美國Say on Pay與CEO薪酬之相關性研究

The Association between Say on Pay and CEO Compensation in the U.S.

卓重佑(Chong-You Zhuo)

指導教授 ： 李艷榕

國立臺灣大學/管理學院/會計學研究所/碩士(2020年)

https://doi.org/10.6342/NTU201904443

摘要

本研究探討美國實施非拘束性Say on Pay (SOP) 投票對於CEO薪酬之影響。發現上一年度SOP投票反對率、上一年度Institutional Shareholder Services (ISS)之建議和SOP投票的頻率分別跟當年度經理人薪酬成長率呈負相關。此外，本研究應用二階段最小平方法(2SLS)以 減輕內生性問題，依然呈現一致的結果。整體而言，本研究認為實施SOP投票之後，對於CEO薪酬成長上升有一定程度的控制。

關鍵字

Say on Pay ； CEO薪酬 ； 成長率 ； 代理顧問公司 ； 頻率 ； 二階段最小平方法

並列摘要

I investigate the impact of Say on Pay (SOP) voting on CEO compensation in the U.S. The results show that prior year’s SOP against rate, prior year’s voting recommendation from Institutional Shareholder Services (ISS), and the frequency of SOP voting are negatively associated with the growth rate of the CEO compensation respectively. Besides, I apply the two-stage least squares method (2SLS) to mitigate the endogeneity problem and the results are inferentially similar to my main results. Overall, the findings of this study suggests that SOP voting mitigates the excessive growth of the CEO compensation.

並列關鍵字

Say on Pay ； CEO compensation ； growth rate ； proxy advisor ； frequency ； 2SLS

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