本研究旨在探討負盈餘薪酬權數降低之非主管員工薪酬保障行為是否存在，並進一步探討企業社會責任績效佳的公司對此保障行為的效果。以2018年及2019年之台灣上市櫃公司為研究樣本，採用普通最小平方法(OLS)進行迴歸分析。實證結果顯示：(一) 公司正盈餘與非主管員工薪酬呈正向顯著，且負盈餘與非主管員工薪酬呈負向顯著，支持公司於獲利時會分享給非主管員工，但在績效不佳時會調降薪酬績效敏感性以保護其薪酬。(二) 再以天下雜誌企業公民獎之CSR得獎企業配對未得獎企業為樣本，結果為：相較於CSR未得獎企業，CSR得獎企業於設計非主管員工薪酬上並無明顯較大的薪酬保護機制。

This paper investigates whether less compensation weight is placed on negative earnings than on positive earnings in determining non-executive employees’ compensation, thereby shielding non-executive employees’ compensation from loss. In addition, this paper further investigates the effect of companies with better Corporate Social Responsibility (CSR) performance on the shielding behavior. Using a sample of listed companies on the Taiwan Stock Exchange (TSE) as well as Over the Counter (OTC) companies in 2018 and 2019, there is evidence of a significant correlation between positive/negative earnings and non-executive employees' compensation. This implies that the firms share their profits with non-executive employees but shield non-executive employees’ compensation from loss. Furthermore, this study uses the firms awarded Excellence in Corporate Social Responsibility by CommonWealth Magazine in Taiwan to match non-awarded firms based on profits over a three-year period, the same sample year, the same industry code, the same stock exchange market code, and similar firm size. These results suggest that CSR-awarded firms do not have a significantly larger protection mechanism in determining non-executive employee compensation than their non-awarded counterparts.

王憶紅(2020)。雄獅祭出第一槍！董事不領酬勞 高管減半薪。自由時報。取自https://www.ltn.com.tw/

石富維(2012)。企業社會責任、價值創造與所得不均度—台灣集團企業之研究。東海大學會計學系碩士論文。

朱竹元(2018)。【專欄】朱竹元：CSR做真的假的？關鍵在「HR」。CSR@天下。取自https://csr.cw.com.tw/

江飛宇(2020)。共體時艱 波音高層決定放棄薪資。工商時報。取自https://ctee.com.tw/

李秀英、劉俊儒、楊筱翎(2011)。企業社會責任與公司績效之關聯性。東海管理評論，第十三卷第一期，頁77-112。

杜榮瑞、陳煬楊、黃馨儀(2019)。企業社會責任績效與CEO薪酬的關係。當代會計，第二十卷第一期，頁1-28。

林揚舜、鍾俊文(2005)。員工分紅配股與員工流動率間之關係。貨幣觀測與信用評等，頁88-98。

侍台誠、蔡麗雯、相惠萍(2019)。臺灣上市公司企業社會責任履行績效之影響因素研究－公司治理與智慧資本觀點。會計審計論叢，第九卷第一期，頁119-166。

林奕榮(2020)。企業主管減薪 聲浪變大。經濟日報。取自https://money.udn.com/money/index

柯瓊鳳、馮雅玲(2019)。企業社會責任、公司治理與環保違規事件之關聯性研究。東吳經濟商學學報，第九十九期，頁57-90。

張詠晴(2019)。【專欄】張詠晴：美國200大企業CEO共同聲明：不再把股東利益當唯一依歸。CSR@天下。取自https://csr.cw.com.tw/

Aaltonen, K. (2011). Project stakeholder analysis as an environmental interpretation process. International Journal of Project Management, 29, 165-183. doi:10.1016/j.ijproman.2010.02.001

Abowd, J. M., Kramarz, F., & Margolis, D. N. (1999). High Wage Workers and High Wage Firms. Econometrica, 67(2), 251-333.

Adams, J. S. (1965). Inequity In Social Exchange. In I. Babenko (Ed.), Advances in Experimental Social Psychology (Vol. 2, pp. 267-299): Academic Press.

Agrawal, A. K., & Matsa, D. A. (2013). Labor unemployment risk and corporate financing decisions. Journal of Financial Economics, 108(2), 449-470. doi:https://doi.org/10.1016/j.jfineco.2012.11.006

Akerlof, G. A., & Yellen, J. L. (1990). The Fair Wage-Effort Hypothesis and Unemployment. The Quarterly Journal of Economics, 105(2), 255-283. doi:10.2307/2937787

Antle, R., & Smith, A. (1986). An Empirical Investigation of the Relative Performance Evaluation of Corporate Executives. Journal of Accounting Research, 24(1), 1-39. doi:10.2307/2490802

Babenko, I., Lemmon, M., & Tserlukevich, Y. (2011). Employee Stock Options and Investment. The Journal of Finance, 66(3), 981-1009. doi:https://doi.org/10.1111/j.1540-6261.2011.01657.x

Balsam, S. (1998). Discretionary Accounting Choices and CEO Compensation. Contemporary Accounting Research, 15(3), 229-252. doi:https://doi.org/10.1111/j.1911-3846.1998.tb00558.x

Banker, R. D., & Datar, S. M. (1989). Sensitivity, Precision, and Linear Aggregation of Signals for Performance Evaluation. Journal of Accounting Research, 27(1), 21-39. doi:10.2307/2491205

Banker, R. D., Lee, S.-Y., Potter, G., & Srinivasan, D. (2000). An empirical analysis of continuing improvements following the implementation of a performance-based compensation plan. Journal of Accounting and Economics, 30(3), 315-350. doi:https://doi.org/10.1016/S0165-4101(01)00016-7

Barnea, A., & Rubin, A. (2010). Corporate Social Responsibility as a Conflict Between Shareholders. Journal of Business Ethics, 97(1), 71-86. doi:10.1007/s10551-010-0496-z

Barro, R. J. (2001). Human Capital and Growth. The American Economic Review, 91, 12-17.

Barro, R. J., & Lee, J.-W. (1993). International comparisons of educational attainment. Journal of monetary economics, 32(3), 363-394.

Berger, P. G., Ofek, E., & Yermack, D. L. (1997). Managerial Entrenchment and Capital Structure Decisions. The Journal of Finance, 52(4), 1411-1438. doi:https://doi.org/10.1111/j.1540-6261.1997.tb01115.x

Berrone, P., & Gomez-Mejia, L. R. (2009). Environmental Performance and Executive Compensation: An Integrated Agency-Institutional Perspective. The Academy of Management Journal, 52(1), 103-126. Retrieved from http://www.jstor.org/stable/40390278

Brooks, C., & Oikonomou, I. (2018). The effects of environmental, social and governance disclosures and performance on firm value: A review of the literature in accounting and finance. The British Accounting Review, 50(1), 1-15. doi:https://doi.org/10.1016/j.bar.2017.11.005

Bushman, R. M., & Smith, A. J. (2001). Financial accounting information and corporate governance. Journal of Accounting and Economics, 32(1), 237-333. doi:https://doi.org/10.1016/S0165-4101(01)00027-1

Cai, Y., Jo, H., & Pan, C. (2011). Vice or Virtue? The Impact of Corporate Social Responsibility on Executive Compensation. Journal of Business Ethics, 104, 159-173. doi:https://doi.org/10.1007/s10551-011-0909-7

Callan, S. J., & Thomas, J. M. (2011). Executive compensation, corporate social responsibility, and corporate financial performance: a multi-equation framework. Corporate Social Responsibility and Environmental Management, 18(6), 332-351. doi:https://doi.org/10.1002/csr.249

Chemmanur, T. J., Cheng, Y., & Zhang, T. (2013). Human Capital, Capital Structure, and Employee Pay: An Empirical Analysis. Journal of Financial Economics, 110(2), 478-502.

Chen, K. C. W., & Tang, F. (2017). Post-IFRS Revaluation Adjustments and Executive Compensation. Contemporary Accounting Research, 34(2), 1210-1231. doi:https://doi.org/10.1111/1911-3846.12285

Cheng, S. (2003). Shielding Executive Annual Pay from Losses: Empirical Evidence of Managerial Entrenchment. Working paper. University of Michigan Business School.

Cho, S., & Kim, Y.-C. (2012). Corporate social responsibility (CSR) as a halo effect in issue management: public response to negative news about pro-social local private companies. Asian Journal of Communication, 22(4), 372-385. doi:10.1080/01292986.2012.681666

Coates, E. M. (1991). Profit sharing today: plans and provisions. Monthly Labor Review, 114(4), 19-25. Retrieved from http://www.jstor.org/stable/41843571

Conyon, M. J. (2014). Executive Compensation and Board Governance in US Firms. The Economic Journal, 124(574), F60-F89. doi:https://doi.org/10.1111/ecoj.12120

Cordeiro, J. J., & Sarkis, J. (2008). Does explicit contracting effectively link CEO compensation to environmental performance? Business Strategy and the Environment, 17(5), 304-317. doi:https://doi.org/10.1002/bse.621

Cropanzano, R., Byrne, Z. S., Bobocel, D. R., & Rupp, D. E. (2001). Moral Virtues, Fairness Heuristics, Social Entities, and Other Denizens of Organizational Justice. Journal of Vocational Behavior, 58(2), 164-209. doi:https://doi.org/10.1006/jvbe.2001.1791

Dechow, P. M., & Huson, M. R. (1994). The Effect of Restructuring Charges on Executives' Cash Compensation. Accounting Review, 69(1), 138-156.

Deckop, J. R., Merriman, K. K., & Gupta, S. (2006). The Effects of CEO Pay Structure on Corporate Social Performance. Journal of Management, 32(3), 329-342. doi:10.1177/0149206305280113

Deng, X., Kang, J. K., & Low, B. S. (2013). Corporate social responsibility and stakeholder value maximization: Evidence from mergers. Journal of Financial Economics, 110(1), 87-109. doi:10.1016/j.jfineco.2013.04.014

Dorata, N. (2008). The shielding of CEO cash compensation from post-acquisition earnings' charges. Managerial Finance, 34, 288-303. doi:10.1108/03074350810866171

Duru, A., Iyengar, R. J., & Thevaranjan, A. (2002). The Shielding of CEO Compensation from the Effects of Strategic Expenditures. Contemporary Accounting Research, 19(2), 175-193. doi:https://doi.org/10.1506/UM8Q-NVJ6-JKGT-GH5W

Faleye, O., Reis, E., & Venkateswaran, A. (2013). The determinants and effects of CEO–employee pay ratios. Journal of Banking & Finance, 37(8), 3258-3272. doi:10.1016/j.jbankfin.2013.03.003

Fama, E. F., & Jensen, M. C. (1983). Separation of Ownership and Control. The Journal of Law & Economics, 26(2), 301-325. Retrieved from http://www.jstor.org/stable/725104

Fassin, Y. (2009). The Stakeholder Model Refined. Journal of Business Ethics, 84(1), 113-135. doi:10.1007/s10551-008-9677-4

Feng, M., Wang, X. A., & Saini, J. S. (2015). Monetary compensation, workforce-oriented corporate social responsibility, and firm performance. American Journal of Business, 30(3), 196-215. doi:10.1108/AJB-10-2014-0057

Fitzroy, F. R., & Kraft, K. (1987). Cooperation, Productivity, and Profit Sharing. The Quarterly Journal of Economics, 102(1), 23-35. doi:10.2307/1884678

Freeman, R. E. (1984). Strategic management : a stakeholder approach. Boston: Pitman.

Gaver, J. J., & Gaver, K. M. (1998). The Relation between Nonrecurring Accounting Transactions and CEO Cash Compensation. The Accounting Review, 73(2), 235-253. Retrieved from http://www.jstor.org/stable/248467

Gerhart, B., Minkoff, H., & Olsen, R. (1995). Employee Compensation: Theory, Practice, and Evidence. CAHRS Working Paper Series.

Golob, U., & Bartlett, J. L. (2007). Communicating about corporate social responsibility: A comparative study of CSR reporting in Australia and Slovenia. Public Relations Review, 33(1), 1-9. doi:https://doi.org/10.1016/j.pubrev.2006.11.001

Green, T., & Zhou, D. (2019). Pay Inequality, Job Satisfaction, and Firm Performance. SSRN Electronic Journal. doi:10.2139/ssrn.3415937

Greenhalgh, L., Lawrence, A. T., & Sutton, R. I. (1988). Determinants of Work Force Reduction Strategies in Declining Organizations. The Academy of Management Review, 13(2), 241-254. doi:10.2307/258575

Hambly, K., Kumar, R. V., Harcourt, M., Lam, H., & Wood, G. (2019). Profit-sharing as an incentive. The International Journal of Human Resource Management, 30, 2855-2875. doi:10.1080/09585192.2017.1334149

Hayes, R. M., & Schaefer, S. (1999). How much are differences in managerial ability worth? Journal of Accounting and Economics, 27(2), 125-148. doi:10.1016/S0165-4101(99)00007-5

Hemingway, C. A., & Maclagan, P. W. (2004). Managers' Personal Values as Drivers of Corporate Social Responsibility. Journal of Business Ethics, 50(1), 33-44. doi:10.1023/B:BUSI.0000020964.80208.c9

Hölmstrom, B. (1979). Moral Hazard and Observability. The Bell Journal of Economics, 10(1), 74-91. doi:10.2307/3003320

Hong, B., Li, Z., & Minor, D. (2016). Corporate Governance and Executive Compensation for Corporate Social Responsibility. Journal of Business Ethics, 136(1), 199-213. doi:10.1007/s10551-015-2962-0

Ikram, A., Li, Z., & Minor, D. (2019). CSR-contingent executive compensation contracts. Journal of Banking & Finance, 105655. doi:https://doi.org/10.1016/j.jbankfin.2019.105655

Jae Yong, S., Sung-Choon, K., Jeong-Hoon, H., & Bum-Joon, K. I. M. (2015). Determinants and Performance Effects of Executive Pay Multiples: Evidence from Korea. ILR Review, 68(1), 53-78. doi:https://doi.org/10.1177/0019793914556242

Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360. doi:https://doi.org/10.1016/0304-405X(76)90026-X

Jensen, M. C., & Murphy, K. J. (1990). Performance Pay and Top-Management Incentives. Journal of Political Economy, 98(2), 225-264. Retrieved from http://www.jstor.org/stable/2937665

Jones, T. M. (1995). Instrumental stakeholder theory: A synthesis of ethics and economics. Academy of management review, 20(2), 404-437.

Karim, K., Lee, E., & Suh, S. (2018). Corporate social responsibility and CEO compensation structure. Advances in Accounting, 40, 27-41. doi:10.1016/j.adiac.2017.11.002

Karren, R., & Sherman, K. (2012). Layoffs and unemployment discrimination: A new stigma. Journal of Managerial Psychology, 27(8), 848–863. https://doi.org/10.1108/02683941211280193

Kolk, A., & Perego, P. (2014). Sustainable Bonuses: Sign of Corporate Responsibility or Window Dressing? Journal of Business Ethics, 119(1), 1-15. doi:10.1007/s10551-012-1614-x

Kramer, M. R., & Porter, M. (2011). Creating shared value. Harvard business review.

Kryscynski, D. (2020). Firm-Specific Worker Incentives, Employee Retention, and Wage–Tenure Slopes. Organization Science, 32(2), 257-525. doi:10.1287/orsc.2020.1393

Lambert, R. A., Lanen, W. N., & Larcker, D. F. (1989). Executive Stock Option Plans and Corporate Dividend Policy. The Journal of Financial and Quantitative Analysis, 24(4), 409-425. doi:10.2307/2330976

Lazear, E. P., & Rosen, S. (1981). Rank-Order Tournaments as Optimum Labor Contracts. Journal of Political Economy, 89(5), 841-864. Retrieved from http://www.jstor.org/stable/1830810

Locke, E. A. (1982). Employee Motivation:A Discussion. Journal of Contemporary Business, 11(2), 71-82.

Locke, E. A., & Latham, G. P. (1979). Goal setting—A motivational technique that works. Organizational Dynamics, 8(2), 68-80. doi:https://doi.org/10.1016/0090-2616(79)90032-9

Madsen, H., & Ulhøi, J. P. (2001). Integrating environmental and stakeholder management. Business Strategy and the Environment, 10(2), 77-88. doi:https://doi.org/10.1002/bse.279

Mahoney Lois, S., & Thorn, L. (2006). An Examination of the Structure of Executive Compensation and Corporate Social Responsibility: A Canadian Investigation. Journal of Business Ethics, 69(2), 149-162. doi:10.1007/s10551-006-9073-x

Maloa, F., & Rajah, M. (2012). Determinants of employee compensation : an exploratory study. South African Journal of Labour Relations, 36(2), 91-112. doi:doi:10.10520/EJC125580

Manchiraju, H., Hamlen, S. S., Kross, W., & Suk, I. (2016). Fair Value Gains and Losses in Derivatives and CEO Compensation. Journal of Accounting, Auditing & Finance, 31, 311 - 338.

Masli, A., Richardson, V. J., Sanchez, J. M., & Smith, R. E. (2008). Information Technology Investments, CEO Compensation and Market Valuation. doi:http://dx.doi.org/10.2139/ssrn.1004204

Milbourn, T. T. (2003). CEO reputation and stock-based compensation. Journal of Financial Economics, 68(2), 233-262. doi:https://doi.org/10.1016/S0304-405X(03)00066-7

Murphy, K., & Jensen, M. (2018). The Politics of Pay: The Unintended Consequences of Regulating Executive Compensation. Journal of Law, Finance, and Accounting, 3, 189-242. doi:10.1561/108.00000030

Murphy, K. J. (1999). Executive compensation. Handbook of labor economics, 3, 2485-2563.

Murphy, K. J. (2000). Performance standards in incentive contracts. Journal of Accounting & Economics, 30(3), 245-278. doi:10.1016/S0165-4101(01)00013-1

Nagar, V. (2002). Delegation and Incentive Compensation. Accounting Review, 77(2), 379-395. doi:10.2308/accr.2002.77.2.379

Natarajan, R. (1996). Stewardship Value of Earnings Components: Additional Evidence on the Determinants of Executive Compensation. The Accounting Review, 71(1), 1-22. Retrieved from http://www.jstor.org/stable/248352

Porter, M. E., & Kramer, M. R. (2006). The link between competitive advantage and corporate social responsibility. Harvard business review, 84(12), 78-92.

Rodrigo, P., & Arenas, D. (2008). Do Employees Care About CSR Programs? A Typology of Employees According to their Attitudes. Journal of Business Ethics, 83, 265-283. doi:10.1007/s10551-007-9618-7

Rouen, E. (2020). Rethinking measurement of pay disparity and its relation to firm performance. Accounting Review, 95(1), 343-378. doi:10.2308/accr-52440

Rupp, D. E., Ganapathi, J., Aguilera, R. V., & Williams, C. A. (2006). Employee Reactions to Corporate Social Responsibility: An Organizational Justice Framework. Journal of Organizational Behavior, 27(4), 537-543. Retrieved from http://www.jstor.org/stable/4093915

Rynes, S. L., Gerhart, B., & Parks, L. (2005). Personnel Psychology: Performance Evaluation and Pay for Performance. Annual Review of Psychology, 56(1), 571-600. doi:10.1146/annurev.psych.56.091103.070254

Seo, S. W., Kim, J. S., & Ryu, D. (2019). Effects of the Asian financial crisis on the relation between leverage and employee compensation. Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad, 48(1), 1-20. doi:10.1080/02102412.2018.1456029

Shaw, K. W., & Zhang, M. H. (2010). Is CEO Cash Compensation Punished for Poor Firm Performance? The Accounting Review, 85(3), 1065-1093. Retrieved from http://www.jstor.org/stable/27802680

Skinner, B. F. (1953). Science and Human Behavior. New York: Macmillan.

Sloan, R. G. (1993). Accounting earnings and top executive compensation. Journal of Accounting and Economics, 16(1), 55-100. doi:https://doi.org/10.1016/0165-4101(93)90005-Z

Smith, A. D. (2007). Making the case for the competitive advantage of corporate social responsibility. Business Strategy Series, 8(3), 186-195. doi:10.1108/17515630710684187

Song, J., Price, D. J., Guvenen, F., Bloom, N., & Wachter, T. v. (2019). Firming Up Inequality. Quarterly Journal of Economics, 134(1), pp.1-50. doi:10.1093/qje/qjy025

Taghian, M., D’Souza, C., & Polonsky, M. (2015). A stakeholder approach to corporate social responsibility, reputation and business performance. Social Responsibility Journal, 11(2), 340-363. doi:10.1108/SRJ-06-2012-0068

Titman, S., & Wessels, R. (1988). The Determinants of Capital Structure Choice. The Journal of Finance, 43(1), 1-19. doi:https://doi.org/10.1111/j.1540-6261.1988.tb02585.x

Vroom, V. H. (1964). Work and motivation. New York: Wiley.

Wade, J. B., Charles A. O'Reilly, I., & Pollock, T. G. (2006). Overpaid CEOs and Underpaid Managers: Fairness and Executive Compensation. Organization Science, 17(5), 527-544. doi:10.1287/orsc.1060.0204

Wei, L. T., & Yazdanifard, R. (2014). The impact of Positive Reinforcement on Employees’ Performance in Organizations. American Journal of Industrial and Business Management, 04(01), 9-12. doi:10.4236/ajibm.2014.41002

Yanadori, Y., & Marler, J. H. (2006). Compensation strategy: does business strategy influence compensation in high-technology firms? Strategic Management Journal, 27(6), 559-570. doi:https://doi.org/10.1002/smj.521

Yee, R. W. Y., Yeung, A. C. L., & Cheng, T. C. E. (2008). The impact of employee satisfaction on quality and profitability in high-contact service industries. Journal of Operations Management, 26(5), 651-668. doi:https://doi.org/10.1016/j.jom.2008.01.001

Yermack, D. (1995). Do corporations award CEO stock options effectively? Journal of Financial Economics, 39(2), 237-269. doi:https://doi.org/10.1016/0304-405X(95)00829-4

校內：2026-06-07公開
校外：2026-06-07公開 電子論文尚未授權公開，紙本請查館藏目錄