CEO文化認同與債務期限選擇

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姓名

張賽(Sai Zhang) 查詢紙本館藏

畢業系所

財務金融學系

論文名稱

CEO文化認同與債務期限選擇
(CEO Cultural Identity and Debt Maturity)

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摘要(中)

本研究旨在探討 CEO 的文化認同對企業債務期限選擇的影響。對於 CEO 文化認同採用三階段的研究方法,手動蒐集美國 S&P500 企業 CEO 的童年階段、後青春期階段和工作階段所處文化環境,再根據 Hofstede 和 Schwartz 的文化維度指標分數,得到基於 CEO 生涯發展的三個階段的文化認同代理指標,再據此分別探討各階段文化認同對於企業債務期限選擇的實際影響。實證結果發現,在 CEO 後青春期階段形成之文化認同與債務期限選擇顯著相關。其中不確定性規避(UA)和長期導向(LONG)兩個文化維度對債務期限選擇的影響力最為持續穩健。

摘要(英)

I investigate the influence of CEO′s cultural identity on corporate debt maturity. I measure CEO cultural identity base on three different stages of CEO life time. I hand collect culture environment of CEOs’ early life, late-adolescent, and last work for S&P 500 companies. I create CEO cultural identity proxies in the three stages of his/her life time based on the cultural dimensions indexes of Hofstede and Schwartz. Accordingly, the actual effects of cultural identification at different stages on corporate debt maturity are explored respectively. I find that CEOs’ cultural identity formed in the late-adolescent stage is significantly related to corporate debt maturity. Among different cultural dimensions, uncertainty avoidance (UA) and long-term orientation (LONG) dimensions have the most robust effect on debt maturity.

關鍵字(中)

★ 文化認同
★ 債務期限
★ 不確定性規避
★ 長期導向

關鍵字(英)

★ Cultural identity
★ Debt maturity
★ Uncertainty avoidance
★ Long-term orientation

論文目次

中文摘要 .................................................................... i
英文摘要 ................................................................... ii
誌謝 ...................................................................... iii
目錄 ....................................................................... iv
表目錄 ..................................................................... vi
第一章緒論 ................................................................ 1
第二章文獻回顧與探討 ....................................................... 5
2-1 文化認同之內涵 ........................................................ 5
2-1-1 現有文獻研究 ...................................................... 5
2-1-2 三階段的文化判讀 .................................................. 6
2-2 債務期限選擇問題....................................................... 8
2-2-1 代理問題 .......................................................... 8
2-2-2 股東債權人利益衝突 ................................................ 8
2-3 文化認同與債務期限選擇................................................. 8
第三章樣本與模型 .......................................................... 11
3-1 文化認同變數的構建.................................................... 11
3-1-1 手動蒐集過程...................................................... 12
3-1-2 構建標準化文化距離................................................ 13
3-1-3 文化距離舉例...................................................... 13
3-2 樣本變數.............................................................. 16
3-2-1 樣本範圍選擇...................................................... 16
3-2-2 建立模型 ......................................................... 16
3-3 樣本敘述統計.......................................................... 18
第四章實證和結果分析 ...................................................... 22
4-1 相關性分析 ........................................................... 22
4-2 多元回歸分析 ......................................................... 22
4-3 進一步回歸分析 ....................................................... 34
第五章穩健性測試 .......................................................... 36
5-1 傾向分數配對分析(PSM) .............................................. 36
5-2 變換因變數的分析 ..................................................... 44
5-3 調整樣本範圍的分析 ................................................... 48
第六章結論 ................................................................ 49
6-1 結論與貢獻 ........................................................... 49
6-2 未來之研究方向 ....................................................... 50
參考文獻 ................................................................... 51

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指導教授

李韋憲

審核日期

2017-6-22

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