| Summary: | 碩士 === 銘傳大學 === 會計學系碩士班 === 94 === The main purpose of this study is to examine the Inter relationship among of the Executive compensation, ownership and corporate value, and examines the determining factors of Executive compensation. This study re-builds the simultaneous equations that impact the inter-action effects among executive compenssation、ownership and corporate value which referred but omitted in the past studies.
This model was applied to the data of the Taiwan stock market for 1996 to 2004 to investigate the effect for all samples and for explained by endogenous variables, and to find the possible reasons. This study apply two-stage least squares regression for panel data model. Furthermore, applies F-test, LM-test and Hausman test to determine the best statistic method (ordinary least squares method, fix-effect mordel or random-effect method). Empirical results are summarized as follows:
1. The company scale、company performance、company value and ownership are positively associated with executive compensation. But firms with longer history、innovation ability and company risk are negative associated with executive compensation.
2. Ownership、executive compensation、debt proportion、innovation ability、assets rate of increase、rate of increase of the fixed assets are positively associated with company value. But company scale、executive tenure and paying rate of the dividend are negative associated with company value.
3. the firms with longer history、executive tenure、paying rate of the dividend are positively associated with ownership. But company scale、board size、innovation ability、debt proportion、company value negative associated with ownership.
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