經理人文化認同與公司無形資產投資決策之關聯性-以S&P500指數上市公司為例

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張義綱(Yi-Kang Chang) 查詢紙本館藏

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財務金融學系

論文名稱

經理人文化認同與公司無形資產投資決策之關聯性-以S&P500指數上市公司為例

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摘要(中)

本研究主要探討在控制公司所在環境國家文化之後，經理人文化背景是否仍對公司無形資產投資的決策具有影響力，並找出經理人出生地(幼年時期)、就讀大學(後青少年時期)、上一份工作(工作時期)三階段中，哪一階段形成的文化認同確實影響經理人行為，藉此研究文化認同是否存在不變性。
利用Hofstede以及Schwartz等人提出之文化尺度辨別經理人與公司之文化分數，本研究確認在控制公司文化之後，經理人文化仍顯著對公司無形資產投資決策產生影響，並發現在出生地及就讀大學階段，不確定性規避、長期觀點與公司無形資產投資皆呈正相關；和諧主義則呈現負相關，階級主義三階段皆呈現負相關。
加入工具變數進行穩健性測試後，不確定性規避及和諧主義的結果仍維持不變，階級主義則轉為只有工作階段呈現負相關，更重要的是，我們發現後青少年時期(就讀大學)形成的文化認同確實影響公司投資無形資產行為，因此獲得文化認同會因身處環境改變而轉變的結論。

摘要(英)

In this paper, I investigate whether CEO’s cultural identity has impact on firm’s intangible investment decisions after controlling for firm’s cultural identity. Furthermore, I study CEO’s cultural identity that affects his/her behavior was formed during which of the three different stages of lifetime: the country of the birthplace (childhood period), the university (late adolescent period) and the last job working place (working period); and examine whether the cultural identity is time-invariant.

Utilizing cultural dimensions proposed by Hofstede and Schwartz to identify the CEO and the firm’s cultural identity, I confirm that CEO’s cultural identity does affect firm’s intangible investment decisions after controlling for firm’s cultural identity. I also find that during the childhood and the late adolescent period: uncertainty avoidance and long-term perspective are positively related to firm’s intangible investment decisions, while harmony reveals a negative relation. And hierarchy is negatively related at all three stages.

After employing instrumental variables in robustness tests, the results of uncertainty avoidance and harmony remain unchanged, and hierarchy become negative only in the work period. More importantly, I find that cultural identity formed in the late adolescent period has larger impact on firm’s intangible investment decisions. Therefore, I conclude that the cultural identity is not time-invariant, whereas it will be changed due to the change of the environment.

關鍵字(中)

★ 文化
★ 無形資產投資

關鍵字(英)

論文目次

摘要 II
Abstract III
誌謝 IV
目錄 V
表目錄 VIII
一、緒論 1
1-1 前言 1
1-2 研究架構 5
二、文獻探討與假說建立 6
2-1 文化與公司決策 6
2-1-1 經理人特徵與公司無形資產投資 6
2-1-2 公司所在環境的國家文化與公司決策 6
2-2 公司無形資產投資 9
2-3 三個生涯階段 9
2-4 九種文化價值與投資無形資產決策的關係 12
2-4-1 權力距離(PDI)-負相關 13
2-4-2 不確定性規避(UAI)-正相關 13
2-4-3 個人/集體主義(IDV)-正相關 13
2-4-4 陽剛/陰柔主義(MAS)-負相關 14
2-4-5 長期/短期觀點(LTO)-正相關 14
2-4-6 縱容/抑制主義(IVR)-正相關 14
2-4-7 階級/平等主義(HIE)-負相關 15
2-4-8 保守/自主主義(EMB)-負相關 15
2-4-9 和諧/主宰主義(HAR)-負相關 15
三、變數與樣本 17
3-1 變數 17
3-1-1 自變數 17
3-1-2 應變數 21
3-1-3 控制變數 21
3-2 樣本 23
3-3 敘述統計 23
四、實證結果及分析 27
五、穩健性測試 36
5-1 工具變數（IV） 36
5-1-1 個人/集體主義(IDV)-流行病史 38
5-1-2 不確定性規避(UAI)-創業家精神 40
5-1-3 階級/平等主義(HIE)-西歐語言 42
5-1-4 權力距離(PDI)-歷史人口密度 43
5-1-5 陽剛/陰柔主義(MAS)-氣候溫度 45
5-1-6 和諧/主宰主義(HAR)-英國殖民地 47
5-2 以R&D作為應變數 49
六、結論與未來研究方向 53
七、參考文獻 56
八、附錄 60
附錄一 60
附錄二 63
附錄三 66
附錄四 70

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指導教授

李韋憲(Wei-Hsien Li)

審核日期

2018-7-23

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