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臺大管理論叢
第
27
卷第
1
期
383
Table 5 Differences in Board, Governance, and Firm Characteristics for Subsamples
of Firms with and without Equity-Based Pay for Audit Committee
Variable
Mean of the
Subsample without
equity Pay (N=256)
Mean of the
Subsample with
equity Pay (N=5,003)
Difference of Means
(Absolute Value)
Board Characteristics
Number of audit committee
members
2.219
2.453
0.234
Number of compensation
committee members
3.313
3.567
0.254
Board size
7.605
8.179
0.574
Overlapping members on audit
and compensation committee
1.027
0.963
0.064
Proportion of audit committee
members receiving
compensation from other firms
0.315
0.430
0.115
Proportion of cash compensation
to total compensation
0.334
0.147
0.187***
Governance Structure
CEO ownership
0.047
0.019
0.028***
CEO are board chair (dummy)
0.645
0.529
0.116***
Average number of earnings
forecasts
8.511
10.595
2.084
Institutional holdings
(percentage)
0.763
0.824
0.061
Financial-Control Variables
Sales (in millions)
9087.186
7194.273
1892.913
Interest expense to sales
0.012
0.016
0.004
Stock return
0.015
0.010
0.005***
R&D expense to sales
0.000
0.000
0.000
Note: The following indicators represent the significance of the t-test statistic: *: significant at the 10%
level; **: significant at the 5% level; ***: significant at the 1% level.