| Abstract: | 本研究目的在於檢測高階管理者異常薪酬、機構投資人持股與家族企業特性對公司未來績效之影響。研究中採用2010至2019年台灣證券交易所上市公司為研究對象。實證結果發現高階管理者異常薪酬對公司績效具有正向影響，支持隱性合約觀點。機構投資人持股對企業績效具有正向作用，機構投資人持股對公司績效具有正向作用外，亦對高階管理者異常薪酬與公司績效關係有負向調節效果。家族企業特性對公司未來績效有負向作用，且會負向干擾高階管理者薪酬與公司績效之關係。
This study examines the impact of abnormal managerial compensation, institutional shareholding and family-business characteristics on future performance. Sample firms are listed on the Taiwan Stock Exchange in the period from 2010 to 2019. We find that abnormal compensation positively affects firms’ future performance, in line with implicit contract theory. In addition, evidence shows that institutional shareholding and family-business characteristics are both vital to firms’ future performance. Specifically, institutional shareholding is not only positively associated with future performance but also increases the effectiveness of abnormal compensation on future performance. Nevertheless, family-business characteristics have an adverse impact on future performance as well as serves as a moderating variable between abnormal compensation and future performance. |
