業績效之影響。研究對象為我國上市及上櫃公司，樣本期間主要為 2011 年與 2012
The objective of this study is to discuss the substitution effect of managers’
cash bonuses and the quality of compensation committee on firm performance. In this
study we used public listed companies in Taiwan as our study sample and our sample
period is from Jan. 2011 to Dec. 2012. Cash bonus were used as a proxy for managers’
incentive compensation, and five quality characteristics (directors’ seniority, size of
compensation committee, frequency of meetings, members attendance rate and proportion
of independent directors) were used to measure the quality of compensation committee.
We used two-stage least squared regression to examine the effect of the quality of
compensation committee on the association between managers’ cash bonuses and firm
performance. Our results found that there is a substitution relationship exists between
managers’ cash bonuses and the quality of the compensation committee. This provides
evidence for the supposition that companies with a high quality compensation committee
could reduce cash bonuses and still achieve the same business performance.
Journal of Contemporary Accounting=當代會計期刊 17(1), pp.63-89