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    Please use this identifier to cite or link to this item: http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/109047

    Title: 銷管費用僵固性、帝國建立動機與公司治理個別機制之成效
    Other Titles: SGA Cost Stickiness, Empire-Building Incentives, and the Effects of Individual Corporate Governance Mechanisms
    Authors: 陳建中
    Keywords: 公司治理;帝國建立動機;銷管費用僵固性;corporate governance;empire building incentives;SGA cost stickiness
    Date: 2016-11
    Issue Date: 2016-12-27 16:53:36 (UTC+8)
    Publisher: 淡江大學出版中心
    Abstract: 本研究以2005年至2012年台灣上市櫃公司的公司年資料為樣本驗證Chen, Lu,
    and Sougiannis (2012)帝國建立動機是銷管費用僵固性成因之發現,並進一步探討公
    This paper uses a sample of firms listed on the Taiwan Stock Exchange over
    the 2005-2012 period to examine whether the stickiness of selling, general, and
    administrative costs (SGA costs) can be attributed to the empire building incentives of
    managers, as hypothesized by Chen, Lu, and Sougiannis (2012). This paper also explores
    whether individual corporate governance mechanisms can help alleviate SGA cost
    stickiness caused by the empire building incentives. I adopt free cash flow, CEO’s tenure,
    CEO’s short horizon, and CEO’s variable pay ratio as proxies for empire building
    incentives. The results provide evidence to support the Chen et al.(2012)’s hypothesis.
    Moreover, the adoption of individual corporate governance mechanisms (i.e., higher
    institutional ownership ratio, smaller board size, higher ratio of outside directors, and
    CEO’s duality) help alleviate cost stickiness imposed by some (one to three) empire
    building incentives. Furthormore, the empirical evidence indicates that the corporate
    governance mechanisms of firms in Taiwan’s tend to forestall all incentives to empire
    building. In addition, each of the mechanisms helps to alleviate some of these incentive
    problems, without imposing adverse side-effects.
    Relation: Journal of Contemporary Accounting=當代會計 17(2), pp.131-171
    DOI: 10.6675/JCA.17.2.01
    Appears in Collections:[當代會計期刊] 第17卷第2期

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