Title

多角化與總經理薪酬的關聯性

Translated Titles

The Association between Diversification and CEO Compensation

DOI

10.6840/cycu201200846

Authors

陳俊任

Key Words

總經理現金薪酬 ; 多角化 ; CEO cash compensation ; diversification

PublicationName

中原大學會計研究所學位論文

Volume or Term/Year and Month of Publication

2012年

Academic Degree Category

碩士

Advisor

陳玉麟

Content Language

繁體中文

Chinese Abstract

本研究檢驗在家族企業與非家族企業中,多角化總經理與現金薪酬的關聯性。本研究發現相較於非家族企業,家族企業的相關多角化會負向影響總經理現金薪酬,而家族企業的非相關多角化會正向影響總經理現金薪酬。此外,相較於非家族企業,家族企業的國際多角化會正向影響總經理現金薪酬。

English Abstract

The study examines the association between diversification and CEO cash compensation in family firm and non-family firm. The results show that related diversification is more negatively associated with CEO cash compensation in family firm than non-family firm, whereas unrelated diversification is more positively associated with CEO cash pay in family firm than non-family firm. Besides, international diversification is more positively associated with CEO cash pay in family firm than non-family firm.

Topic Category 商學院 > 會計研究所
社會科學 > 財金及會計學
Reference
  1. 鍾喜梅、葉家豪,2010。家族連結、政商關係與多角化擴張:台灣家族集團的跨時分析,組織與管理,3(1):67-106。
    連結:
  2. Agarwal, N.C., 1981. "Determinants of Executive Compensation," Industrial Relations 20 (Winter): 36-46.
    連結:
  3. Ahlstrom, D., M.N. Young, E.S. Chan and G.D. Bruton, 2004. "Facing Constraints to Growth? Overseas Chinese Entrepreneurs and Traditional Business Practices in East Asia." Asia Pacific Journal of Management 21: 263-285.
    連結:
  4. Barney, J., 1986. "Strategic Factor Markets: Expectation, Luck, and Business Strategy." Management Science 32: 1512-1514.
    連結:
  5. Barney, J., 1991. "Firm Resources and Sustained Competitive Advantage" Journal of management 17: 99-120.
    連結:
  6. Baysinger, B. and R.E. Hoskisson, 1990. "The Composition of Boards of Directors and Strategic Control: Effects on Corporate Strategy." Academy of Management Review 15: 72-87.
    連結:
  7. Berger, P. and E. Ofek., 1995. "Diversification's Effect on Firm Value." Journal of Financial Economics 37: 39-65.
    連結:
  8. Bettis, R.A., 1981. "Performance Differences in Related and Unrelated Firms." Strategic Management Journal 2: 379-393.
    連結:
  9. Bettis, R.A. and W.K. Hall, 1982. "Diversification Strategy, Accounting Determined Risk, and Accounting Determined Return." Academy of Management Journal 25: 254-265.
    連結:
  10. Bartov, E., G. Bodnar and A. Kaul., 1996. "Exchange Rate Variability and The Riskiness of US Multinational Firms: Evidence from the Breakdown of Bretton Woods." Journal of Financial Economics 42: 105-132.
    連結:
  11. Bowen, H.P. and M.F. Wiersema, 2005. " Foreign-Based Competition and Corporate Diversification Strategy." Strategic Management Journal 26: 1153-1171.
    連結:
  12. Campbell, D.J., 1988. "Task Complexity: A Review and Analysis." Academy of Management Review 13: 40-52.
    連結:
  13. Caves, R.E. 1981. "Diversification and Seller Concentration: Evidence from Change" Review of Economics and Statistics 63: 289-293.
    連結:
  14. Davis, P., Robinson R., Pearce J. and Park S., 1992. "Business Unit Relatedness and Performance: A Look at The Pulp and Paper Industry." Strategic Management Journal 13: 349-361.
    連結:
  15. Delios, A. and P.W. Beamish, 1999. " Geographic Scope, Product Diversification, and the Corporate Performance of Japanese Firms." Strategic Management Journal 20: 711-727.
    連結:
  16. Denis, D.J., D.K. Denis and A. Sarin, 1997. "Agency Problems, Equity Ownership and Corporate Diversification." Journal of Finance 52: 135-160.
    連結:
  17. Duru, A. and D.M. Reeb, 2002. " Geographic and Industrial Corporate Diversification: The Level and Structure of Executive Compensation" Journal of Accounting, Auditing and Finance 17: 1-24.
    連結:
  18. Gaver, J., and K. Gaver., 1993. "Additional Evidence on the Association between the Investment Opportunity Set and Corporate Financing, Dividend, and Compensation Policies." Journal of Accounting and Economics 16: 125-160.
    連結:
  19. Geringer, J.M., S. Tallman and D.M. Olsen, 2000. " Product and International Diversification among Japanese Multinational Firms." Strategic Management Journal 21: 51-80.
    連結:
  20. Greening, D. W. and R. A. Johnson, 1996. "Do Managers and Strategies Matter? A Study in Crisis." Journal of Management Studies 33: 25-51.
    連結:
  21. Gomez-Mejia, L.R., M. Makri and M.L. Kintana, 2010. "Diversification Decisions in Family-Controlled Firms." Journal of Management Studies 47: 223-252.
    連結:
  22. Gomez-Mejia, L.R., M. Nunez-Nickel and I. Gutierrez, 2001. "The Role of Family Ties in Agency Contracts." Academy of Management Journal 44: 81-95.
    連結:
  23. Gomez-Mejia, L.R. and L. Palich, 1997. "Cultural Diversity and the Performance of Multinational Firms." Joumal of International Business Studies 28: 309-334.
    連結:
  24. Gomez-Mejia, L.R., H. Tosi and T. Hinkin, 1987. "Managerial Control, Performance, and Executive Compensation." Academy of Management Journal 30: 51-70.
    連結:
  25. Govindarajan, V., 1989. "Implementing Competitive Strategies at The Business Unit Level: Implication of Matching Managers to Strategies." Strategic Management Journal 10: 251-269.
    連結:
  26. Grant, R., A. Jammine and H. Thomas, 1988. " Diversity, Diversification, and Profitability among British Manufacturing Companies." Academy of Management Journal 31: 771-801.
    連結:
  27. Gupta, A.K. and V. Govindarajan, 1984. "Business Unit Strategy, Managerial Characteristics, and Business Unit Effectiveness at Strategy Implementation." Academy of Management Journal 27: 25-41.
    連結:
  28. Henderson A. D. and J. W. Fredrickson, 1996. "Information Processing Demands as a Determinant of CEO Compensation." Academy of Management Journal 39: 575-606.
    連結:
  29. Herrero I., 2011. "Agency Cost, Family Ties, and Firm Efficiency." Journal of Management 37: 887-904.
    連結:
  30. Hill, C. W. L. and R. E. Hoskisson, 1987. "Strategy and Structure in the Multiproduct Firm." Academy of Management Review 12: 331-341.
    連結:
  31. Hoskisson, R. E. and R. A. Johnson, 1992. "Corporate Restructuring and Strategic Change: The Effect of Diversification Strategy and R&D Intensity." Strategic Management Journal 13: 625-634.
    連結:
  32. Hoskisson, R. E. and T. A. Turk, 1990. "Corporate Restructuring: Governance and Control Limits of the Internal Capital Market." Academy of Management Review 15: 459-477.
    連結:
  33. Hoskisson, R. E. , M. A. Hitt. and C. W. L. Hill, 1993. "Managerial Incentives and Investment in R&D in Large Multiproduct Firms." Organization Science 4: 325-341.
    連結:
  34. Hoskisson, R. E. and M. A. Hitt, 1994. Downscoping : How to Tame the Diversified Firm. New York, NY: Oxford University Press.
    連結:
  35. Hoskisson, R. E. , M. A. Hitt. and D. D. Moesel, 1994. "Corporate Divestiture Intensity in Restructuring Firms: Effects of Governance, Strategy, and Performance." Academy of Management Journal 37: 1207-1251.
    連結:
  36. Jacquemin, A. and C. Berry, 1979. "Entropy Measure of Diversification and Corporate Growth." Journal of Industrial Economics 27: 359-369.
    連結:
  37. Jones, G.R. and C.W.L. Hill, 1988. "Transaction Cost Analysis of Strategy-Structure Choice." Strategic Management Journal 9: 159-172.
    連結:
  38. Kerr, J.L., 1985. "Diversification Strategies and Managerial Rewards: An Empirical Study." Academy of Management Journal 28: 155-179.
    連結:
  39. Kerr, J.L. and R.A. Bettis, 1987. "Boards of Directors, Top Management Compensation, and Shareholder Returns." Academy of Management Journal 30: 645-665.
    連結:
  40. Kim, W.C., P. Hwang and W.P. Burgers, (1993)."Multinationals’ Diversification and The Risk-Return Trade-Off" Strategic Management Journal 14: 275–286.
    連結:
  41. Lang, Larry H.P. and R.M. Stulz, 1994. "Tobin's Q, Corporate Diversification, and Firm Performance." Journal of Political Economy 102: 1248-1280.
    連結:
  42. Markides, C.C., 1995. "Diversification, Restructuring and Economic Performance." Strategic Management Journal 16: 101-118.
    連結:
  43. Michel, J. G. and D. C. Hambrick, 1992. "Diversification Posture and Top Management Team Characteristics." Academy of Management Journal 35; 9-37.
    連結:
  44. Montgomery, C.A., 1985. " Product-Market Diversification and Market Power." Academy of Management Journal 28: 789-798.
    連結:
  45. Palepu, K., 1985. "Diversification Strategy, Profit Performance, and The Entropy Measure." Strategic Management Journal 6: 239-255.
    連結:
  46. Pfeffer, J. and A. Davis-Blake, 1987. "Understanding Organizational Wage Structures: A Resource Dependence Approach." Academy of Management Journal 30: 437-455.
    連結:
  47. Prahalad, C.K. and R.A. Bettis, 1986. "The Dominant Logic: A New Linkage Between Diversity and Performance." Strategic Management Journal 7: 485-501.
    連結:
  48. Pitts, R.A. and Hopkins, H.D, 1982. "Firm Diversity: Conceptualization and Measurement." Academy of Management Review 7: 620-629.
    連結:
  49. Qian, G., T. A. Khoury, M.W. Peng, and Z. Qian, 2010. "The Performance Implications of Intra- and Inter-Regional Geographic Diversification." Strategic Management Journal 31: 1018-1030.
    連結:
  50. Reeb, D., C.Y. Kwok, and Y. Baek., 1998. "Systematic Risk of the Multinational Corporation." Journal of International Business Studies 29: 263-279.
    連結:
  51. Rosen, S., 1982. "Authority, Control, and the Distribution of Earnings." Bell Journal of Economics 13: 311-323.
    連結:
  52. Rumelt, R.P., 1982. "Diversification Strategy and Profitability." Strategic Management Journal 3(4): 359-369.
    連結:
  53. Sanders, W. M. and M. A. Carpenter, 1998. "Internationalization and Firm Governance: The Roles of CEO Compensation, Top Team Composition, and Board Structure." Academy of Management Journal 41: 158-178.
    連結:
  54. Servaes, H., 1996. "The Value of Diversification During the Conglomerate Merger Wave." Journal of Finance 51(4): 1201-1225.
    連結:
  55. Song, J.H., 1982. "Diversification Strategies and the Experience of Top Executives of Large Firms." Strategic Management Journal 3: 337-380.
    連結:
  56. Shleifer, A. and R. W. Vishny, 1991. "Takeovers in the '60s and the '80s: Evidence and Implications." Strategic Management Journal 12: 51-59.
    連結:
  57. Teece, D. 1980. "Economies of Scope and the Scope of the Enterprise." Journal of Economic Behavior & Organization 1: 223-245.
    連結:
  58. Tosi, H.L., J.P. Katz and L.R. Gomez-Mejia, 1997. "Disaggregating the Agency Contract: The Effects of Monitoring, Incentive Alignment, and Term in Office on Agent Decision Making." Academy of Management Journal 40: 584-602.
    連結:
  59. Wernerflet, B. 1984. "A Resource-Based View of the Firm" Strategic Management Journal 5: 171-180.
    連結:
  60. Wiersema, M. F. and H. P. Bowen, 2008. "Corporate Diversification: The Impact of Foreign Competition, Industry Globalization, and Product Diversification." Strategic Management Journal 29: 115-132.
    連結:
  61. Wiseman, R.M. and L.R. Gomez-Mejia, 1998. "A Behavioral Agency Model of Management Risk Taking." Academy of Management Review 23(1): 133-153.
    連結:
  62. Wood, R.E., 1986. "Task Complexity: Definition of the Construct." Organizational Behavior and Human Decision Processes 37: 60-82.
    連結:
  63. Zhou, Y. M., 2011. "Synergy, Coordination Costs, and Diversification Choices." Strategic Management Journal 32: 624-639.
    連結:
  64. 參考文獻
  65. Aaker, D.A., 1984. Strategic Market Management, 1st ed, New York: Wiley.
  66. Ansoff, H.I., 1965. Corporate Strategy: An Analytic Approach to Business Policy for Growth and Expansion, New York: McGraw-Hill.
  67. Carney, M., 1998. "A Management Capacity Constraint? Obstacles to the Development of Overseas Chinese Family Business." Asia Pacific Journal of Management 15: 137-162.
  68. Geiger S.W. and L.H. Cashen, 2007. "Organizational Size and CEO Compensation: The Moderating Effect of Diversification in Downscoping Organizations." Journal of Managerial Issues 19: 233-252.
  69. Gort, M., 1962. Diversification and Integration in American Industry, Princeton, NJ: Princeton University Press.
  70. Hitt, M. A., R. E. Hoskisson, R. A. Johnson and D. D. Moesel, 1996. "The Market for Corporate Control and Firm Innovation." Academy of Management Journal 39: 1084-1119.
  71. Penrose, E. 1959. The Theory of The Growth of The Firm. Oxford University Press: New York.
  72. Rumelt, R.P., 1974. Strategy Structure, and Economic Performance. Cambridge, MA: Harvard University Press.
  73. Shepherd, W.G., 1970. Market power and economic welfare. New York: Random House.
  74. Thompson, J.D., 1967. Organizations in Action, New York, NY: McGraw-Hill.