380 / 414
審計委員會權益薪酬之決定因素
380
Variable
Expected
Sign
Variable Definition
LIQ_
CONSTRAINTS
+ Proportion of interest expense to sales
STOCK_RETURN
? Market-adjusted average 12-month stock return
R&D
? Proportion of R&D expense to sales.
5. Results
5.1 Descriptive Statistics
Table 3 presents the descriptive statistics for key variables. A typical board size has
approximately 8 directors, 2 of whom are on the audit committee and 4 of whom are on the
compensation committee. On average, one director serves on both audit and compensation
committees. Forty-two percent of audit committee members are top executives receiving
compensation from other companies. Approximately 16% of audit committee members’ total
compensation are cash fees. Descriptive statistics related to the control variables, firm
governance, and financial variables in the regression are also included.
Table 3 Summary Statistics of Key Variables
Variable
Mean Std. Dev.
25
Percentile
Median
75
Percentile
Board Characteristics
Number of audit committee members
2.441
1.215
2
2
3
Number of compensation committee
members
3.555
1.064
3
3
4
Board size
8.150
2.343
6
8
10
Overlapping members on audit and
compensation committee
0.967
0.972
0
1
1
Proportion of audit committee
members receiving compensation
from other firms
0.423
0.618
0
0
0.667
Proportion of cash fee to total
compensation
0.156
0.120
0.070
0.125
0.205
Governance Structure
CEO ownership
0.020
0.050
0.000
0.003
0.012
CEO is board chair (dummy)
0.535
0.500
0
1
1
Average number of earnings
forecasts
10.494
7.019
5
9
15
Institutional holdings (percentage)
0.821
0.161
0.728
0.839
0.924