經理人大學階段恐怖攻擊經驗對公司現金政策及其價值之影響-以S&P1500 指數上市公司為例

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姓名

蔡承哲(Cheng-Che Tsai) 查詢紙本館藏

畢業系所

財務金融學系

論文名稱

經理人大學階段恐怖攻擊經驗對公司現金政策及其價值之影響-以S&P1500 指數上市公司為例
(The Impact of CEO′s University Stage Terrorist Attack Experience on Corporate Cash Policies and Value: Evidence from S&P 1500 Index Companies)

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至系統瀏覽論文 (2027-7-16以後開放)

摘要(中)

本研究主要探討經理人在大學階段所遭遇的恐怖攻擊事件對企業現金政策及其價值的影響，我們檢視這樣的負面經歷是否會影響經理人的心理情緒及認知能力，進而影響經理人的風險偏好和決策品質，最終於其任職期間體現於公司的現金持有水準和現金持有價值上。
本研究發現經理人大學階段之恐攻經歷，將使其產生較為恐懼的情緒，並持續影響其至擔任經理人時的風險偏好，傾向規避風險並增加公司的現金持有水準；然而進一步探討經歷對現金價值的影響發現，經理人在大學時期的恐怖攻擊經歷，並不會影響其擔任經理人時期對於公司政策之決策品質。我們還探討了事件經歷的嚴重性對經理人的影響，我們在針對年輕經理人的樣本中發現符合本文假設的結果，即恐攻之事件嚴重性越嚴重，會使其有著更保守的風險偏好，在現金決策上增加更多的現金持有水準，並且隨著事件的嚴重性提升，會顯著的使年輕的經理人的認知能力受損程度進而導致企業現金持有價值減損。最後我們也探討了經歷事件的攻擊種類和受害對象種類對應變數的影響，然而我們僅發現其中一兩項種類的顯著效果，並未找到非常一致的結論。

摘要(英)

This study primarily explores the impact of managers′ experiences of terrorist attacks during their university years on corporate cash policies and their value. We examine whether such negative experiences affect managers′ psychological emotions and cognitive abilities, which in turn influence their risk preferences and decision-making quality, ultimately reflected in the company′s Cash holdings and Cash holding value during their tenure.

Our findings indicate that managers who experienced terrorist attacks during their university years tend to develop more fearful emotions, which persist and affect their risk preferences when they become managers, leading them to avoid risks and increase the company′s Cash holdings. However, further exploration of the impact on cash value reveals that these experiences do not affect the quality of decision-making regarding company policies during their tenure as managers. We also investigate the severity of the event′s impact on managers. In the sample of young managers, we find results consistent with our hypothesis: the more severe the terrorist event, the more conservative their risk preferences, leading to higher levels of Cash holdings. Additionally, the severity of the event significantly impairs the cognitive abilities of young managers, thereby reducing the value of corporate Cash holdings. Finally, we examine the impact of the type of attack and the type of victim on the variables. However, we only find significant effects for one or two types and do not reach a very consistent conclusion.

關鍵字(中)

★ 經理人
★ 恐怖攻擊經歷
★ 現金政策
★ 現金持有價值

關鍵字(英)

★ CEO
★ Terrorism experience
★ cash holding
★ value of cash

論文目次

目錄
摘要 II
ABSTRACT III
誌謝 IV
目錄 V
表目錄 VII
一、緒論 1
二、文獻回顧與假說建立 4
2-1 經理人背景、經歷與公司決策 4
2-2 恐攻經歷對於人類心理之影響 4
2-3 恐攻經歷對人類腦部發展與認知能力之影響 5
2-4 經理人特質與現金政策之關係 6
2-5 經理人特質與現金持有價值之關係 7
三、變數與樣本 8
3-1 變數說明 8
3-1-1 自變數 8
3-1-2 應變數 9
3-1-3 控制變數 10
3-2 樣本 14
3-3 敘述統計 15
四、實證結果與分析 20
4-1 主要回歸結果與分析 20
4-1-1 經理人大學恐怖經歷與現金持有之分析 20
4-1-2 經理人大學恐怖經歷與現金持有價值之分析 22
4-2 子樣本分析–以經理人年齡中位數區分年輕與資深經理人 25
4-2-1 經理人大學恐怖經歷與現金持有之分析-區分年輕與資深經理人 25
4-2-2 經理人大學恐怖經歷與現金持有價值之分析-區分年輕與資深經理人 26
4-3 恐攻經歷之嚴重性探討 27
4-3-1 經理人大學恐攻事件嚴重性差異對現金持有之分析 28
4-3-2 經理人大學恐攻事件嚴重性差異對現金持有價值之分析 31
4-4 恐攻事件特徵 – 攻擊種類 34
4-4-1 恐攻事件攻擊類型與現金持有之關係 34
4-4-2 恐攻事件攻擊類型與現金持有價值之關係 36
4-5 恐攻事件特徵 – 受害目標 37
4-5-1 恐攻事件受害者類型與現金持有之關係 38
4-5-2 恐攻事件受害者類型與現金持有價值之關係 39
五、穩健性測試分析 41
5-1 工具變數 (IV) 41
六、結論與未來研究方向 42
參考文獻 44

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指導教授

李韋憲(Wei-Hsien Li)

審核日期

2024-7-18

推文