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Inside Director’s Excess Compensation and Firm’s Future Performance: An Empirical Analysis of Implicit Contract Perspective
No full text本研究主旨在探討內部董事超額薪酬與公司未來績效的關連性。本研究定義內部董事之應領薪酬為「績效」、「複雜度」及「風險」所組成的函數，而實際薪酬減去應領薪酬則為超額薪酬，此外依據隱性合約，「超額薪酬」係指未能由本期可以公開觀察到的財務與市場績效指標所解釋的薪酬變異。本研究除了探討內部董事的總超額薪酬外，亦一併分析內部董事的董事身份超額薪酬及經理人身份超額薪酬。本研究實證結果顯示不論是以下一期 Tobin’s Q，或是下兩期 Tobin’s Q 作為未來績效指標，亦或是僅以非電子產業公司為研究樣本，內部董事的總超額薪酬及董事身份超額薪酬都和公司未來績效具顯著正相關性，支持隱性合約觀點。然而內部董事的經理人身份超額薪酬和公司未來績效則不具顯著正相關性。This paper investigates the relationship between inside director’s excessive pay and the firm’s future performance. The excessive pay is derived by subtracting actual pay with reasonable pay. Our paper assumes that the firm’s outsiders would consider the reasonable pay as compensation for inside directors’ current observable performance measures in three dimensions: performance, complexity, and risk. The excessive pay represents the proportion of compensation unable to be explained by current observable performance measures. However, excessive pay may be due to implicit incentive contracts for unobservable performance measures that contribute to the firm’s future performance.
Every inside director is rewarded with both of managerial pay and director’s pay. Our empirical results show that the excessive pay for the two roles and that only for the director’s role are significantly and positively associated with the Tobin’s Q from the following year, which supports the existence of implicit contracts. Nevertheless, excessive pay for inside directors’ managerial role lacks significant relations to the firm’s future Tobin’s Q as well as return on assets
Product Line Design with Gift Buyers
No full text本研究探討製造商在面對一般購買者與禮物購買者兩種不同類型消費者下最適的產品線設計。一般購買者購買產品目的是源自於自身的需求，而禮物購買者是源自於他人的需求。本文在假設禮物購買者不清楚受贈者的偏好，且終端消費者對品質的邊際效用不同下，發現禮物購買者的出現製造商將不會以最高品質的產品項目服務禮物購買者，但可能以完整的禮品產品線、或以單一禮品產品項目服務全部禮物購買者或可能引導禮物購買者購買正規產品項目作為禮物。此外，禮物購買者的出現將影響製造商用以服務一般購買者的產品線設計與最適定價，且進而影響一般購買者的福利。另一方面，本研究的延伸模型考量存在部分禮物購買者十分在意禮物的品質是否符合受贈者預期且為無窮風險趨避的情況，結果發現，隨著無窮風險趨避禮物購買者人口的增加，製造商愈有可能專注於以相同的高端產品項目服務一般高端購買者與無窮風險趨避禮物購買者。This paper considers the optimal design of a product line for a manufacturer that faces gift buyers who make purchases for other consumers' consumption, and regular buyers who make purchases for their own consumption. Assuming that a gift buyer has imperfect knowledge about the gift receiver's preference and end users differ in their valuations to quality, we show that in the presence of gift buyers, (i) the manufacturer will not serve the gift buyers with the highest-quality product item; (ii) the manufacturer may offer a full line of gift items, may serve all gift buyers with one single gift item, or may simply induce gift buyers to buy regular products as gifts; (iii) the presence of gift buyers affects the manufacturer's optimal pricing and product-line decisions, which in turn affects the regular buyers' welfare. In an extended model of the paper, we also consider the case where there exist some gift buyers who are very concerned about whether the quality of gifts meets receivers' expectation and are infinitely risk averse. We find that in this case the increase in the population of infinitely risk averse makes it more likely that the firm focuses on the high-end regular buyers and the infinitely risk averse gift buyers by offering them the same high-end product
The Influences of Chinxin Relationship Perceptions on Subordinate Behaviors: Justice Perceptions as a Mediator
No full text本研究以華人社會特有的差序格局理論為基礎，探討部屬本身與主管的親信關係知覺對其行為 ( 即：組織公民行為與組織政治行為) 的影響，並檢視正義知覺的中介效果。研究者透過問卷調查法針對南部地區中醫院所的中醫師與護理人員之配對樣本進行研究，共計回收有效配對問卷236 份。研究結果顯示，部屬的親信關係知覺愈佳，其正義知覺與組織公民行為愈多，而其組織政治行為愈少；此外，正義知覺在親信關係知覺與組織公民行為間具有部份中介效果，而在親信關係知覺與組織政治行為間則具有完全中介效果。最後，討論本研究的意涵、研究限制及未來研究方向。Adopting a perspective of difference matrices theory, the aim of this paper was to examine the association among chinxin relationship perceptions, justice perceptions, organizational citizenship behavior, and organizational political behavior. This study used data collected from a field survey of 236 doctor-nurse matched dyads from Chinese medical clinics of southern areas in Taiwan to test a framework of influences of chinxin relationship perceptions. Results indicated chinxin relationship perceptions positively related to employees’ justice perceptions and organizational citizenship behavior, but negatively related to their political behavior. Furthermore, justice perceptions partially mediated the relationship between chinxin relationship perceptions and organizational citizenship behavior, and fully mediated the relationship between chinxin relationship perception and political behavior. Finally, the implications, limitations and suggestions for future research were discussed
ParallelLarge-scaleLinearClassificationinMulti-core Environments
No full text在機器學習領域裡，線性分類模型如線性支持向量機、邏輯回歸，
是一類被廣泛使用的分類算法，然而在處理大規模資料的問題時，模
型的訓練仍需耗費大量時間完成，因此本文旨在利用多核心處理器的
優勢來加速巨量資料上的線性模型的訓練，首先我們考慮以矩陣運算
為瓶頸的優化算法做加速，並特別針對牛頓法深入研究，結果顯示在
合適的實作下，牛頓法能獲得非常優異的加速效果。此外我們也針對
另一類重要算法—對偶座標下降法做分析，並提出一套架構使得平行
加速可以有效的應用至此，且保證其理論收斂性，透過實驗多方比較，
我們展示了該算法在多核心環境下優異的效率及穩定性
