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壹、研究背景及目的-Relationship-SpecificInvestments
Relationship-Specific Investments and
pay-for-performance: the impact of corporate governance
*
Chao-Jung Chen
Department of Accounting
Chung Yuan Christian University
chjung@.tw
Chung-Yuan Hsu
Department of Accounting
National Chengchi University
cyhsu@.tw
*
Corresponding author 200, Chung Pei Road, Chung Li, Taiwan 32047, R. O. C. 886(3)265-5316,
886(3)265-5399 (Fax). We thank Nathan Nunn and James E. Rauch for the data on whether or not an
input is sold on an organized exchange. The financial support from the National Science Council is
greatly acknowledged (Project No NSC 99-2410-H-033-012-).
Relationship-Specific Investments and pay-for-performance: the impact
of corporate governance
Abstract
This study investigates whether the relative importance of earnings-
and return-based performance measures in CEO compensation
contracts is affected by industry-level relationship-specific investments
and corporate governance. Using data f rom 1993 to 2008, we find
that CEO compensation is more sensitive to firm ’s performance for
firms that depend on relationship-specifi c investments, with greater
sensitivity to performance based on stock returns than on earnings.
This phoneme is more obvious in strong corporate governance firm.
However, for relat
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