CEO超額薪酬、企業社會責任與銀行效率關聯性之探討

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Please use this identifier to cite or link to this item: https://irlib.pccu.edu.tw/handle/987654321/51435

Title:	CEO超額薪酬、企業社會責任與銀行效率關聯性之探討 Exploring the Relationship among CEO Excess Remuneration, Corporate Social Responsibility and Bank Efficiency
Authors:	吳聲讓
Contributors:	財務金融學系
Keywords:	CEO超額薪酬銀行效率企業社會責任動態差額變數基礎模型 CEO Excess Remuneration Bank Efficiency Corporate Social Responsibility Dynamic Slacks-Based Measure
Date:	2022
Issue Date:	2023-03-08 15:08:45 (UTC+8)
Abstract:	好的執行長(CEO)能激勵員工為股東創造價值，但企業也有超額薪酬的CEO，對企業之貢獻低於其薪酬。在企業已經經營不善的情況下，CEO仍坐領高薪，對企業效率造成影響，也會傷害企業形象。近年來，企業社會責任(Corporate Social Responsibility，CSR)議題備受關注，許多企業將CSR視為一種策略管理，企業參與CSR的動機為提升其銀行效率。然而，當CEO在超額薪酬情況下，CSR對企業效率之影響如何？因此，本文以2009至2020年15家本國銀行為研究對象，探討CEO超額薪酬、CSR與銀行效率之關聯性。本研究首先使用動態差額變數基礎模型(Dynamic Slacks-Based Measure，DSBM)估計動態效率；之後利用Tobit迴歸模型，探討CEO超額薪酬、CSR對動態效率及兩者交互作用之影響。實證結果發現，CEO超額薪酬對銀行效率的影響為負向顯著關係；CSR活動可以幫助銀行建立良好的聲譽，提高商譽，從而對銀行效率有正面影響；考量CEO超額薪酬與CSR交互作用，在CEO超額薪酬情況下，透過實施CSR，增強銀行聲譽，提升銀行效率。 A good CEO can motivate employees to create value for shareholders, but there are also overpaid CEOs who contribute less to the business than they are paid. In the case of a poorly run business, the CEO still receives a high salary, which not only affects the efficiency of the business, but also hurts the corporate image. In recent years, the issue of Corporate Social Responsibility (CSR) has received a lot of attention, and many companies regard CSR as a kind of strategic management. The motivation for companies to participate in CSR is to improve their efficiency. However, when CEOs are overpaid, what is the impact of CSR on corporate efficiency? Therefore, this paper examines the correlation between CEO excess return, CSR, and efficiency in 15 banks of Taiwan from 2009 to 2020. The study first uses the Dynamic Slacks-Based Measure (DSBM) to estimate dynamic efficiency, and then employs the Tobit regression model to investigate the effects of CEO excess return and CSR on dynamic efficiency and their interactions. The empirical results found that the effect of CEO excess return on efficiency is negatively significant; CSR activities can help banks build a good reputation and improve goodwill, which in turn has a positive effect on bank efficiency. Considering the interaction between CEO excess return and CSR, the implementation effect of CSR in the case of CEO excess return can enhance the reputation of banks and improve bank efficiency.
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