- 期刊
公司治理與高階主管股票選擇權對股利支付之影響
Corporate Governance and Executive Stock Options' Influence on Dividend Payout
摘要
本文探討公司治理與高階主管股票選擇權對股利支付之影響。實證發現，股利支付與公司治理呈負相關，隱含公司治理較強之公司其潛在代理問題較小，故透過股利降低代理問題之動機較低。另一方面，股利支付與高階主管股票選擇權亦呈負相關，因在美國高階主管股票選擇權一般不受股利保護，股利支付將降低股票選擇權的價值，故股票選擇權將使高階主管有降低股利支付之動機。最後，發現公司治理的強弱會影響股利支付與高階主管股票選擇權之關係。公司治理較強與公司治理較弱之公司，股利支付與高階主管股票選擇權之關係反轉為正相關，而一般公司治理之公司，股利支付與高階主管股票選擇權乃為負相關。即，股利支付與公司治理和高階主管股票選擇權之間呈非線性關係。
並列摘要
This study examines the influences of the corporate governance and executive stock options on dividend payout. The evidence shows a negative association between dividend payout and corporate governance. This implies that the firms with strong governance suffer less potential agency problems than other types of firms, so the motivation of dividend payout to mitigate the agency problem is low. The evidence also demonstrates a negative association between dividend payout and executive stock options. It is due to the fact that the executive stock options are not generally dividend-protected in the U.S. and thus the dividend payout will decrease the value of stock options to manager. As a consequence, the executive stock options provide manager an incentive to lower dividend payout. Finally, the evidence shows the quality (strength) of corporate governance will affect the relationship between dividend payout and executive stock options. The firms with strong governance and weak governance have positive association between dividend payout and executive stock options, while the firms with moderate governance have negative association between dividend payout and executive stock options. That is, our evidence reveals a non-linear association between dividend payout, corporate governance and executive stock options.
參考文獻
延伸閱讀
- 魏慧珊（2011）。公司治理、高階主管股票選擇權與支付政策之研究〔博士論文，國立中央大學〕。華藝線上圖書館。https://www.airitilibrary.com/Article/Detail?DocID=U0031-1903201314415853
- 薛敏正、葉淑玲、盧怡妏（2022）。股權結構、公司治理與企業社會責任對員工薪酬之影響。中華會計學刊，18(2)，167-205。https://doi.org/10.6538/TAR.202212_18(2).0001
- 譚義樺（2011）。公司治理對投機式員工認股選擇權的影響〔碩士論文，國立臺灣師範大學〕。華藝線上圖書館。https://www.airitilibrary.com/Article/Detail?DocID=U0021-1610201315232810
- 莊晏婷（2020）。股權結構及董事會特性對企業績效與股利政策之影響〔碩士論文，淡江大學〕。華藝線上圖書館。https://www.airitilibrary.com/Article/Detail?DocID=U0002-0807202021503900
- 吳羿蓁（2018）。Corporate Governance and Dividend Payout Policy〔碩士論文，國立臺灣大學〕。華藝線上圖書館。https://doi.org/10.6342/NTU201801114