經理人樂觀傾向、家族企業特性與投資現金流量敏感度的關係

以作者查詢圖書館館藏

、以作者查詢臺灣博碩士

、以作者查詢全國書目

、勘誤回報

、線上人數：41

、訪客IP：13.58.203.137

姓名

江佳妮(Chia-Ni Chiang) 查詢紙本館藏

畢業系所

企業管理學系

論文名稱

經理人樂觀傾向、家族企業特性與投資現金流量敏感度的關係
(The Relationship among Managerial optimism, Family Business Characteristics and Investment－Cash Flow Sensitivity)

相關論文

★ 股權分置對中國上市公司現金股利發放之影響	★ 所有權結構與政治連結對股利政策之影響—以中國國有企業為例
★ 董監事最低持股成數規定之研究	★ 合格境外機構投資人制度對投資/現金流量敏感度之影響
★ 從股票價格區間探討股票買回活動之資訊內涵	★ 跨境上市對於企業負債比率的影響：以中國跨港上市公司為例
★ 家族集團之盈餘管理行為	★ 股權結構與投資效率:中國上市公司之多重大股東實證研究
★ 股權分置改革對中國上市公司現金持有的影響	★ 手機按鍵生命週期探討企業轉型之路
★ 制度改革對於關係人交易的影響	★ 伊斯蘭教義、公司治理與營運資金管理對公司價值影響之研究—以印尼上市公司為例
★ 股利宣告對股價超常報酬的影響-以台灣集團與非集團上市公司為例	★ 公司規模、股價、益本比、淨值市價比與股票超常報酬關係之實證研究
★ 台灣股票上市公司營運資金管理相關議題之實證研究	★ 我國財務危機上市公司股權結構之探討

檔案

[Endnote RIS 格式]

[Bibtex 格式]

[相關文章]

[文章引用]

[完整記錄]

[館藏目錄]

[檢視]

[下載]

本電子論文使用權限為同意立即開放。
已達開放權限電子全文僅授權使用者為學術研究之目的，進行個人非營利性質之檢索、閱讀、列印。
請遵守中華民國著作權法之相關規定，切勿任意重製、散佈、改作、轉貼、播送，以免觸法。

摘要(中)

行為財務領域中，已有學者提出樂觀是影響企業投資決策的重要因素，表示樂觀經理人比非樂觀經理人投資―現金流量敏感度更高。本研究的目的是透過區分家族與非家族企業來檢驗不同企業形態下，樂觀對於投資現金流量敏感度的影響是否一致，接著更進一步從家族經理人是否由家族成員擔任，探究兩種樂觀經理人的投資現金流量敏感度是否不同。本研究以2001年至2007年間台灣上市、上櫃公司為樣本，主要資料來源為台灣經濟新報資料庫，並利採用Panel迴歸分析結果發現，經理人樂觀傾向對投資現金流量敏感度受到家族特性的影響，家族企業的樂觀經理人其投資現金流量敏感度顯著比非家族企業的樂觀經理人低。此外亦發現在家族企業的樂觀經理人中，非家族經理人(FNFCEO)的投資現金流量敏感度比家族經理人(FCEO)更低。

摘要(英)

In the field of behavior finance, a few studies have explored the extent to which managerial optimism provides a satisfactory explanation for the investment decisions. Focusing on whether cash flow plays a relatively more important role in investment decisions for optimistic managers than for non optimistic managers. The purpose of this research is to compare the impact of optimism to investment between family-controlled firms and non-family-controlled firms. Our research sample contains Taiwanese listed and OTC from 2001 to 2007 and the main resource of research data comes from Taiwan Economic Journal Database. Using the panel regression model, the results indicate that the relationship between optimism and investment decision is affected by family-controlled firms. The investment-cash flow sensitivity of optimistic manager in family-controlled firms is smaller than non-family-control firms. Furthermore, for those optimistic managers in family-controlled firms, the investment-cash flow sensitivity of non-family CEO is smaller than family CEO.

關鍵字(中)

★ 投資與現金流量敏感度
★ 家族企業
★ 投資行為
★ 樂觀傾向

關鍵字(英)

★ Family Business
★ Investment－Cash Flow Sensitivity
★ Optimism

論文目次

中文提要 ……………………………………………………………… i
英文提要 ……………………………………………………………… ii
致謝 ……………………………………………………………… iii
目錄 ……………………………………………………………… iv
表目錄 ……………………………………………………………… v
第一章緒論………………………………………………………… 1
第二章文獻探討與假說…………………………………………… 4
第一節經理人樂觀傾向對投資現金流量敏感度的影響……… 5
第二節不同企業特性下的樂觀經理人其投資行為…………… 7
第三節家族企業中兩類樂觀經理人的投資行為……………… 10
第三章研究方法與架構…………………………………………… 12
第一節資料來源與樣本………………………………………… 12
第二節實證模型………………………………………………… 13
第四章實證分析與分析…………………………………………… 20
第一節樣本分析………………………………………………… 20
第二節實證研究………………………………………………… 25
4.2.1 假說一與假說二之實證結果…………………………… 25
4.2.2 假說三之實證結果i……………………………………… 28
4.2.3 控制變數之實證結果…………………………………… 31
第三節穩健性分析……………………………………………… 32
4.3.1 其他衡量投資之變數…………………………………… 32
4.3.2 其他衡量樂觀變數……………………………………… 32
4.3.3 排除相關程度過高變數影響…………………………… 34
第五章結論與建議………………………………………………… 35
參考文獻 ……………………………………………………………… 37

參考文獻

中文文獻
1. 洪榮華、郭怡萍與李宜君(2008)，財務限制下集團企業特性對創新活動影響之研究，財務金融學刊，第16卷第3期，47-75。
2. 麥肯錫公司黃偉權(2008)，家族企業要富過三代，需借重外部治理，商業週刊，1090期，36-37。
3. 葉銀華(1999)，家族控股集團、核心企業與報酬互動之研究-台灣與香港證券市場知比較，管理評論，第十八卷第二期，59-86。
英文文獻
1. Almeida, H. V. and D. Wolfenzon, 2006, “A Theory of Pyramidal Ownership and Family Business Groups,” Journal of Finance, 61, 2637-2680
2. Anderson, R. C. and J. M. Bizjak, 2003, “An Empirical Examination of the Role of the CEO and the Compensation Committee in Structuring Executive Pay,” Journal of Banking and Finance 27, 1323-1348.
3. Blumentritt, T. P., A. D. Keyt, and J. H. Astrachan, 2007, “Creating an Environment for Successful Nonfamily CEOs: An Exploratory Study of Good Principals,” Family Business Review 20(4), 321-335.
4. Brown, R., and N. Sarma, (2007). “CEO overconfidence, CEO dominance and corporate acquisitions,” Journal of Economics and Business, 59, 358-379
5. Bushman, R. M., A. J. Smith, and F. Zhang, 2005, “Investment-Cash Flow Sensitivities are Really Capital Investment-Working Capital Investment Sensitivities”, Working Paper.
6. Cyert, R. M., and J. G. March.1963, “A Behavioral Theory of the Firm,” Prentice-Hall, Englewood Cliffs, NJ
7. Davis, J. F., F. D. Schoorman, and L. Donaldson, 1997, “Toward a Stewardship Theory of Management,” Academy of Management Review 22(1), 20-47.
8. DeAngelo, H., L. DeAngelo, and D.J. Skinner, 1996, “Reversal of Fortune: Dividends Signaling and the Disappearance of Sustained Earnings Growth,” Journal of Financial Economics, 40, 223-241.
9. Eisenhardt, K. 1989, “Agency Theory: An Assessment and Review,” Academy of Management Review, 14:57-74.
10. Erickson, G., and R. Jacobson, 1992, “Gaining Comparative Advantage Through
Discretionary Expenditures: The Returns to R&D and Advertising,” Management
Science, 38(9),1264
11. Fama, E.F., and M.C. Jensen, 1983, “Separation of Ownership and Control,” Journal of Law and Economics 26, 301–325
12. Gallo, M.A., J Tapies, and K. Cappuyns, 2004, “Comparison of Family and
Nonfamily Business: Financial Logic and Personal Preferences,” Family Business
Review,17(4): 303-318.
13. Gertner, R. H., D. S. Scharfstein and J. C. Stein, 1994, “Internal Versus External Capital Markets,” Quarterly Journal of Economics 4, 1211-1230.
14. Gomez-Mejia, L., M. Nunez-Nickel, and I. Gutierrez, 2001, “The Role of Family Ties in Agency Contracts,” Academy of Management Journal, 44, 81–95
15. Gray, S.R. and A.A. Canella, 1997, “The Role of Risk in Executive Compensation”, Journal of Management, 23, 4, 517- 540.
16. Grossman, S. J. and O. D. Hart, 1982, “Corporate Financial Structure and Managerial Incentives,” In McCall J. J. (ed.) The Economics of Information and Uncertainty, University of Chicago Press.
17. Hackbarth, D., 2007,“Managerial Traits and Capital Structure Decisions,” forthcoming in the Journal of Financial and Quantitative Analysis
18. Heaton, J. B., 2002, “Managerial Optimism and Corporate Finance,” Financial
Management, 31, 33-45
19. Hitt, M. A. and B. B. Tyler.1991. “Strategic Decision Models: Integrating Different Perspectives.” Strat. Management J. 12 327-351
20. Hundley, G., C.K. Jacobson, and S.H. Park, 1996, “Effects of Profitability and liquidity on R&D Intensity: Japanese and U.S. Companies Compared.” Academy of Management Journal, 39: 1659–1674.
21. James, H. S., 1999, “Owner as Manager, Extended Horizons and the Family Firm,” International Journal of the Economics of Business, 6(1),41-55
22. Kang, D., 1998, “The Impact of Ownership Type on Performance in Public Corporation: A Study of the US Textile Industry 1983-1992.” School working paper, Harvard Business.
23. Kerr, J. L., and L. Kren, 1992, “Effect of Relative Decision Monitoring on Chief Executive Compensation”, Academy of Management Journal, 35, 2, 370-397.
24. Khanna, I. and J. W. Rivkin, 2000, “Is Group Affiliation Profitable in Emerging Markets? An Analysis of Diversified Indian Business Groups,” The Journal of Finance, 55(2),867-891
25. Lamont O., C. Polk and J. Saa-Requejo, 2001, “Financial Constraints and Stock Returns,” Review of Financial Studies, 14(2),529-554
26. Lin, S. and S. Hu, 2007, “A Family Member or Professional Management? The Choice of a CEO and Its Impact on Performance,” Corporate Governance: An International Review, 15(6), 1348-1362.
27. Lin, Y.H., S.Y. Hu, and M.S. Chen., 2008, “Testing Pecking Order Prediction from the Viewpoint of Managerial Optimism: Some Empirical Evidence from Taiwan,” Pacific-Basin Finance Journal, 16, 160-181.
28. Mael, F., and B. E. Ashforth, 1992, “Alumni and Their Alma Mater: A Partial Test of the Reformulated Model of Organizational Identification,” Journal of Organizational Behavior, 13: 103-123.
29. Malmendier, U. and G. Tate, 2005, “CEO Overconfidence and Corporate Investment,” Journal of Finance 60, 2661–2700
30. Maurer, B., 1999, “Innovation and Investment under Financial Constraints and Product Market Competition,” International Journal of Industrial Organization, 17,455-476
31. Modigliani, F. and M.H. Miller, 1958, “The Cost of Capital, Corporation Finance and the Theory of Investment,” American Economic Review, 48, 261-97
32. Morgado, A. and J. Pindado, 2003, “The Underinvestment and Overinvestment Hypotheses; An Analysis Using Panel Data,” European Financial Management, 9, 163-77
33. Myers, S. C. and N. S. Majluf, 1984, “Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have,” Journal of Financial Economics, 13(2), 187.
34. Nooteboom, B., 1993, “Firm Size Effect on Transaction Costs,” Small Business Economics, 5, 283-295
35. Oliver, B. R., 2005, “The Impact of Management Confidence on Capital Structure,” Working Paper, Australian National University.
36. Rajan, R. G. and L. Zingales, 1995, “What Do We Know About Capital Structure?
Some Evidence from International Data,” Journal of Finance 50(5), 1421-1460.
37. Solomon, J. F., S. W. Lin, S. D. Norton and A. Solomon, 2003, “Corporate
Governance in Taiwan: Empirical Evidence from Taiwanese Company Directors,”
Corporate Governance, 11, 235-248.
38. Schulze, W. S., M. H. Luvatkin, U. N. Dino and A. K. Buchholtz, 2001, “Agency Relationships in Family Firms: Thoery and Evidence,” Organization Science, 12, 99-116
39. Sitkin, S. B. and A. L. Pablo, 1992, “Reconceptualizing the Determinants of Risk Behavior”, Academy of Management Review, 17, 1, 9-30.
40. Stiglitz, J. E. and A. Weiss, 1981, “Credit Rationing in Markets with Imperfect
Information,” American Economic Review, 71, 393-409
41. Tobin, J., 1969, “A general Equilibrium Approach to Monetary Theory,” Journal of Money, Credit, Banking 1 (1),15-29.
42. Vogt, S. C., 1994, “The Cash Flow/Investment Relationship: Evidence from U.S. Manufacturing Firms.” Financial Management, 23, 3-20
43. Weinstein, N., 1980, “Unrealistic Optimism about Future Life Events,” Journal of
Personality and Social Psychology, 39, 806-820
44. Wiseman, R. M. and L.R. Gomez-Mejia, 1998, “A Behavioral Agency Model of Managerial Risk Taking,” Academy of Management Review, 23: 133-153.
45. Weill, P.,1992, "The Relationship Between Investment in Information Technology and Firm Performance: A Study of the Valve Manufacturing Sector," Information Systems Research (3:4) , 307-333
46. Yeh, Y. H., T. S. Lee, and T. Woidtke, 2001, “Family Control and Corporate Governance: Evidence from Taiwan,” International Review of Finance 2, 21-48.
47. Yeh, Y. H., and T. Woidtke, 2005, “Commitment or Entrenchment?: Controlling Shareholders and Board Composition,” Journal of Banking & Finance, 29, 1857-1885

指導教授

洪榮華(Jung-Hua Hung)

審核日期

2009-7-6

推文