387 / 414
臺大管理論叢
第
27
卷第
1
期
387
several governance attributes to mitigate the correlated omitted variables problem, it is
difficult to capture all the relevant corporate governance factors. Despite these limitations,
the study contributes to the literature by proposing several factors that affect adoption of
equity plans for audit committee members. It provides a starting point for further research
into the impact of firm characteristics or audit and compensation committee characteristics
on corporate decisions regarding audit committee compensation. Finally, Lynch and
Williams (2012) suggest that the two different compensation forms, stocks and stock options,
might result in different effects on audit committee members’ decisions. Future analysis may
separately investigate the determinants of granting stocks and the determinants of granting
stock options to audit committee members to reach a more precise conclusion about firms’
choice of compensation forms for audit committee members.