企業捐贈決策的道德或策略抉擇：考量經理人薪酬與企業未來前景

淡江大學機構典藏 > 商管學院 > 會計學系暨研究所 > 研究報告 > Item 987654321/101303

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题名:	企業捐贈決策的道德或策略抉擇：考量經理人薪酬與企業未來前景
其它题名:	The Choice of Moral or Strategy on Corporate Donation Decision: Considering Managerial Compensation and Corporate Future Prospects
作者:	黃振豊
贡献者:	淡江大學會計學系
关键词:	企業公益動機;企業捐贈決策;薪酬契約;未來前景;代理理論;corporate philanthropic motives;corporate donation decision;compensation contract;future prospects;agency problem
日期:	2013-08
上传时间:	2015-04-21 15:37:55 (UTC+8)
摘要:	近年來，企業秉持著「取之於社會，用之於社會」的理念，相繼以參與慈善事業作為回應企業社會責任的最主要方式。顯而易見，純粹利他的公益行為雖為至高無上的美德，但其忽略了企業獲利極大化的目標。因而，企業競相採行策略性公益行為，這不僅有益於社會福祉發展，同時有助於企業實現經濟獲利，達到雙贏的目標。因此，本研究首先欲探討不同的捐贈動機對企業捐贈決策之關聯性。再者，為了減緩經理人擅用企業資源而行使有助於個人利益之決策，企業往往設計以財務績效為基礎之薪酬契約，用以監督並控制經理人之決策所產生的各項成本。但是，隨著各方利害關係人對企業社會責任的期待高漲，而參與社會責任活動固然為一項成本支出（Cordeiro and Sarkis，2008），將侵蝕經理人之獎酬，薪酬契約與企業社會責任具有密切之關聯性。因此，本研究認為不同的薪酬契約將影響經理人捐贈決策之裁量結果（Jones and Wicks，1999）。目的旨在檢視經理人在制定捐贈決策時將如何權衡（trade-off）企業社會責任活動與財務績效兩者利益衝突的重要性。此外，當企業獲利預測較為悲觀時，則企業會保留資金或選擇具有較高淨現值的投資專案，減少對社會責任的投資（Campbell， 2007；Strugatch，2011）；反之，當企業獲利預測較為樂觀時，則企業有較為充裕的資金來源與閒置資金，用以滿足利害關係人對企業的期望與需求，故企業會傾向於從事慈善捐贈，履行企業社會責任，以期獲得綜效利益（synergistic benefits）（Saiia, Carroll and Buchholtz，2003）。因此，本研究更進一步探討企業未來前景的好壞，如何影響企業參與慈善事業之意願。本研究貢獻在於整合了捐贈動機、薪酬契約、利害關係人理論、盈餘管理與未來經濟前景等，用以了解企業慈善捐贈行為，此一探究不僅擴充了現有公司治理與企業社會責任之研究。過去有關於薪酬契約的研究，大多只關注財務績效基礎之關係，鮮少討論社會責任投資之影響，所以本研究將薪酬契約結合企業社會活動，檢視薪酬契約在企業社會責任活動中所扮演的角色，並瞭解企業經理人的衝突解決策略（conflict resolution strategies）。除外，過去大量研究皆在探討企業社會活動與財務績效之關聯性，並出現不一致的研究結果（Margolis and Walsh，2003），儘管許多財務經濟學家發展財務預測模型，並以展望理論（prospect theory）解釋經理人投資專案決策行為，卻鮮少以未來前景預測的角度，討論企業當前的社會責任活動。特別的是，本文透過薪酬契約與未來前景之情境設計，提供一個新穎的視角來評估「代理問題」如何影響企業捐贈行為，期能提供企業治理機制一套較完整的薪酬契約設計建議。 Corporate social responsibility (CSR) is receiving much attention in business and practiced into business. This study aims to investigate the relationship between philanthropy motives and corporate donation decision in Taiwan. Although there is abundant research to address the link between drivers and donation decision, hardly any studies scrutinize whether the type of managerial compensation makes a difference to this link. While the majority of corporate governance research conducted within business studies concentrates on the financial-based compensation design, the societal-based of managerial compensation are left largely unexplored. Therefore, this study draws on the CSR investment being proxied by donation decision, which has discretionary characteristic and could bring forward the problem of opportunistic behavior by a manager. We conjecture that CSR donation affect the state of the current financial performance, which, in turn, influence a manager’s feedback compensation (Cordeiro and Sarkis, 2008). Thus, the more risk from the components of compensation design, the more uncertainty manager encounter, ultimately the less intention that manager volunteer to giving. This study further attempts to examine the role played by future prospects on the link between philanthropic motives and donation decision by dichotomizing future prospects based on whether the profit for the coming year is growing or declining. The choice of future prospects is based on that manager’s feedback compensation mainly subject to the financial performance, which result in manager highly sensitive to the state of the financial forecasting. According to the slack resources hypothesis, we suppose that the pessimistic future induces the firms are more likely to choose the positive NPV project rather than CSR donation (Campbell, 2007; Strugatch, 2011); on the contrary, the prosperous future provide more appropriate capital flexibility for a firm, hence firms are more likely to engage in CSR donation, particularly those donations offer tax-saving and have been adopted as a cause-related marketing strategy to obtain synergistic benefit (Saiia, Carroll and Buchholtz, 2003). The most contribution in this study is we start the research from the integrally inspection of philanthropic motives and donation decision by considering different managerial compensation contracts and firm’s future prospects. We also extend our research to stretch the interactive effects between different components of compensation design, providing a more nuanced explanation of how manager trade-off between stakeholder management and feedback incentives. We believe the research with integrated design could not only make a breakthrough in our findings but also offer academics for future research directions to do comprehensive analyses. The research could offer valuable contributions on donation theory and referred value in the research of corporate governance mechanism.
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