.contributor.coadvisor | Chiawen Liu | en |
| dc.contributor.oralexamcommittee | 林瑞青;曾怡潔 | zh_TW |
| dc.contributor.oralexamcommittee | RUEICHING LIN;YICHIIE TZENG | en |
| dc.subject.keyword | 經理人薪酬,TESG 評級, | zh_TW |
| dc.subject.keyword | Executive Compensation,TESG Ratings, | en |
| dc.relation.page | 84 | - |
| dc.identifier.doi | 10.6342/NTU202401134 | - |
| dc.rights.note | 未授權 | - |
| dc.date.accepted | 2024-06-12 | - |
| dc.contributor.author-college | 管理學院 | - |
| dc.contributor.author-dept | 會計學系 | - |
| 顯示於系所單位： | 會計學系 | |
文件中的檔案：
| 檔案 | 大小 | 格式 | |
|---|---|---|---|
| ntu-112-2.pdf 目前未授權公開取用 | 1.46 MB | Adobe PDF |
系統中的文件，除了特別指名其著作權條款之外，均受到著作權保護，並且保留所有的權利。