經理人文化認同與公司併購決策之關聯性-以S&P500指數上市公司為例

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王拓雲(Tuo-Yun Wang) 查詢紙本館藏

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論文名稱

經理人文化認同與公司併購決策之關聯性-以S&P500指數上市公司為例
(The Impact of Chief Executive Officer’s (CEO’s) Cultural Identity on Corporate Acquisitiveness: A Case Study of S&P500 Index Listed Companies)

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摘要(中)

本文主要目的為探討公司在控制所處國家之文化背景後，經理人自身文化背景是否對公司併購決策產生顯著的影響，將經理人文化分為出生地(幼年時期)、就讀大學(後青少年時期)與前份工作(工作階段)等三個階段為定義，探討文化認同主要形成於何時，以及文化是否具有不變性。
以Hofstede與Schwartz等人提出之文化分數作為主要文化變數，研究結果發現，在控制公司所在地之文化背景後，經理人文化認同確實會影響決策，在生涯三階段中，出生地與工作階段的影響效果較大，表示文化認同會隨著所處環境而改變，並非一成不變的，在九種文化維度中，權力距離、不確定性規避、長期觀點、階級主義以及保守主義和公司併購決策呈負相關，個人主義、陽剛主義、縱容主義以及和諧主義與併購決策則呈正相關，另外，本研究預期經理人權力較大的公司，經理人文化對併購決策的影響力應該更強，而將經理人權力變數加入迴歸模型後，結果顯示經理人權力較大並不會讓文化分數的影響變得更為顯著。
本文穩健性測試主要有三個，首先我參考先前文獻使用工具變數法，將七種文化維度分別使用工具變數後，整體而言迴歸結果並無太大影響。接下來是篩選樣本，留下三階段皆有數值者，以排除遺漏值造成的影響，結果顯示，經理人文化背景在出生階段及工作階段的影響較為顯著的結論依然成立，且影響方向也與預期一致。第三種為將應變數改為一虛擬變數「現金併購」重新進行迴歸，整體而言，迴歸結果與初步迴歸類似，出生地與前份工作階段的影響較為顯著，而大學階段經理人文化的影響很小甚至沒有。

摘要(英)

In this paper, I investigate whether the CEO’s cultural identity has a significant impact on corporate’s M&A decision after controlling for the cultural identity of the company. CEO’s cultural background is deifned by the three different stages of CEO’s lifetime: the country of the birthplace (childhood period), the university (late adolescent period) and the last job working place (working period). By applying this method, I’m able to find out when the impact of cultural background on corporate decision was formed and whether the cultural identity is time-invariant.
The empirical results show that CEO’s cultural identity indeed affects corporate’s M&A decisions after controlling for the cultural identity of the company. Furthermore, I find out that the impact of cultural identity is stronger during childhood period and working period, while there is no significant impact during late adolescent period, which confirms that cultural identity is not time-invariant.
I run three robustness tests in this paper. First, I apply instrumental variables on the regressional analyses based on previous literature. Second, I make an adjustment on the sample by excluding the sample with missing cultural values. Lastly, I change the dependent variable into a dummy variable called “cash deal”. The results of robustness tests are consistent with the main regression. In sum, the impact of cultural identity is stronger during childhood period and working period.

關鍵字(中)

★ 文化認同
★ 併購

關鍵字(英)

★ Cultural Identity
★ Acquisitiveness

論文目次

摘要 i
ABSTRACT ii
致謝 iii
目錄 iv
表目錄 v
一、緒論 1
1-1前言 1
1-2研究架構 3
二、文獻回顧與假說建立 4
2-1文化與公司併購決策 4
2-1-1 經理人特性與公司併購決策 4
2-1-2公司所處國家文化與公司決策 5
2-2三個生涯階段 7
2-3九種文化價值與公司併購決策關聯性 10
三、樣本與變數建立 15
3-1變數建立 15
3-2樣本來源 16
3-3敘述統計 18
四、實證結果與分析 25
4-1多元迴歸分析結果 25
4-2經理人權力 33
五、穩健性測試 37
5-1工具變數 37
5-2生涯三階段皆有數值者 49
5-3併購支付方式 50
六、結論 52
七、參考文獻 54
八、附錄 59
附錄一 59
附錄二 61

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指導教授

李韋憲

審核日期

2019-7-9

推文