博碩士論文 etd-0616119-111505 詳細資訊


[回到前頁查詢結果 | 重新搜尋]

姓名 吳韻玲(Yun-Ling Wu) 電子郵件信箱 E-mail 資料不公開
畢業系所 財務管理學系研究所(Department of Finance)
畢業學位 博士(Ph.D.) 畢業時期 107學年第2學期
論文名稱(中) 薪酬話語權投票與CEO薪酬:以美國不動產投資信託上市公司為例
論文名稱(英) Shareholder Say-on-pay Vote and CEO Compensation: Evidence from Real Estate Investment Trusts in the US
檔案
  • etd-0616119-111505.pdf
  • 本電子全文僅授權使用者為學術研究之目的,進行個人非營利性質之檢索、閱讀、列印。
    請遵守中華民國著作權法之相關規定,切勿任意重製、散佈、改作、轉貼、播送,以免觸法。
    論文使用權限

    紙本論文:2 年後公開 (2021-07-16 公開)

    電子論文:使用者自訂權限:校內 4 年後、校外 5 年後公開

    論文語文/頁數 英文/97
    統計 本論文已被瀏覽 5636 次,被下載 0 次
    摘要(中) 本論文針對美國不動產投資信託產業探討薪酬話語權投票與經理人薪酬之關聯性,實證結果有以下發現。首先,經理人薪酬與異常薪酬是決定薪酬話語權投票結果的關鍵因素,經理人薪酬與異常薪酬愈高,則股東投薪酬話語權投票反對比率越高。第二,我們沒有發現薪酬話語權投票結果對經理人薪酬有直接的監控效果;經理人薪酬直接受到公司自己的薪酬政策影響,部分受到薪酬話語權投票結果的中介影響。第三,薪酬標竿團體對經理人薪酬有顯著的正向影響,有參照薪酬標竿團體公司薪酬水準的經理人薪酬比沒有參照標竿團體公司薪酬水準的經理人薪酬來得高。再者,薪酬話語權投票對薪酬標竿團體與經理人薪酬之間的關係具有負向調節效果;薪酬話語權投票反對率弱化了薪酬標竿團體對經理人薪酬的正向影響效果。
    本研究對不動產領域研究做出許多貢獻。就我們所知,在不動產研究領域,我們的論文是第一篇討論薪酬話語權投票與經理人薪酬之間關係的文章。研究結果補充了不動產產業公司治理領域的新觀點:雖然近年來薪酬話語權投票對經理人薪酬內容大部分投贊成票,致該投票結果對經理人薪酬並沒有發揮直接的監控作用,但存在有中介效果與間接監督效用,因此,實行薪酬話語權投票在不動產投資信託公司是必要的。
    摘要(英) This dissertation examines the relationship between Say-On-Pay (hereinafter also referred to as SOP) votes and CEO compensation of publicly listed US equity real estate investment trusts (REITs). There are several findings in our empirical results. First, we find that high CEO total and excess compensation is an essential determinant of SOP disapproval voting. The high CEO total and excess compensation have a positive impact on SOP disapproval votes. Second, negative SOP votes do not have a direct monitoring impact on CEO compensation; CEO compensation is directly affected by the company’s compensation policy and is partly influenced by the mediation effect of SOP disapproval voting. Third, we find a significantly positive impact of compensation peer groups on CEO compensation. The CEO compensation with reference to the compensation peer groups’ pay level is higher than without reference to the compensation peer groups’ pay level. Moreover, SOP disapproval votes have a negative moderating influence on the gap between the CEO compensation with and without reference to compensation peer groups. The negative SOP votes weaken the positive impact of compensation peer groups on CEO compensation.
    We provide considerable contributions to the literature on REITs. To the best of our knowledge, our paper is the first to discuss the relationship between SOP votes and the REIT CEO compensation. Our findings make a new contribution to the governance literature of REITs. Our empirical results are robust to show that SOP disapproval voting does not play a direct monitoring role for CEO compensation but has an indirect mediator and moderator effect on CEO compensation. We suggest that the implementation of SOP voting regulations in REITs is necessary.
    關鍵字(中)
  • 機構投資人持股比例
  • 經理人薪酬
  • 薪酬話語權投票
  • 薪酬標竿團體
  • 不動產投資信託產業
  • 關鍵字(英)
  • Real Estate Investment Trusts. (REITs)
  • Compensation Peer groups.
  • Institutional Shareholdings.
  • Shareholder Say-on-Pay Vote.
  • CEO Compensation.
  • 論文目次 誌 謝 i
    摘 要 ii
    Abstract iii
    CHAPTER 1 INTRODUCTION 1
    1.1 GENERAL BACKGROUND 1
    1.2 RESEARCH MOTIVATION AND PURPOSE 5
    1.3 CONTRIBUTION OF THIS RESEARCH 6
    CHAPTER 2 SAY-ON-PAY VOTE LEGISLATION BACKGROUND IN THE US 10
    CHAPTER 3 LITERATURE REVIEW AND HYPOTHESIS DEVELOPMENT 14
    3.1 DETERMINATION OF CEO COMPENSATION 14
    3.2 REIT SAY-ON-PAY VOTING DIRECTION 18
    3.3 MONITORING AND MEDIATING EFFECT OF THE SAY-ON-PAY VOTE ON SUBSEQUENT CEO TOTAL AND EXCESS COMPENSATION 20
    3.4 ROLE OF INSTITUTIONAL INVESTOR OWNERSHIP AND COMPENSATION PEER GROUPS IN CEO COMPENSATION CONTRACTS AND THE INFLUENCE OF SOP VOTING 23
    CHAPTER 4 DATA AND METHODOLOGY 30
    4.1 SAMPLING DATA 30
    4.2 ESTIMATED REIT CEO EXCESS COMPENSATION 31
    4.3 CONTROL VARIABLES 32
    4.4 SUMMARY STATISTICS 32
    4.5 UNIVARIATE TESTS OF REIT FIRM CHARACTERISTICS 34
    CHAPTER 5 ANALYSIS OF EMPIRICAL RESULTS 38
    5.1 DETERMINANTS OF REIT CEO COMPENSATION 38
    5.2 SAY-ON-PAY VOTING DIRECTION IN REIT CEO COMPENSATION 40
    5.3. MONITORING AND MEDIATING EFFECTS OF SOP VOTES ON CEO COMPENSATION CONTRACTS 43
    5.4 EFFECT OF INSTITUTIONAL INVESTOR OWNERSHIP AND COMPENSATION PEER GROUPS ON REIT CEO COMPENSATION AND THE MODERATING-MONITORING ROLE OF SOP VOTES 49
    5.5 ROBUSTNESS TESTS 52
    CHAPTER 6 CONCLUSIONS 56
    6.1 CONCLUSIONS 56
    6.1.1 Determining factors of REIT CEO compensation 56
    6.1.2 Monitoring effect of SOP voting on CEO compensation 57
    6.2 POLICY IMPLICATIONS 59
    REFERENCES 60
    APPENDIX A1: STUDY MOTIVATION 67
    APPENDIX A2: VARIABLES DEFINITION 69
    參考文獻 Aiken, L. S., West, S. G., & Reno, R. R. (1991). Multiple regression: Testing and interpreting interactions. Sage.
    Albuquerque, A. M., De Franco, G., & Verdi, R. S. (2013). Peer choice in CEO compensation. Journal of Financial Economics, 108(1), 160-181.
    Balsam, S., Boone, J., Liu, H., & Yin, J. (2016). The impact of say-on-pay on executive compensation. Journal of Accounting and Public Policy, 35(2), 162-191.
    Baranchuk, N., MacDonald, G., & Yang, J. (2011). The economics of super managers. Review of Financial Studies, 24(10), 3321-3368.
    Baron, R. M., & Kenny, D. A. (1986). The moderator–mediator variable distinction in social psychological research: Conceptual, strategic, and statistical considerations. Journal of personality and social psychology, 51(6), 1173.
    Bauer, R., Eichholtz, P., & Kok, N. (2010). Corporate governance and performance: The REIT effect. Real Estate Economics, 38(1), 1-29.
    Bebchuk, L. A., & Fried, J. M. (2006). Pay without performance: Overview of the issues. Academy of Management Perspectives, 20(1), 5-24.
    Bebchuk, L. A., Cremers, K. M., & Peyer, U. C. (2011). The CEO pay slice. Journal of Financial Economics, 102(1), 199-221.
    Bebchuk, L., & Grinstein, Y. (2005). The growth of executive pay. Oxford review of economic policy, 21(2), 283-303.
    Bereskin, F. L., & Cicero, D. C. (2013). CEO compensation contagion: Evidence from an exogenous shock. Journal of Financial Economics, 107(2), 477-493.
    Bew, R., & Fields, R. (2012). Voting decisions at US mutual funds: How investors really use proxy advisers.
    Bianco, C., Ghosh, C., & Sirmans, C. F. (2007). The impact of corporate governance on the performance of REITs. Journal of Portfolio Management, 175.
    Bizjak, J. M., Lemmon, M. L., & Naveen, L. (2008). Does the use of peer groups contribute to higher pay and less efficient compensation?. Journal of Financial Economics, 90(2), 152-168.
    Bizjak, J., Lemmon, M., & Nguyen, T. (2011). Are all CEOs above average? An empirical analysis of compensation peer groups and pay design. Journal of Financial Economics, 100(3), 538-555.
    Brick, I. E., Palmon, O., & Wald, J. K. (2006). CEO compensation, director compensation, and firm performance: Evidence of cronyism?. Journal of Corporate Finance, 12(3), 403-423.
    Brunarski, K. R., Campbell, T. C., & Harman, Y. S. (2015). Evidence on the outcome of Say-On-Pay votes: How managers, directors, and shareholders respond. Journal of Corporate Finance, 30, 132-149.
    Butler, A. W., & Gurun, U. G. (2012). Educational networks, mutual fund voting patterns, and CEO compensation. Review of Financial Studies, hhs067.
    Cadman, B., & Carter, M. E. (2014). Compensation peer groups and their relation with CEO pay. Journal of Management Accounting Research, 26(1), 57-82.
    Cai, J., & Walkling, R. A. (2011). Shareholders’ Say on Pay: Does It Create Value?(Digest Summary). Journal of Financial and Quantitative Analysis, 46(2), 299-339.
    Campbell, R. D., Ghosh, C., & Sirmans, C. F. (2001). The information content of method of payment in mergers: Evidence from real estate investment trusts (REITs). Real Estate Economics, 29(3), 361-387.
    Campbell, R. D., Ghosh, C., Petrova, M., & Sirmans, C. F. (2011). Corporate governance and performance in the market for corporate control: The case of REITs. The journal of real estate finance and economics, 42(4), 451-480.
    Capozza, D. R., & Seguin, P. J. (2000). Debt, agency, and management contracts in REITs: the external advisor puzzle. The Journal of Real Estate Finance and Economics, 20(2), 91-116.
    Carter, M. E., Li, L., Marcus, A. J., & Tehranian, H. (2016). Excess pay and deficient performance. Review of Financial Economics, 30, 1-10.
    Chan, S. H., Leung, W. K., & Wang, K. (2005). Changes in REIT structure and stock performance: Evidence from the Monday stock anomaly. Real Estate Economics, 33(1), 89-120.
    Chhaochharia, V., Kumar, A., & Niessen-Ruenzi, A. (2012). Local investors and corporate governance. Journal of Accounting and Economics, 54(1), 42-67.
    Chung, R., Fung, S., & Hung, S. Y. K. (2012). Institutional investors and firm efficiency of real estate investment trusts. The Journal of Real Estate Finance and Economics, 45(1), 171-211.
    Colak, G., Yang, J., & Ye, P. (2017). Compensation Contagion: The Role of Peer Benchmarking. Kelley School of Business Research Paper No. 17-67. Available at SSRN: https://ssrn.com/abstract=3030174.
    Collins, D., Marquardt, B. B., & Niu, X. (2016). CEO Equity-Based Incentives and Shareholder Say-on-Pay in the US. Available at SSRN: https://ssrn.com/abstract=2803561
    Conyon, M. J. (2015). Shareholder Say-on-Pay Voting and CEO Compensation. Working paper, Wharton School, University of Pennsylvania.[online] available from< http://www. cbs. dk/files/cbs. dk/call_to_action/shareholder say-on pay voting and ceo compensation. pdf.>[10 April 2016].
    Core, J. E., & Guay, W. R. (2010). Is CEO pay too high and are incentives too low? A wealth-based contracting framework. The Academy of Management Perspectives, 24(1), 5-19.
    Core, J. E., Guay, W., & Larcker, D. F. (2008). The power of the pen and executive compensation. Journal of Financial Economics, 88(1), 1-25.
    Correa, R., & Lel, U. (2016). Say on pay laws, executive compensation, pay slice, and firm valuation around the world. Journal of Financial Economics, 122(3), 500-520.
    Dahlquist, M., & Robertsson, G. (2001). Direct foreign ownership, institutional investors, and firm characteristics. Journal of financial economics, 59(3), 413-440.
    Davis, G. F., & Kim, E. H. (2007). Business ties and proxy voting by mutual funds. Journal of Financial Economics, 85(2), 552-570.
    Denis, D. K., Jochem, T., & Rajamani, A. (2017). Compensation Benchmarking and The Peer Effects of Say on Pay.
    Eichholtz, P. M., Kok, N., & Otten, R. (2008). Executive compensation in UK property companies. The journal of real estate finance and economics, 36(4), 405-426.
    Elson, C. M., & Ferrere, C. K. (2012). Executive superstars, peer groups, and overcompensation: Cause, effect, and solution. J. Corp. L., 38, 487.
    Ertimur, Y., Ferri, F., & Muslu, V. (2010). Shareholder activism and CEO pay. The Review of Financial Studies, 24(2), 535-592.
    Faulkender, M., & Yang, J. (2010). Inside the black box: The role and composition of compensation peer groups. Journal of Financial Economics, 96(2), 257-270.
    Faulkender, M., & Yang, J. (2013). Is disclosure an effective cleansing mechanism? The dynamics of compensation peer benchmarking. The Review of Financial Studies, 26(3), 806-839.
    Fehrs, D. H., Benesh, G. A., & Peterson, D. R. (1988). Evidence of a relation between stock price reactions around cash dividend changes and yields. Journal of Financial Research, 11(2), 111-123.
    Feng, Z., Ghosh, C., He, F., & Sirmans, C. F. (2010). Institutional monitoring and REIT CEO compensation. The Journal of Real Estate Finance and Economics, 40(4), 446-479.
    Ferri, F., & Maber, D. A. (2013). Say on pay votes and CEO compensation: Evidence from the UK. Review of Finance, 17(2), 527-563.
    Frankfurter, G. M., & Wood Jr, B. G. (2002). Dividend policy theories and their empirical tests. International Review of Financial Analysis, 11(2), 111-138.
    Frydman, C., & Saks, R. E. (2010). Executive compensation: A new view from a long-term perspective, 1936–2005. The Review of Financial Studies, 23(5), 2099-2138.
    Gabaix, X., & Landier, A. (2008). Why has CEO pay increased so much?. The Quarterly Journal of Economics, 123(1), 49-100.
    Gerner-Beuerle, C., & Kirchmaier, T. (2016). Say on Pay: Do Shareholders Care? Available at SSRN: https://ssrn.com/abstract=2720481 or http://dx.doi.org/10.2139/ssrn.2720481
    Ghosh, C., & Sirmans, C. F. (2003). Board independence, ownership structure and performance: evidence from real estate investment trusts. The journal of real estate finance and economics, 26(2-3), 287-318.
    Ghosh, C., & Sirmans, C. F. (2005). On REIT CEO compensation: Does board structure matter?. The Journal of Real Estate Finance and Economics, 30(4), 397-428.
    Ghosh, C., & Sirmans, C. F. (2006). Do managerial motives impact dividend decisions in REITs?. The Journal of Real Estate Finance and Economics, 32(3), 327-355.
    Ghosh, C., Harding, J., Sezer, Ö., & Sirmans, C. F. (2008). The role of executive stock options in REIT repurchases. Journal of Real Estate Research, 30(1), 27-44.
    Grinstein, Y., & Michaely, R. (2005). Institutional holdings and payout policy. The Journal of Finance, 60(3), 1389-1426.
    Grullon, G., Michaely, R., & Swaminathan, B. (2002). Are dividend changes a sign of firm maturity?. The journal of Business, 75(3), 387-424.
    Hallman, G., Hartzell, J. C., & Parsons, C. A. (2011). Incentive compensation and the likelihood of termination: theory and evidence from real estate organizations. Real Estate Economics, 39(3), 507-546.
    Hardin III, W., Wu, Z., & Feng, Z., (2018, Jan.). REIT Executive Compensation and Firm Risks. Paper presented at the annual meeting of the American Economic Association, Loews Philadelphia, Washington A.
    Hardin, W. (1998). Executive compensation in EREITs: EREIT size is but one determinant. Journal of Real Estate Research, 16(3), 401-410.
    Hartzell, J. C., & Starks, L. T. (2003). Institutional investors and executive compensation. The journal of finance, 58(6), 2351-2374.
    Hill, M. S., Lopez, T. J., & Reitenga, A. L. (2016). CEO excess compensation: The impact of firm size and managerial power. Advances in Accounting, 33, 35-46.
    Hubbard, R. G., & Palia, D. (1995). Executive pay and performance evidence from the US banking industry. Journal of financial economics, 39(1), 105-130.
    Huddart, S. (1993). The effect of a large shareholder on corporate value. Management Science, 39(11), 1407-1421.
    Ittner, C. D., Larcker, D. F., & Randall, T. (2003). Performance implications of strategic performance measurement in financial services firms. Accounting, organizations and society, 28(7-8), 715-741.
    Kang, Q., & Liu, Q. (2008). Stock trading, information production, and executive incentives. Journal of Corporate Finance, 14(4), 484-498.
    Kaplan, S. N. (2013). CEO pay and corporate governance in the US: Perceptions, facts, and challenges. Journal of Applied Corporate Finance, 25(2), 8-25.
    Khan, R., Dharwadkar, R., & Brandes, P. (2005). Institutional ownership and CEO compensation: a longitudinal examination. Journal of Business Research, 58(8), 1078-1088.
    Kimbro, M. B., & Xu, D. (2016). Shareholders have a say in executive compensation: Evidence from say-on-pay in the United States. Journal of Accounting and Public Policy, 35(1), 19-42.
    Koenker, R., & Hallock, K. F. (2001). Quantile regression. Journal of economic perspectives, 15(4), 143-156.
    Larcker, D. F., McCall, A. L., Ormazabal, G., & Tayan, B. (2012). Ten myths of'say on pay'. Rock Center for Corporate Governance at Stanford University Closer Look Series: Topics, Issues and Controversies in Corporate Governance No. CGRP-26.
    Lewellen, S. (2015). Executive compensation and industry peer groups. Unpublished working paper. London Business School.
    Lord, R. A., & Saito, Y. (2010). Trends in CEO Compensation and Equity Holdings for S&P 1500 Firms: 1994-2007. Journal of Applied Finance, 20(2), 40.
    McCahery, J. A., Sautner, Z., & Starks, L. T. (2016). Behind the scenes: The corporate governance preferences of institutional investors. The Journal of Finance, 71(6), 2905-2932.
    Mukhopadhyay, T., & Shivakumar, L. (2015). Do Compensation Disclosures Matter for SoP Voting?. Available at SSRN 2718438.
    Murphy, K. J. (1999). Executive compensation. Handbook of labor economics, 3, 2485-2563.
    Newton, A. N. (2015). Executive compensation, organizational performance, and governance quality in the absence of owners. Journal of Corporate Finance, 30, 195-222.
    Noguera, M. C., Highfield, M. J., & Nagel, G. L. (2007). CEO incentive-based compensation and REIT performance (Doctoral dissertation, Mississippi State University).
    Otto, C. A. (2014). CEO optimism and incentive compensation. Journal of Financial Economics, 114(2), 366-404.
    Pennathur, A. K., & Shelor, R. M. (2002). The determinants of REIT CEO compensation. The Journal of Real Estate Finance and Economics, 25(1), 99-113.
    Pennathur, A. K., Gilley, O. W., & Shelor, R. M. (2005). An Analysis of REIT CEO Stock‐Based Compensation. Real Estate Economics, 33(1), 189-202.
    Perry, T., & Zenner, M. (2001). Pay for performance? Government regulation and the structure of compensation contracts. Journal of Financial Economics, 62(3), 453-488.
    Pittinsky, M., & DiPrete, T. A. (2013). Peer group ties and executive compensation networks. Social science research, 42(6), 1675-1692.
    Plitch, P., & Whitehouse, K. (2006). Theory and practice: executives’ pay faces new tactics—Activist holders propose simpler plans to rein in US Firms compensation. The Wall Street Journal, 27.
    Schooley, D. K., & Barney Jr, L. D. (1994). Using dividend policy and managerial ownership to reduce agency costs. Journal of Financial Research, 17(3), 363-373.
    Schwartz-Ziv, M., & Wermers, R. (2018). Do institutional investors monitor their large vs. small investments differently? evidence from the say-on-pay vote. Evidence from the Say-on-Pay Vote (July 9, 2018). European Corporate Governance Institute (ECGI)-Finance Working Paper, (541).
    Scott, J., Anderson, R., & Loviscek, A. (2001). Are REIT CEOs rewarded for performance? Another look. Journal of Real Estate Portfolio Management, 7(3), 247-252.
    Shleifer, A., & Vishny, R. W. (1986). Large shareholders and corporate control. Journal of political economy, 94(3, Part 1), 461-488.
    Smith, G. S., & Swan, P. L. (2008). Too good to be true: do concentrated institutional investors really reduce executive compensation whilst raising incentives. Working Paper.
    Smith, G., & Swan, P. L. (2008). Will the Real Monitors Please Stand Up?: Institutional Investors and CEO Compensation. Institutional Investors and CEO Compensation (February 21, 2008).
    Sonenshine, R., Larson, N., & Cauvel, M. (2016). Determinants of CEO Compensation before and after the Financial Crisis. Modern Economy, 7(12), 1455.
    Thomas, R. S., Palmiter, A. R., & Cotter, J. F. (2011). Dodd-Frank's say on pay: Will it lead to a greater role for shareholders in corporate governance. Cornell L. Rev., 97, 1213.
    Tosi, H. L., Werner, S., Katz, J. P., & Gomez-Mejia, L. R. (2000). How much does performance matter? A meta-analysis of CEO pay studies. Journal of Management, 26(2), 301-339.
    Yeh, Y. H., & Chou, H. I. (2016). Corporate governance in taiwan: a survey. 經濟論文叢刊, 44(1), 127-184.
    Yilmaz, A. K., & Gulay, G. (2006). Dividend policies and price-volume reactions to cash dividends on the stock market: evidence from the Istanbul Stock Exchange. Emerging Markets Finance and Trade, 42(4), 19-49.
    Zhao, K. M., Baum, C. L., & Ford, W. F. (2009). The CEO share of earnings: A new approach to evaluating executive compensation. Business Economics, 44(2): 120-122.
    口試委員
  • 張嘉倩 - 召集委員
  • 佘健源 - 委員
  • 秦長強 - 委員
  • 唐俊華 - 指導教授
  • 陳明吉 - 指導教授
  • 口試日期 2019-07-16 繳交日期 2019-07-16

    [回到前頁查詢結果 | 重新搜尋]


    如有任何問題請與論文審查小組聯繫