题名

信用評等變動與高階經理人薪酬：董事會獨立性、專業性及參與度之調節效果

并列篇名

Credit Rating Changes and CEO Compensation: The Moderation Effects of Board Independence, Expertise, and Attendance

DOI

10.6277/TER.2014.421.4

作者

陳昭蓉(Chao-Jung Chen)

关键词

信用評等調降 ； 獨立性 ； 專業性 ； 參與度 ； 高階經理人薪酬 ； 分量迴歸 ； credit rating downgrade ； board independence ； expertise attendance ； CEO compensation ； quantile regression

期刊名称

經濟論文叢刊

卷期/出版年月

42卷1期（2014 / 03 / 01）

页次

103 - 155

内容语文

繁體中文
中文摘要

信用評等是專業團體評估公司未來財務狀況與績效的一項指標，信用評等之結果也可視為高階經理人是否善盡管理及經營責任的一項指標。本文以2006年至2010年台灣上市櫃非金融業公司為樣本，以信用評等指標作為衡量經理人績效之非財務指標，探討當公司被調降（升）信評之後，是否會影響高階經理人之薪酬，並進一步探討董事會獨立性、獨立董事專業性與參與度對此關聯性之調節效果。實證結果發現，當公司信用評等被調降（升）時，經理人薪酬會被調降（升），且由低風險等級調降至高風險等級時，其調降幅度更明顯，本文亦進一步採用分量迴歸（quantile regression）檢測，發現經理人薪酬位於高分量值時，其調降（升）幅度更明顯。當董事會獨立性愈高、獨立董事愈具專業度及參與度愈高時，愈能發揮監督功能，因此在調降信評後，薪酬被調降之幅度更高；而信用評等調降（升）之理由各有不同，實證結果亦發現當公司因為營運狀況變差（好）而被調降（升）信評時，其薪酬調降（升）幅度大於其他調降理由。
英文摘要

The credit rating is an index of the firm's financial condition and performance rated by a professional institute, and it can also be considered an indicator of executives' accountability and stewardship. Using a sample of Taiwan listed companies (excluding the financial industry) from 2006 to 2010, this study examines the relation between credit rating downgrades and CEO compensation, and the moderating effects of board independence, expertise, and attendance. The empirical results show a decrease (increase) in CEO compensation following company credit rating downgrades (upgrades), and the relation becomes more significant when the credit rating changes from low to high risk. In addition, quantile regression tests find that the magnitude of the decrease (increase) grows when CEO compensation is in a high quantile. The greater the independence, expertise, and attendance of a company's board, the more efficient the company will be. After a company's credit rating is downgraded, CEO compensation is also decreased. Credit ratings are downgraded (upgrades) for various reasons and the results also show that the reduction (increasing) in the range of CEO compensation is greater when downgrades (upgrades) are due to the state of operations.
主题分类 社會科學 > 經濟學
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被引用次数
  1. 黃郁涵(2017)。董事會職能與財務績效之關聯性研究：以企業社會責任揭露為調節。淡江大學會計學系碩士班學位論文。2017。1-58。 
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