The Impact of Corporate Governance and Performance on Board Compensation 黃于珊、張椿柏
E-mail: 365781@mail.dyu.edu.tw
ABSTRACT
The study concentrates on the impacts of corporate governance and firm performance on board compensation. In the part of corporate governance, it is going to be divided into ownership structure and board characteristics. The conclusions of thesis are as follows: from the aspect of ownership structure, board compensation correlates negatively with family ownership, and stands for Stewardship Theory. The degrees of ownership of managers do not affect board compensation. However, different kinds of compensation and board characteristics will influence the relationship between the stockholding of directors and board
compensation. When the stockholding of outside directors increases, the board compensation decreases. The higher the institutional ownership is, the higher the board compensation will be. From the aspect of board characteristics, both board size and board independence are negatively related to corporate governance. If a chairman also serves as the general manager, it is negatively related to corporate governance as well. From the aspect of firm performance, the board compensation is higher when it improves Keywords : corporate governance、firm performance、board compensation、ownership structure、board characteristics
Table of Contents
中文摘要 ... i 英文摘要 ... ii 誌謝辭 ... iii 內容目錄 ... iv 圖目錄 ... v 表目錄 ... vi 第一章 緒論
... 1 第一節 研究背景與動機 ... 1 第二節 研究目的 ... 3 第三節 研究架構 ... 4 第二章 文獻探討
... 6 第一節 薪酬的意涵 ... 6 第二節 公司治理對董監薪酬之影響 ... 8 第三節 企業績效對董監薪酬之影響 ... 19 第三章 研究方法
... 22 第一節 資料來源與選取過程 ... 22 第二節 變數定義與衡量 ... 23 第三節 樣本分析與模型設計 ... 29 第四章 實證結果與分析 ... 31 第一節 敘述性統計 ... 31 第二節 相關分析
... 34 第三節 迴歸分析 ... 36 第五章 結論與建議 ... 50 第一節 研究結論 ... 50 第二節 後續研究建議 ... 54 參考文獻 ... 55 圖 目 錄 圖1-1 架構流程圖
... 5 表 目 錄 表4-1 基本敘述性統計量 ... 33 表4-2 PEARSON 及SPEARMAN 相關係數 ... 35 表 4-3 股權結構、企業績效與董監薪酬之實證結果（一） ... 39 表 4-4 股權結構、企業績效與董監薪酬之實證結果（二） ... 40 表 4-5 董事會結構、企業績效與董監薪酬之實證結果
（一）... 43 表 4-6 董事會結構、企業績效與董監薪酬之實證結果（二） ... 44 表 4-7 股權及董事會結構、企 業績效與董監薪酬之實證結果(一) ... 48 表 4-8 股權及董事會結構、企業績效與董監薪酬之實證結果(二) ... 49 REFERENCES
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