Title page for 984207004


[Back to Results | New Search]

Student Number 984207004
Author Ming-Wei Kuo(郭銘偉)
Author's Email Address No Public.
Statistics This thesis had been viewed 720 times. Download 22 times.
Department Graduate Institute of Human Resource Management
Year 2010
Semester 2
Degree Master
Type of Document Master's Thesis
Language zh-TW.Big5 Chinese
Title The relationship between top management compensation and firm performance
Date of Defense 2011-06-24
Page Count 61
Keyword
  • firm performance
  • top management compensation
  • top management team
  • wage differential
  • wage structure
  • Abstract   The purpose of the study is to discuss the relationship between top management compensation and firm performance based on the agency theory and the tournament theory.
      The variables of top management compensation and firm performance variables are collected from Taiwan Economic Journal (TEJ) during 2007 to 2009, which is based on the secondary data of listed high tech companies in Taiwan. Results indicate that the top management compensation level, motivation compensation ratio, profit sharing for the top management team, and the wage differential between top management and employees have a significantly positive effect on firm performance. 
      According to the agency theory and the tournament theory, they provided criterions for how to decide wage structures can increase firm performance. Based on our results, we suggest firms should give their top management team more compensation by various kinds and decide an appropriate wage structure for their firm. An appropriate wage structure not only can retain the top management team but also can motivate firm’s key talents to promote their performance hard in the sequential tournaments.
    Table of Content 中文摘要i
    英文摘要ii
    目錄iii
    圖目錄v
    表目錄v
    第壹章 緒論1
     第一節 研究動機1
     第二節 研究目的4
    第貳章 文獻探討6
    第一節 代理理論6
     第二節 高階經理人薪資結構8
     第三節 高階薪酬與公司績效之關聯性10
    第參章 研究方法28
    第一節 研究架構28
     第二節 樣本資料28
     第三節 實證分析模型與變數定義30
    第肆章 研究結果37
     第一節 敘述性統計分析37
     第二節 迴歸分析39
    第伍章 結論與建議48
    第一節 研究發現與討論48
     第二節 管理意涵50
     第三節 研究限制與未來研究方向52
    參考文獻54
    Reference 一、中文部分
    吳政穎,1990,「我國上市公司股權集中度、薪酬設計與公司經營績效關係之研究」,國立政治大學企業管理研究所博士論文。
    辜秋屏,1997,「高階主管酬勞公司經營績效之實證研究」,國立台灣大學會計研究所碩士論文。
    蘇薇,1998,「高階主管薪酬、所有權結構對公司經營績效之影響」,國立雲林科技大學企業管理研究所碩士論文。
    曾玉潔,2000,「我國高階主管薪酬決餐因素之實證研究」,國立中正大學會計研究所碩士論文。
    賴倩婷,2001,「高階經理人薪酬與其持股率、企業績效之關係」,國立成功大學會計研究所碩士論文。
    張旨華,2002,「企業國際化程度、最高階管理者之薪酬與組織績效」,國立成功大學企業管理研究所碩士論文。
    趙曉玲,2002,「員工分紅入股制度對組織績效之影響」,國立中央大學人力資源管理研究所碩士論文。
    李思瑩,2003,「高階經理人薪酬決定因素之實證研究」,國立中央大學人力資源管理研究所碩士論文。
    鐘玓珍,2004,「經理人薪酬差距與相互合作性、科技密集程度對組織績效影響之研究」,國立中正大學會計研究所碩士論文。
    陳明園等,2004,「高階經理人薪酬-代理理論與競賽理論之實證研究」,台大管理論叢,第15卷,第一期,131-166頁。
    王建仁,2005,「探討高階經理人薪酬水準之決定因素」,國立成功大學會計研究所碩士論文。
    陳靜香,2005,「企業經營績效、所有權結構與總經理酬勞間之內生性關係」,國立中山大學財務管理研究所在職專班碩士論文。
    李佳玲,2005,「不確定性、高階經理人報償差距與公司績效之關聯性:競賽理論之驗證」,會計評論,第四十二期,23-53頁。
    洪玉順與王泰昌,2005,「績效衡量指標在高階主管現金薪酬契約中之相對重要性」,證劵市場發展季刊,第17卷,第二期,35-100頁。
    陳安琪,2006,「競賽理論與廠商績效:台灣上市櫃電子產業之實證研究」,國立中央大學產業經濟研究所碩士論文。
    劉美惠,2007,「競賽理論、企業整併與績效表現:台灣金融服務業之實證研究」,國立中央大學產業經濟研究所碩士論文。
    蔡柳卿,2007,「依會計盈餘時效性設計高階主管薪酬契約:董事會所扮演的角色」,會計評論,第四十四期,61-94頁。
    歐陽豪與莊雙喜,2008,「高階管理者特性、產業競爭程度指標與績效評估對高階管理者薪酬之影響:台灣上市公司的證據」,崑山科技大學學報,第五期,15-37頁。
    陳麗君,2008,「集團企業經理人薪酬與企業經營績效關係」,國立雲林科技大學企業管理研究所碩士論文。
    林奇立,2009,「我國電子業高階經理人股份基礎酬勞決定因素之探討」,輔仁大學會計研究所在職專班之碩士論文。
    二、英文部分
    Adams, J. S., (1965). Inequity in social exchange. In L. Berkowitz (Ed.), Advances in experimental social psychology.New York: Academic Press.
    Aggarwal, R. K. , & Samwick, A. A. ,(1999a). Executive compensation, strategic competition, and relative performance evaluation: Theory and evidence. Journal of Finance, 54(6): p.1999-2043.
    Aggarwal, R. K. , & Samwick, A. A. ,(1999b). The other side of the trade-off: The impact of risk on executive compensation. Journal of Political Economy, 107(1): p.65-105.
    Aggarwal, R. K. , & Samwick, A. A., (2003). Performance incentives within firms: The effect of managerial responsibility. Journal of Finance, 58(4): p.1613-1649.
    Banker, R.D. , and Datar, S.M., (1989). Sensitivity, precision, and linear aggregation of signals for performance evaluation. Journal of Accounting Research, 27: p.21–39.
    Baker, G. , Gibbs, M. ,and Holmstrom, B., (1994). The wage policy of a firm. Quarterly Journal of Economics, 109 (November): p. 921-955.
    Becker, B. E. , and Craig A. O. , (1992). Unions and Firm Profits, Industrial Relations, 31: p.395-415.
    Bergmann, T. J.,& Scarpello,V. G. , (2001). Compensation decision making (4th ed.), Harcourt, Inc.
    Bloom, M., and Milkovich, G. T., (1998). Relationships among risk, incentive pay,and organizational performance. Academy of Management Journal, 41 (3): p.283-297.
    Carpenter, M. A.,& Sanders, W. G.,(2002). Top management team compensation: The missing link between CEO pay and firm performance? Strategic Management Journal, 23(4):p.367-375.
    Carpenter, M. A., & Sanders, W. G., (2004). The effects of top management team pay and firm internationalization on MNC performance. Journal of Management, 30(4): p.509-528.
    Chung, K. H. ,and Pruitt, S. W., (1996). Executive Ownership , Corporate Value, and Executive Compensation: A Unifying Framework. Journal of Banking and Finance, p.1135-1159.
    Coughlan, A.T., & Schmidt, R.M., (1985). Executive Compensation, Management Turnover, and Firm Performance: An Empirical Investigation. Journal of Accounting and Economics, 7: p.43-66.
    Conyon, M. J., Peck, S. I., & Sadler, G. V., (2001). Corporate tournaments and executive compensation: Evidence from the UK. Strategic Management Journal, 22(8): p.805-815.
    Demsetz, H., and Lehn, K. , (1985). The Structure of Corporate Ownership: Causes and Consequences. Journal of Political Economy, 93: p.1155-1177.
    Eisenhardt, K. M. ,(1989). Agency- and institutional-theory explanations: the case of retail sales compensation. Academy of Management Review, 14: p.57-74.
    Eriksson, T., (1999). Executive compensation and tournament theory: Empirical tests on Danish data. Journal of Labor Economics, 17: p.262-280.
    Fama, E. F., (1980). Agency problems and the theory of the firm. Journal of Political Economy, 88(2):p.288-307.
    Fama, E. F.,& Jensen, M.C.,(1983). Separation of Ownership and Control. Journal of Law and Economic,26: p.301-325.
    Finkelstein, S.,& Boyd,B.K.,(1998). How much Does the CEO Matter? The Role of Managerial Discretion in the Setting of CEO Compensation. Academy of Management Journal, 41(2):p.179-199.
    Gomez-Mejia, J.R., Tosi,H.,& Hinkin,T., (1987). Managerial control, performance, and executive compensation. Academy of management Journal, 30:p.51-70.
    Hall, B. J. , & Liebman, J. B., (1998). Are CEOs really paid like bureaucrats? Quarterly Journal of Economics,113(3): p.653-691.
    Hanlon,M., Rajgopal, S. ,& Shevlin, T. ,(2003). Are Executive Stock Options Associated with Future Earnings? Journal of Accounting and Economics, 36(3) : p.3-45.
    Henderson, A.D.,& Fredrickson, J. W., (2001). Top management team coordination needs and the CEO pay gap:A competitive test of economic and behavioral views. Academy of Management Journal, 44(1): p.96-117.
    Hill, C.W.,& Phan, P.,(1991). CEO Tenure As a Determinant of CEO pay. Academy of Management Journal,34(3):p.712-717.
    Himmerlberg, C., Hubbard, G., & Palia, D., (1999). Understanding the Determinants of Managerial Ownership and the Link between Ownership and Performance. Journal of Financial Economics, 53(3): p.353-84.
    Hillegeist, S. A., ( 2003). Stock Option Incentives and Firm Performance. Working Papers, University of Navarra.
    Holmström, B., (1979). Moral hazard and observability. Bell Journal of Economics, 10: p.74-91.
    Jensen, M., & Meckling,W., (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3: p.305-360.
    Jensen, M., & Murphy, K., (1990). Performance pay and top management incentives. Journal of Political Economy,98: p.225-264.
    Kerr, J., & Kren, L., (1992). Effect of relative decision monitoring on chief executive compensation. Academy of Management Journal, 35(2):p.370-397.
    Lang, L., & Stulz, T.,(1994). Tobin’s Q, Corporate Diversification and Firm Performance. Journal of Political Economy, 102(6): p.1248-80.
    Lazear, E., (1995). Personnel Economics. Cambridge, MA: MIT Press.
    Lambert, R. A., & Larcker, D.F.,(1987). An analysis of the use of accounting and market measures of performance in executive compensation contracts. Journal of Accounting Research,25: p. 85-129.
    Lambert, R. A., & Larcker, D.F.,(1987). An analysis of the use of accounting and market measures of performance in executive compensation contracts. Journal of Accounting Research ,25: p.85-125.
    Lazear, E. P., & Rosen, S., (1981). Rank-order tournaments as optimum labor contracts. The Journal of Political Economy, 89(5): p.841-864.
    Leone, A. J., Wu, J. S., & Zimmerman, J. L., (2006). Asymmetric sensitivity of CEO cash compensation to stock returns. Journal of Accounting & Economics, 42(1-2), p.167-192.
    Main, B., O’Reilly, C. A., & Wade, J.,(1993). Top executive pay: Tournament or teamwork? Journal of Labor Economics, 11(4): p.607-628.
    McConnell, J. J., and Servaes,H. (1990). Additional Evidence on Equity Ownership and Corporate Value. Journal of Financial Economics, 27: p.595-612.
    Milkovich, G. T., (1988). A Strategic Perspective on Compensation Management. Research in Personnel and Human Resources Management,6: p.263-288.                                                           
    Miller, D.J., (1995). CEO Salary Increases May Be Rational After All: Referents and Contracts in CEO Pay. Academy of Management Journal, 38:p.1361-1385.
    Milkovich, G.T., &Newman,J.M., (2002). Compensation. McGraw-Hill.
    Morck, R., Shleifer, A., & Vishny, R.W., (1988). Management ownership and market valuation: An empirical analysis, Journal of Financial Economics, 20: p.293-315.
    Perri, T.J., (1994). Influence Activity and Executive Compensation. Journal of Economic Behavior and Organization, 24:p.169-181.
    Pearce, J. A., II. & Shaker, A. Z.,(1991). The Relative Power of CEO’s and Boards of Directors: Association with Corporate Performance.Strategic Management Journal, 12: p.135-153.
    Pfeffer, J., & Langton, N., (1993). The effect of wage dispersion on satisfaction, productivity, and working collaboratively: Evidence from college and university faculty. Administrative Science Quarterly, 38(3): p.382-407.
    Rosen, S., (1986). Prizes and incentives in elimination tournaments. American Economic Review,76: p.701?715.
    Shaw, J. D., Gupta, N., & Delery, J. E., (2002). Pay dispersion and workforce performance: Moderating effects of incentives and interdependence. Strategic Management Journal, 23(6):p.491.
    Siegel, P. A., & Hambrick, D. C., (2005). Pay disparities within top management groups: Evidence of harmful effects on performance of high-technology firms. Organization Science, 16(3): p.259-274.
    Siegel, P. A., & Hambrick, D. C., (2005). Pay disparities within top management groups: Evidence of harmful effects on performance of high-technology firms. Organization Science, 16(3): p.259-274.
    Sloan, R., (1993). Accounting earnings and top executive compensation. Journal of Accounting and Economics,16: p.55-100.
    Smith, C., & Watts, S., (1992). The Investment Opportunity Set and Corporate Financing, Dividends, and Compensation Policies. Journal of Financial Economics, 32(3): p.263-92.
    Tosi, H. L., & Gomez-Mejia, L. R.,(1989). The Decoupling of CEO Pay and Performance: An Agency Theory Perspective. Administrative Science Quarterly, 34:p.169-190.
    Watts L. W. and Zimmerman, J.L.,(1978). Toward a Positive Accounting Theory of Determination of Accounting Standards. Accounting Review, 53: p.112-134.
    Westphal, J.D., & Zajac, E.J., (1995). Accounting for the Explanations of CEO Compensation: Substance and Symbolism. Administrative Science Quarterly, 40: p.283-308.
    Advisor
  • Nien-Chi Liu(劉念琪)
  • Files
  • 984207004.pdf
  • approve in 3 years
    Date of Submission 2011-07-11

    [Back to Results | New Search]


    Browse | Search All Available ETDs

    If you have dissertation-related questions, please contact with the NCU library extension service section.
    Our service phone is (03)422-7151 Ext. 57407,E-mail is also welcomed.