Equity based compensation and acquisition behavior

• Main Authors: Lai, Fu-Min, 賴福民
• Other Authors: 黃宜侯
• Format: Others
• Language: zh-TW
• Published: 2016
• Online Access: http://ndltd.ncl.edu.tw/handle/k787gc

碩士 === 國立交通大學 === 財務金融研究所 === 104 === Corporate governance has been always improved by supervisory authority and shareholder’s committee. Compensation committee which is responsible for CEO’s compensation is more important day by day. The thesis is talking about the relationship between CEO with equity-based compensation and the investment strategy after acquisition. We took two different samples, one is the merged data which is between 1994-2014 year, and the other is compared data which is same industry and similar asset size compared to merged data and without doing acquisition. We analyzed CEO’s incentive ratio, age, acquisition to determine how these variables affected company’s abnormal return, capital expenditure, sales growth rate. Furthermore, we separated the merged data into positive acquirer and passive acquirer. We analyzed the factor which made these data different and investigated these variables affect CEO’s investment strategy.