台灣上市電子公司董事薪酬之研究- 加入肥貓指標變數

• Main Authors: LIN,JIA-JHEN, 林佳蓁
• Other Authors: ZENG,SIOU-YING
• Format: Others
• Language: zh-TW
• Published: 2015
• Online Access: http://ndltd.ncl.edu.tw/handle/00612534863443815516

碩士 === 德明財經科技大學 === 財務金融系理財與稅務管理碩士班 === 103 === ABSTRACT This study investigates variables that influence director compensation of listed Taiwanese electronic companies. This study collected the research samples of electronic companies listed in Taiwan Stock Exchange from 2005 until 2013. Using the model developed by Lin, Hong and Chen (2012), we added “Fat Cat” indicator variable into the model and investigated the variables, which influenced the director compensation. Our results show that the amount of director compensation is influenced by the relative performance of the industry. Since the board size and the director shareholding proportion can reduce the agency problem, the companies will reduce directors' remuneration to avoid inefficiencies. In consideration of the complementary effect, the companies will lower the levels of director compensation with higher proportion of outside directors. If the active institutional investors of a company have a high percentage of ownership, the levels of director compensation would be relatively high. When the company has a high level of future growth, then the shareholders will encourage directors to monitor the company and contribute to future developments of the company by an increased director compensation. Finally, the levels of director compensation of the “Fat Cat” companies disclosed by the Taiwan Stock Exchangeare relatively higher. 【Keywords】director compensation, Fat Cat company, Corporate Governance