The relations of corporate risk, operating efficiency, and firm size to managerial compensation: Evidence from Taiwan stock market-listed companies

IF 5.5 Q1 MANAGEMENT

Asia Pacific Management Review Pub Date : 2023-06-01 DOI:10.1016/j.apmrv.2022.09.001

Lieh-Ming Luo , Hui-Tzu Lee , Chia-Chou Chiu , Chih-Wei Lee

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引用次数: 6

Abstract

This study uses Taiwan stock market-listed company data to analyze relationships between managerial compensation, corporate risk, and operating efficiency. This study focuses on three aspects. First, we examined how different types of corporate risk can relate differently to top manager salaries. Second, we investigated whether management efficiency is associated with managerial compensation in Taiwan. Last, we explored how firm size moderates the relationships between top-manager salaries, corporate risk, and operating efficiency. Our findings reveal that credit risk is remarkably different from other risks related to managerial compensation. Moreover, the moderating effect of firm size varies across various factors. Furthermore, most estimated results supported all our hypotheses. We provided subsequent explanations for the outcomes. The particular phenomenon found in this study also gave implications for the contract design of managerial compensation.

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企业风险、经营效率、企业规模与管理报酬的关系——来自台湾上市公司的证据

本研究以台湾上市公司为研究对象，分析经理人薪酬、公司风险与经营效率之间的关系。本研究主要从三个方面展开。首先，我们考察了不同类型的公司风险与高管薪酬之间的关系。其次，我们考察了台湾地区的管理效率是否与管理层薪酬相关。最后，我们探讨了公司规模如何调节高管薪酬、公司风险和运营效率之间的关系。我们的研究结果表明，信用风险与其他与管理层薪酬相关的风险显著不同。此外，企业规模的调节效应在不同因素之间存在差异。此外，大多数估计结果支持我们的所有假设。我们提供了对结果的后续解释。本研究发现的特殊现象也为管理层薪酬的契约设计提供了启示。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Asia Pacific Management Review MANAGEMENT-

CiteScore

8.00

自引率

4.50%

发文量

期刊介绍： Asia Pacific Management Review (APMR), peer-reviewed and published quarterly, pursues to publish original and high quality research articles and notes that contribute to build empirical and theoretical understanding for concerning strategy and management aspects in business and activities. Meanwhile, we also seek to publish short communications and opinions addressing issues of current concern to managers in regards to within and between the Asia-Pacific region. The covered domains but not limited to, such as accounting, finance, marketing, decision analysis and operation management, human resource management, information management, international business management, logistic and supply chain management, quantitative and research methods, strategic and business management, and tourism management, are suitable for publication in the APMR.