Pacific-Basin Finance Journal·Volume 40, Part A·December 2016·Pages 17–35

在薪酬與盈餘管理上的性别差異：來自澳大利亞首席财務官的實證

作者：Lien Duong (Curtin Business School, Curtin University), John Evans (Curtin Business School, Curtin University)

摘要：在澳大利亞，我們調查了首席财務官（CFO）的性别差異對CFO薪酬與盈餘管理的影響。從2006年至2010年間，在交易所上市的公司樣本中，我們發現了CFO薪酬存在顯著的性别差異，但是當使用傾向評分法來匹配女性CFO時，這種薪酬上的性别差異就會消失。女性CFO傾向于選擇較多現金和較少非現金組成的風險較低的薪酬待遇，和她們的男性同事相比，她們的工資更多而獎金更少。此外，與男性CFO相比，女性CFO更加保守，并且提供更高的報告質量。與她們的男性同事相比，大體上，她們在權責發生制和收付實現制的盈餘管理上都參與得更少。在盈餘管理的行為和薪酬結構的選擇上，男女CFO之間的差異都應該能夠通過個人風險偏好的性别差異來解釋。

關鍵詞：首席财務官，管理層薪資水平，男女收入差距，盈餘管理，風險規避，澳大利亞

Gender differences in compensation and earnings management: Evidence from Australian CFOs

Lien Duong (Curtin Business School, Curtin University), John Evans (Curtin Business School, Curtin University)

ABSTRACT

We investigate the impact of CFO gender on CFO compensation and earnings management in Australia. In a sample of exchange-listed firms from 2006 to 2010, we find a significant gender pay gap in CFO compensation but much of this pay gap dissipates when female CFOs are matched using a propensity scoring method. Female CFOs tend to choose less risky remuneration packages with more cash and less non-cash component, with more salary and less bonus than their male peers. In addition, female CFOs are more conservative and deliver higher reporting quality compared to male CFOs. They engage substantially less in both accruals-based and real-based earnings management than their male counterparts. The difference in behavior of earnings management and in the selected compensation structures between male and female CFOs can be possibly explained by the gender-based difference in personal risk preference.

Keywords: Chief Financial Officers, Executive compensation, Gender pay gap, Earnings management, Risk aversion, Australia

原文鍊接：

http://www.sciencedirect.com/science/article/pii/S0927538X16300968

翻譯：何杉