Please use this identifier to cite or link to this item:
標題: 董事會規模與董事會獨立性對董事薪酬與高階經理人薪酬的影響
The Effects of Board Size and Board Independence on Board Compensation and Manager Compensation
作者: Chia-Jung Hu
關鍵字: 董事薪酬;高階經理人薪酬;董事會;Director compensation;Manager compensation;Board
引用: 林穎芬、洪晨桓與陳佳成,臺灣上市公司董事薪酬影響因子之研究,臺大管理論叢,第23卷第1期,175-208。 林穎芬與劉維琪,2003,從高階主管薪酬的研究探討代理理論在台灣的適用性,管理學報,第20卷第2期:365-395。 洪玉舜與王泰昌,2005,績效衡量指標在高階主管現金薪酬契約中之相對重要性,證券市場發展季刊,第17卷第2期:35-100。 張旨華,2002,企業國際化程度、最高階管理者之薪酬與組織績效,國立成功大學企業管理學系未出版碩士論文。 陳錦村與葉雅薰 2002,公司改組、監督機制與盈餘管理之研究,會計評論,34期,1-29。 傅鍾仁、歐進士與張寶光,2002,我國企業經理人薪酬與其經營績效之實證,管理學報,第19卷第6期:1073-1096。 蔡柳卿,2006,相對績效評估與高階主管薪酬:論產業競爭程度之影響,管理評論,第25卷第1期:69-94。 Becher, D.A., T.L. Campbell II and M.B. Frye, 2005, 'Incentive Compensation for Bank Directors: The Impact of Deregulation'. The Journal of Business,78: 1753-1778. Berle, A.A. and G.G.C. Means, 1932, 'The modern corporation and private propertyTransaction Publishers'. Borokhovich, K., K. Brunarski and R. Parrino, 2006, 'Variation in the Monitoring Incentives of Outside Blockholders'. Journal of Law and Economics, 49(2): 651-680. Boyd, B.K., 1994, 'Board Control and CEO Compensation'. Strategic Management Journal,15: 335-344. Brick, I.E., O. Palmon and J.K. Wald, 2006, 'CEO Compensation, Director Compensation, and Firm Performance: Evidence of Cronyism?'. Journal of Corporate Finance,12: 403-423. 36 Bryan, S., L.-S. Hwang, A. Klein and S. Lilien, 2000, 'Compensation of Outside Directors: An Empirical Analysis of Economic Determinants'. Working Paper, Social ScienceResearch Network. Carcello, J.V. and A.L. Nagy, 2004, 'Client Size, Auditor Specialization and Fraudulent Financial Reporting'. Managerial Auditing Journal,19: 651-668. Chen, G., M. Firth, D.N. Gao and O.M. Rui, 2006, 'Ownership Structure, Corporate Governance, and Fraud: Evidence from China'. Journal of Corporate Finance,12: 424-448. Core, J.E., R.W. Holthausen and D.F. Larcker, 1999, 'Corporate Governance, Chief Executive Officer Compensation, and Firm Performance'. Journal of Financial Economics,51: 371-406. Crystal, G.S., 1991,'In search of excess: The Overcompensation of American Executives'. Norton. New York. Cyert, R.M., S.-H. Kang and P. Kumar, 2002, 'Corporate Governance, Takeovers, and Top-Management Compensation: Theory and Evidence'. Management Science,48: 453-469. Fama, E.F., 1980, 'Agency Problems and the Theory of the Firm'. The Journal of Political Economy: 288-307. Fama, E.F. and M.C. Jensen, 1983, 'Agency Problems and Residual Claims'. Journal of Law and Economics,26: 327-349. Fernandes, N., 2008, 'EC: Board Compensation and Firm Performance: the Role of 'Independent' Board Members'. Journal of Multinational Financial Management,18: 30-44. Fich, E. and A. Shivdasani, 2004, 'The Impact of Stock-Option Compensation for Outside Directors on Firm Value'. Journal of Business, Forthcoming. Gaver, J.J. and K.M. Gaver, 1993, 'Additional Evidence on the Association Between the Investment Opportunity Set and Corporate Financing, Dividend, and Compensation Policies'. Journal of Accounting and Economics,16: 125-160. Hwang, B.-H. and S. Kim, 2009, 'It Pays To Have Friends'. Journal of Financial Economics,93: 138-158. Jackling, B. and S. Johl, 2009, 'Board Structure and Firm Performance: Evidence from 37 India's Top Companies'. Corporate Governance: An International Review,17: 492-509. Jensen, M.C., 1993, 'The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems'. The Journal of Finance,48: 831-880. Jensen, M.C. and W.H. Meckling, 1976, 'Theory of The Firm: Managerial Behavior, Agency Costs and Ownership Structure'. Journal of Financial Economics,3: 305-360. Lambert, R.A., D.F. Larcker and K. Weigelt, 1993, 'The Structure of Organizational Incentives'. Administrative Science Quarterly: 438-461. Linn, S.C. and D. Park, 2005, 'Outside Director Compensation Policy and the Investment Opportunity Set'. Journal of Corporate Finance,11: 680-715. Lipton, M. and J.W. Lorsch, 1992, 'A modest Proposal for Improved Corporate Governance'. The Business Lawyer: 59-77. Monks, R.A.G. and N. Minow., 2004,'Corporate Governance'. 3 Oxford: Blackwell Business.' (2004). Morck, R., A. Shleifer and R.W. Vishny, 1988, 'Management Ownership and Market Valuation: An Empirical Analysis'. Journal of Financial Economics,20: 293-315. Murphy, K.J., 1999, 'Executive Compensation'. Handbook of labor economics,3: 2485-2563. Myers, S.C., 1977, 'Determinants of Corporate Borrowing'. Journal of Financial Economics,5: 147-175. Perry, T. 2000, 'Incentive Compensation for Outside Directors and CEO Turnover', Tuck-JFE Contemporary Corporate Governance Conference. Porta, R., F. Lopez‐de‐Silanes and A. Shleifer, 1999, 'Corporate Ownership Around the World'. The Journal of Finance,54: 471-517. Ryan Jr, H.E. and R.A. Wiggins III, 2004, 'Who Is in Whose Pocket? Director Compensation, Board Independence, and Barriers to Effective Monitoring'. Journal of Financial Economics,73: 497-524. Shleifer, A. and R.W. Vishny, 1997, 'A Survey of Corporate Governance'. The Journal of Finance,52: 737-783. 38 Smith, C.W. and R.L. Watts, 1992, 'The Investment Opportunity Set and Corporate Financing, Dividend, and Compensation Policies'. Journal of Financial Economics,32: 263-292. Smith Jr, C.W. and J.B. Warner, 1979, 'On Financial Contracting: An Analysis of Bond Covenants'. Journal of Financial Economics,7: 117-161. Vickers, J. and G. Yarrow, 1988, 'Regulation Of Privatised Firms in Britain'. European Economic Review,32: 465-472. Yermack, D., 1996, 'Higher Market Valuation of Companies with a Small Board of Directors'. Journal of Financial Economics,40: 185-211.

After the 2008 financial crisis, many financial institutions have been condemned of rewarding their employees by the received bailouts from the government. As a result, 'Fat cat' issue has gradually come to the surface; and the compensation system of a corporation has been regarded as a priority in today's society.
This study examines the effects of the composition of the board on compensation system of the board of director and managers. The sample of the study is drawn from the listed companies from 2005 to 2011 of the Taiwanese companies and OTC companies. The sample has been examined with three comparisons. First, we divided sample into family-run and non-family-run business, and subdivide non-family-run business into association, government and manager companies. Second, we group the companies in which their directors can also behave as the managers. Third, we put the companies into five groups according to different companies' operation scales (Size1, Size2, Size3, Size4 and Size5).
The findings suggest that the amount of the members in the board has a negative impact on the compensation system; however, it has a positive effect on compensation system for managers. Besides, the independence of the board is negatively related with its compensation system, but board independence has positive effects on that of manager compensation.
其他識別: U0005-1605201409511900
Rights: 不同意授權瀏覽/列印電子全文服務
Appears in Collections:財務金融學系所

Show full item record

Google ScholarTM


Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.