An Empirical Study:EVA® and MVA as determinants of executive compensation
碩士 === 國立成功大學 === 會計學系碩博士班 === 92 === This study investigates the relationship between firm performance and executive compensation among domestic and global firms using both accouting-based measures of performance (ROA and ROE) and risk-adjusted measures of performance (EVA and MVA). The data in th...
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ndltd-TW-092NCKU53850032016-06-17T04:16:57Z http://ndltd.ncl.edu.tw/handle/12271448298666729499 An Empirical Study:EVA® and MVA as determinants of executive compensation 以EVA®、MVA決定高階主管薪酬之實證研究 Tzu-Yun Ho 何紫妘 碩士 國立成功大學 會計學系碩博士班 92 This study investigates the relationship between firm performance and executive compensation among domestic and global firms using both accouting-based measures of performance (ROA and ROE) and risk-adjusted measures of performance (EVA and MVA). The data in this study are obtained from Taiwan Economic Journal. The study sample covers the 1998-2002 period and includes listed IT firms in Taiwan. According to the evidence, the results are summarized as follows: First, the empirical results indicate that there is a positive relationship between executive conpensation and broad measures of firm performance (ROA、ROE、positive EVA and MVA), after controlling for differences in firm size and risk. Second, executive compensation is related to the extent of the firm’s global nature, and MVA is an important determinant of compensation for global firms. Third, comparing to ROA, EVA and MVA are better predictors in managerial pay but not in total compensation. Fourth, executives are rewarded for their efforts to create economic and market value for the firm. Further, their compensation also acts as an incentive for creating additional market value in the future. Wann-cherng Wang 王萬成 2004 學位論文 ; thesis 106 zh-TW |
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碩士 === 國立成功大學 === 會計學系碩博士班 === 92 === This study investigates the relationship between firm performance and executive compensation among domestic and global firms using both accouting-based measures of performance (ROA and ROE) and risk-adjusted measures of performance (EVA and MVA). The data in this study are obtained from Taiwan Economic Journal. The study sample covers the 1998-2002 period and includes listed IT firms in Taiwan.
According to the evidence, the results are summarized as follows:
First, the empirical results indicate that there is a positive relationship between executive conpensation and broad measures of firm performance (ROA、ROE、positive EVA and MVA), after controlling for differences in firm size and risk. Second, executive compensation is related to the extent of the firm’s global nature, and MVA is an important determinant of compensation for global firms. Third, comparing to ROA, EVA and MVA are better predictors in managerial pay but not in total compensation. Fourth, executives are rewarded for their efforts to create economic and market value for the firm. Further, their compensation also acts as an incentive for creating additional market value in the future.
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author2 |
Wann-cherng Wang |
author_facet |
Wann-cherng Wang Tzu-Yun Ho 何紫妘 |
author |
Tzu-Yun Ho 何紫妘 |
spellingShingle |
Tzu-Yun Ho 何紫妘 An Empirical Study:EVA® and MVA as determinants of executive compensation |
author_sort |
Tzu-Yun Ho |
title |
An Empirical Study:EVA® and MVA as determinants of executive compensation |
title_short |
An Empirical Study:EVA® and MVA as determinants of executive compensation |
title_full |
An Empirical Study:EVA® and MVA as determinants of executive compensation |
title_fullStr |
An Empirical Study:EVA® and MVA as determinants of executive compensation |
title_full_unstemmed |
An Empirical Study:EVA® and MVA as determinants of executive compensation |
title_sort |
empirical study:eva® and mva as determinants of executive compensation |
publishDate |
2004 |
url |
http://ndltd.ncl.edu.tw/handle/12271448298666729499 |
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