Effects of Board Structure and Manager’s Compensation on Debt: Excess Cash

• Main Authors: LI,HSING-YEH, 李幸曄
• Other Authors: CHANG CHIEN,CHANG-CHENG
• Format: Others
• Language: zh-TW
• Published: 2017
• Online Access: http://ndltd.ncl.edu.tw/handle/mcdqx6

碩士 === 長榮大學 === 經營管理研究所 === 105 === Abstract This study was an analysis of the influences of executive compensation and the configuration of the board of directors on corporate debt structure; the overall samples were categorized according to excess cash holdings to observe the said influences. The empirical results revealed that the percentage of independent directors had a significant negative correlation with the debt ratio of the company. The same result was also observed regarding the shareholdings of directors, supervisors, and managers, as well as board members. Significant positive correlation existed between managerial compensation and debt ratios. In addition, categorizing the samples according to excess cash holdings revealed that when the company has insufficient cash, it has the same results as above. However, when the company had abundant cash, the result was different. Keywords: Board Structure, Excess Cash, Long and Short Term Financial Liabilities