公司經理人薪酬與 ESG 表現之關聯性

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。

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.