目標公司執行長年齡與併購決策

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姓名

高郁涵(Yu-Han Kao) 查詢紙本館藏

畢業系所

財務金融學系

論文名稱

目標公司執行長年齡與併購決策

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摘要(中)

本研究利用失敗交易案作為樣本，探討Jenter and Lewellen (2015)提到認為年輕的目標公司執行長會因為私人成本而拒絕對股東有益之交易案，產生利益衝突。本研究使用Savor and Lu (2009)方法來篩選交易案失敗原因，用以查看目標公司主動拒絕而失敗的交易案之執行長特性。實證結果發現在失敗交易案當中，年輕的目標公司執行長的確佔較高之比例，並且發現在目標公司拒絕而失敗之交易案中，年輕的執行長於交易案宣告時市場反應較好，卻於交易案失敗時，有顯著負報酬。這表示這些年輕的執行長其實是會為了私人成本而拒絕對股東有益之交易案，產生利益衝突的。此結論與Jenter and Lewellen (2015)相同。

摘要(英)

This paper use withdrawn deals to be sample in order to discuss that if younger target CEOs reject M&A deals because of his or her own private cost, which is referred in Jenter and Lewellen (2015). We use the approach in Savor and Lu (2009) to classify the reason why the deals are withdrawn and use it to see CEO’s behavior in the withdrawn deals that is rejected by target firm. We find that a high proportion of withdrawn deals are associated with the younger CEOs, suggesting that younger target CEOs tend to reject the deals. We also find that the deals eventually rejected by younger target CEOs are associated with better market reaction when deals were announced, but are associated with significant negative returns when deals are withdrawn. Thus market suspects these younger CEOs reject deal because of his or her own private cost, which is consistent with the conclusion of Jenter and Lewellen (2015).

關鍵字(中)

★ 執行長
★ 年齡
★ 併購

關鍵字(英)

★ CEO
★ Age
★ M&A

論文目次

摘要……………………………………………………………………………...ii
Abstract………………………………………………………………………….iii
目錄…………………………………………………………………………...…iv
表目錄………………………………………………………………………………………………….….v
圖目錄…………………………………………………………………………………………….….……v
第一章緒論 ………………………………………………………………………………………...1
第二章文獻回顧…………………………………………………………………………………...6
第三章研究方法…………………………………………………………………………………...8
3.1 樣本…………………………………………………………………………….........8
3.2 研究方法…………………………………………………………………….......13
第四章實證結果與分析…………………………………………………………………........16
4.1 敘述統計………………………………………………………………...............16
4.2 年輕執行長是否傾向不賣公司？………………………….................19
4.3 執行長不賣掉公司是否會使公司價值下降?…………..................20
第五章結論…………………………………………………………………………….................35
參考文獻……………………………………………………………………………...........................37

參考文獻

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(2) Bebchuk, L.A., Cohen, A. & Wang, C.C.Y. (2010): Learning and the Disappearing Association Between Governance and Returns. Journal of Finance Economics, 108(2), 323-348.
(3) Cai, J & Vijh, A.M. (2007): Incentive Effects of Stock and Option Holdings of Target and Acquirer CEOs. Journal of Finance, 62(4), 1891-1933.
(4) Dechow, P.M. & Sloan, R.G. (1991): Executive incentives and the horizon problem: An empirical investigation. Journal of Accounting and Economics, 14(1), 51-89.
(5) Gibbons, R. & Murphy, K.J. (1992): Optimal Incentive Contracts in the Presence of Career Concerns: Theory and Evidence. Journal of Political Economy, 100(3), 468-505
(6) Hartzell, J.C., Ofek, E., & Yermack, D. (2004): What′s In It for Me? CEOs Whose Firms Are Acquired. Review of Financial Studies, 17(1), 37-61.
(7) Hirshleifer, D., & Thakor, A. V. (1992). Managerial conservatism, project choice, and debt. Review of Financial Studies, 5(3), 437-470.
(8) Holmström, B. (1982): Moral Hazard in Teams. Bell Journal of Economics, 13(2), 324-340.
(9) Jenter, D. & Lewellen, K. (2015): CEO Preferences and Acquisitions. Journal of Finance, 70(6), 2813-2852.
(10) Martin, K.J. & McConnell, J.J (1991): Corporate Performance, Corporate Takeovers, and Management Turnover. Journal of Finance, 46(2), 671-687.
(11) Savor, P.G. & Lu, Q. (2009): Do Stock Mergers Create Value for Acquirers? Journal of Finance, 64(3), 1061-1097.
(12) Serfling, M. A. (2014). CEO age and the riskiness of corporate policies. Journal of Corporate Finance, 25, 251-273.
(13) Wulf, J. & Singh, H. (2011): How Do Acquirers Retain Successful Target CEOs? The Role of Governance. Management Science, 57(12), 2101-2114.
(14) Yim, S. (2013): The acquisitiveness of youth: CEO age and acquisition behavior. Journal of Financial Economics, 108(1), 250-273.

指導教授

李韋憲(Wei-Hsien Li)

審核日期

2016-7-7

推文