本文以台灣2007-2018年間上市櫃的金融業公司作為樣本，研究企業社會責任績效與CEO薪酬的關係，使用企業公民獎得獎與否及參考過去文獻從台灣經濟新報社(TEJ)資料庫之資料，建立六項指標評分作為企業社會責任績效，並進一步考慮上述關係是否受獨立董事席次比例調節影響。實證研究顯示企業社會責任績效與CEO薪酬呈顯著負相關，此外亦得到部分證據支持當獨立董事比例越高，企業社會責任與CEO薪酬的負向關係會有所減弱。

This study examines the relationship between corporate social responsibility (CSR) performance and CEO compensation for financial industry in Taiwan. We use 2007-2018 data collected from the Taiwan Economic Journal (TEJ) database to test whether CSR performance is associated with CEO compensation. Different from other studies using Corporate Citizenship Award to define the CSR performance, this study constructs a CSR performance score by adding up six indicators. We further consider the moderating effect of independent directors on the relationship between CSR and CEO compensation. The result shows a significant negative relationship between CSR performance and CEO compensation, suggesting that the higher degree of CSR performance, the lower the CEO salary. However, such negative relationship between CSR performance and CEO compensation might decrease if the proportion of independent directors is higher.

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