Stock Market Reaction to the Resignation of Compensation Committee Members: Evidence from Taiwan

薪酬委員會委員辭職之市場反應：以臺灣為例

潘虹華(Hunghua Pan) ； 廖懿屏(Yi-Ping Liao)

《財務金融學刊》 26卷1期 (2018/03) Pp. 97-118

https://doi.org/10.6545/JFS.201803_26(1).0004

摘要

This study investigates market reactions to the resignation of compensation committee members. First, we find a significantly negative market reaction when independent directors resign. Second, when members resign for a busy reason, the market appears to consider the resignation as a signal of poor performance or weak corporate governance and thus responds negatively. Third, the resignation of members with academic background or practice experiences causes an unfavorable market reaction. Our main contribution is being the first study to document that resignation of compensation committee members provides crucial information about compensation committee performance from the market participants' perspective.

關鍵字

Corporate governance ； compensation committee ； resignation

並列摘要

本文旨在調查薪酬委員會委員辭職之市場反應，並分別以委員之身份、專業背景、及辭職原因進行分析。結果顯示，當薪酬委員會之委員具獨立董事身份、或以忙碌為由辭職、或該委員具學術或實務背景時，市場反應為顯著負向。簡言之，資本市場以上述面向評估薪酬委員會之效能，故主管機關應參酌之。

並列關鍵字

公司治理 ； 薪酬委員會 ； 辭職

參考文獻

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