การศึกษาการกำหนดค่าตอบแทนผู้บริหารตามผลการปฏิบัติงานในบริษัทหลักทรัพย์ / สุเมธ พฤกษ์ฤดี = A study on performance-based executive compensation in securities companies / Sumate Pruekruedee
To study the performance-based executive compensation scheme in Thai securities listed-companies, by using the panel data of all 14 Thai securities listed-companies during 2000 to 2011. The data is collected from form 56-1 and interviews with the director of human capital management division. This research uses the Garvey and Milbourn (2006)’s model to analyze the sensitivity of executive compensation to macroeconomic condition and executives’ performance. The result shows that the executive compensation in Thai securities companies is determined by the accounting-based return rather than the stock return. The major shareholder has a control on the determination of executive compensation. The executives gain 7.13 Baht from 1,000 Baht profit created by their own performance, and 9.12 Baht from 1,000 Baht profit created by macroeconomic expansion. The sensitive of compensation to economic condition and performance are symmetry on their cycle. In addition, Thai securities companies do not statistically compensate on executives’ performance. The compensation committee and company risk reduce the executive compensation.
