将高管薪酬与环境、社会和公司治理目标挂钩:董事会性别多样性的作用

IF 1.8 Q2 BUSINESS, FINANCE
Thanh Dat Le, Julie T. D. Ngo
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引用次数: 0

摘要

目的 近年来,美国公司越来越多地将环境、社会和公司治理(ESG)绩效目标纳入高管薪酬中。本研究利用美国公司的数据,研究了董事会性别多样性与公司将环境、社会和公司治理指标纳入绩效薪酬的倾向之间的关系。本研究探讨的关键问题是董事会中有更多女性成员的公司是否更有可能将高管薪酬指标联系起来?董事会中女性人数较多的公司更有可能采用哪些 ESG 指标的组成部分和类型? 本研究采用 OLS 回归、逻辑回归以及工具变量法、倾向得分匹配法和熵平衡法来确定因果关系。与环境和社会子类别的正相关关系最为明显。研究结果还表明,女性董事更有可能鼓励公司根据绝对和短期的环境、社会和公司治理目标来评估经理人。 原创性/价值 本研究是较早研究将环境、社会和公司治理绩效目标纳入高管薪酬计划的研究之一。它以美国公司为样本,探讨了董事会性别多样性与公司将 ESG 业绩目标纳入高管薪酬方案的概率之间的关系,为现有文献做出了贡献。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Linking executive pay to ESG goals: the role of board gender diversity
PurposeIn recent years, US firms have increasingly integrated ESG performance goals into their executive remuneration packages. This study examines the relationship between board gender diversity and the tendency of firms to incorporate ESG metrics in performance-based compensation using data from US firms. The key questions this study addresses are: Are firms with more females on the board more likely to link executive compensation metrics? What components and types of ESG metrics are more likely to be adopted by firms with more females on the board?.Design/methodology/approachThis study employs OLS regression, logistic regression, as well as instrumental variable, propensity score matching, and entropy balance methods to establish causality.FindingsThis study finds that firms with gender-diverse boards are more likely to shape their executive remuneration plans to be more ESG-oriented. The most significant positive relationship is observed with environmental and social sub-categories. The results also demonstrate that female directors are more likely to encourage firms to evaluate managers based on absolute and short-term ESG goals.Originality/valueThis study is one of the early studies that examine the adoption of ESG performance goals into executive compensation plans. It contributes to the existing literature by exploring the relationship between board gender diversity and the probability of firms incorporating ESG performance goals into executive compensation packages using a sample of US firms.
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来源期刊
CiteScore
4.10
自引率
0.00%
发文量
47
期刊介绍: Treasury and Financial Risk Management ■Redefining, measuring and identifying new methods to manage risk for financing decisions ■The role, costs and benefits of insurance and hedging financing decisions ■The role of rating agencies in managerial decisions Investment and Financing Decision Making ■The uses and applications of forecasting to examine financing decisions measurement and comparisons of various financing options ■The public versus private financing decision ■The decision of where to be publicly traded - including comparisons of market structures and exchanges ■Short term versus long term portfolio management - choice of securities (debt vs equity, convertible vs non-convertible)
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