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|Title: ||公司績效, 風險與高階經理人薪酬之關聯性研究|
|Other Titles: ||The relationships between CEO compensation and firm performance, and risk|
|Authors: ||黃涵青;Huang, Han-Ching|
|Keywords: ||高階經理人薪酬;風險因子;公司績效;公司治理;CEO Compensation;risk factor;Corporate Performance;corporate governance|
|Issue Date: ||2013-04-13 10:51:39 (UTC+8)|
This study discusses the relationship between accounting, market performance, risk factors and other variables and the remunerations of senior managers. The explained variables include the variations in remunerations of total staff, total remunerations of directors and supervisors, total remunerations of general manager/deputy general managers and other senior managers; the explaining variables include the variations in ROA and ROE of the accounting performance, variations in return on stock of the market performance, and the variations in four risk factors: standard deviation of ROA, standard deviation of ROE, standard deviation of return rate, and debt ratio. All samples and the samples of the electronics industry will be analyzed through the three control numbers: variation in total asset turnover, variation in net market price and variation in total assets, and the results of the two will be compared to find out the differences and similarities.
The results show that different accounting performance indicators influence the increases in the remunerations of senior managers in completely different ways: it shows a significant positive relationship between the variations in remunerations of senior managers and the variation in ROA; conversely, it shows a significant negative relationship between the variations in remunerations of senior managers and the variation in ROE. However, the results of market performance indicators consistently show that the variations of the remunerations of senior managers are higher when there are better stock returns.
As for the risk factors, except for the standard deviation of the ROA, the results of other three risk factors all show that the variations in remunerations of senior managers decrease along with the increased risk of the enterprises. And the results of this study show a positive relationship between the three control variables and the variations in remunerations of senior managers. Finally, the conclusions from the samples of the electronics industry are the same with the results of all samples.
|Appears in Collections:||[財務金融學系暨研究所] 學位論文|
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