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| 研究生： |
劉玉筑 Liu, Yu-Zhu |
|---|---|
| 論文名稱： |
高階經理人績效目標之期中衡量對棘輪現象的影響 The impact of interim bonus targets on ratcheting |
| 指導教授： | 梁嘉紋 |
| 口試委員: |
吳幸蓁
李佳玲 |
| 學位類別： |
碩士
Master |
| 系所名稱： |
商學院 - 會計學系 Department of Accounting |
| 論文出版年： | 2019 |
| 畢業學年度： | 107 |
| 語文別： | 英文 |
| 論文頁數： | 48 |
| 中文關鍵詞： | 棘輪現象 、績效目標設定 、季度績效目標 、半年度績效目標 、CEO獎酬 |
| 外文關鍵詞： | Ratcheting, Target revision, Quarterly bonus, Semi-annual bonus, CEO compensation |
| DOI URL： | http://doi.org/10.6814/NCCU201900364 |
| 相關次數： | 點閱：206 下載：6 |
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過去許多研究皆探討高階經理人年度績效目標中的棘輪現象，但是少有文獻有針對高階經理人季度績效目標或半年度的績效目標做出相關討論。本研究以S&P 1500公司中CEO的季度或半年度績效目標做為樣本進行分析。實證結果發現，CEO季度或半年度的績效目標呈現兩種模式的棘輪現象。薪酬委員會於修訂CEO目標時，會同時將上季(半年)與去年同季(半年)的績效表現納入考量之中。除此之外，CEO季度或半年度績效目標棘輪的程度，會受到公司的季節性與其CEO是否接近退休年齡所影響。總括而言，本研究首次提供了關於高階經理人季度或半年度績效目標棘輪的實證證據。
Research in ratcheting has focused on executives’ annual performance targets. However, little research examine ratcheting in targets that measured quarterly or semi-annually. Using performance target data from CEOs with quarterly or semi-annual bonus plans in S&P 1500 firms, I find that CEOs’ performance information from the last quarter (or half-a-year) and from the same quarter (or half-a-year) last year are both incorporated in their target revision. Furthermore, the extent of target ratcheting varies with the degree of firms’ seasonality and CEO horizon. Overall, this study provides the first empirical evidence of ratcheting in quarterly and semi-annual targets.
1. Introduction 1
2. Background and hypotheses development 4
2.1. Hypotheses 1 and 2: Target ratcheting 6
2.2. Hypotheses 3 and 4: Asymmetric ratcheting 7
3. Research design 10
3.1. Sample selection 10
3.2. Variable measurement 17
3.3. Empirical model 18
4. Research results 21
4.1. Descriptive statistics 21
4.2. Test of target ratcheting: Hypotheses 1 and 2 27
4.3. Test of the asymmetry of target ratcheting: Hypotheses 3 and 4 31
5. Additional analysis: determinants of target ratcheting 37
6. Conclusion 41
Appendix 1. Performance measures 43
Appendix 2. Variable definitions 45
References 47
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