R&D Expenditures and CEO Compensation:the moderate effect of corporate governance

• Main Authors: Mandy Yu, 余宛真
• Other Authors: Liu-ching Tsai
• Format: Others
• Language: zh-TW
• Published: 2006
• Online Access: http://ndltd.ncl.edu.tw/handle/92493786153072676445

碩士 === 國立中正大學 === 會計所 === 94 === This research examines the effects of the ultimate owners’ divergence from control rights to cash flow rights on the correlation between R&D expenditures and CEO compensation. We examine a sample of 674 Taiwan listed companies in the period of 2003-2004. We find that: (1) the higher the ultimate owners’ divergence from control rights to cash flow rights is, the less weight of R&D expenditures is in CEO compensation ；(2) after classifying the sample into the electronics industry and nonelectronics industry, we find the same conclusion, the higher the ultimate owners’ divergence from control rights to cash flow rights is, the less weight of R&D expenditures is in CEO compensation；(3) finally, our findings appear to be robust with respect to the alternative of using “CEO’s prior compensation ” as the control variable.