CEO年齡與選擇併購目標公司之偏好

以作者查詢圖書館館藏

、以作者查詢臺灣博碩士

、以作者查詢全國書目

、勘誤回報

、線上人數：5

、訪客IP：3.14.83.223

姓名

陳柏勳(Po-Shun Chen) 查詢紙本館藏

畢業系所

財務金融學系

論文名稱

CEO年齡與選擇併購目標公司之偏好

相關論文

★ 半導體產業購併對股東財富效果之影響-以聯發科公司為例	★ 區塊鏈技術應用於金融科技公司企業資金電子調撥系統實作與驗證
★ 金融科技浪潮下銀行分行經營績效之探討－以個案銀行為例	★ 收購案後，主併公司與目標公司財務顧問之間開始合作原因之探討
★ 併購交易完成後，主併公司與目標公司財務顧問延續合作之因素探討	★ 產品組成變動與公司投資決策
★ 外部董事產業經驗對於併購的影響	★ 目標公司執行長年齡與併購決策
★ 企業生命週期轉變對股利變化的影響	★ 經理人文化認同形成對風險承擔行為之影響 -以S&P500指數上市公司為例
★ 併購如何創造綜效──以台灣與韓國為例	★ CEO文化認同與債務期限選擇
★ 台灣上市櫃公司撰寫CSR報告書與公司價值之相關性探討	★ 經理人文化認同與公司CSR政策執行之關聯性-以S&P500指數上市公司為例
★ COVID-19疫情對全球航空產業營運之影響–以中華航空為例	★ 迎向數位金融之國內實體銀行轉型策略探討-以國泰世華銀行為例

檔案

[Endnote RIS 格式]

[Bibtex 格式]

[相關文章]

[文章引用]

[完整記錄]

[館藏目錄]

[檢視]

[下載]

本電子論文使用權限為同意立即開放。
已達開放權限電子全文僅授權使用者為學術研究之目的，進行個人非營利性質之檢索、閱讀、列印。
請遵守中華民國著作權法之相關規定，切勿任意重製、散佈、改作、轉貼、播送，以免觸法。

摘要(中)

此篇主要探討不同年齡的高階經理人(CEO)在挑選目標公司選擇時是否具有偏好，假設CEO將透過併購行為來達成個人的利益，因此本研究以影響薪酬的因素分為了成長性價值，風險承擔以及內部影響，並依照年齡與行為的關聯性發展出五個主要假說，依序包括資產市帳值比，R&D費用，跨產業，舉債及工會率。實證結果顯示年輕CEO偏選擇成長性高的目標公司，而在風險則沒有明確的結果。另外，工會率的單變量分析中對於不同的CEO年齡有顯著的影響力，但在多變量分析中則無結果。在研究的最後進行了穩健性分析，探討管理階層對於併購案挑選目標公司的影響力，發現董事會的影響力的確存在於併購目標選擇偏好中，且成長性價值的影響效果依然顯著。

摘要(英)

Prior work has established that CEO age influence their acquisition propensity because of compensation incentive. In this study, I focus on the relationship between CEO age and target firm selection. We explore three factors influencing CEO compensation, growth, risk and labor friction. Based on these factors, I test five hypotheses to test whether CEO age affects the preference selecting acquisition targets. I choose market-to-book-ratio-asset and R&D intensity to proxy for growth and cross-industry acquisition and total leverage ratio to proxy for risk. The friction between CEO and other employees is known to adversely affect the CEO’s compensation, and I choose union intensity to proxy labor friction. I show that younger CEOs prefer to choose targets with higher growth opportunities, but CEO with different ages do not choose target differently in terms of firm risk. On the other hand, I find some evidence that younger CEOs prefer targets with weaker union power. I further examine the robustness of main results with additional controls like other management characteristics and board characteristics. While board of directors has some influences on target selection, the younger CEOs’ preference in growth firms remains.

關鍵字(中)

★ 高階經理人年齡
★ 併購偏好
★ 目標公司挑選
★ 薪酬

關鍵字(英)

★ CEO age
★ acquisition propensity
★ target selection
★ compensation

論文目次

摘要.....................iv
Abstract.................v
目錄.....................vi
表目錄...................vii
圖目錄...................vii
第一章緒論...............1
第二章文獻回顧...........4
第三章假說建立...........8
第四章研究方法..........13
第五章實證結果與分析.... .16
5.1 敘述統計分析..........16
5.2 迴歸分析..............19
5.2.1 資產市帳值比........19
5.2.2 R&D費用率..........21
5.2.3 跨產業併購..........23
5.2.4 總槓桿比率..........25
5.2.5 工會影響力..........27
第六章穩健性分析.........29
第七章結論..............32
參考文獻..................34

參考文獻

Adam, T., & Goyal, V. K. (2008). The investment opportunity set and its proxy variables. Journal of Financial Research, 31(1), 41-63.

Baker, M., Ruback, R. S., & Wurgler, J. (2004). Behavioral corporate finance: A survey (No. w10863). National Bureau of Economic Research.

Cheng, Z., & Barker, V. L. (2014, January). The Effects of CEO Career Horizon, Power and Education on R&D Spending: Software Industry Evidence. In Academy of Management Proceedings (Vol. 2014, No. 1, p. 17392). Academy of Management.

Coles, J. L., Daniel, N. D., & Naveen, L. (2006). Managerial incentives and risk-taking. Journal of Financial Economics, 79(2), 431-468.

Datta, S., Iskandar-Datta, M., & Raman, K. (2001). Executive compensation and corporate acquisition decisions. Journal of Finance, 2299-2336.

Eisenhardt, K. M., & Schoonhoven, C. B. (1990). Organizational growth: Linking founding team, strategy, environment, and growth among US semiconductor ventures, 1978-1988. Administrative Science Quarterly, 504-529

Ettlie, J. E. (1998). R&D and global manufacturing performance. Management Science, 44(1), 1-11.

Fama, E. F., & French, K. R. (1995). Size and book‐to‐market factors in earnings and returns. Journal of Finance, 50(1), 131-155.

Fama, E. F., & French, K. R. (1998). Value versus growth: The international evidence. Journal of Finance, 1975-1999.

Frank, M. Z., & Goyal, V. K. (2009). Capital structure decisions: which factors are reliably important?. Financial Management, 38(1), 1-37.

Gomez, R., & Tzioumis, K. (2013). Unions and Executive Compensation. Centre for Economic Performance Discussion Paper, (720).

Harford, J., Humphery-Jenner, M., & Powell, R. (2012). The sources of value destruction in acquisitions by entrenched managers. Journal of Financial Economics, 106(2), 247-261.

Hilary, G. (2006). Organized labor and information asymmetry in the financial markets. Review of Accounting Studies, 11(4), 525-548.

Hirshleifer, D., & Thakor, A. V. (1992). Managerial conservatism, project choice, and debt. Review of Financial Studies, 5(3), 437-470.

Hitt, M. A., & Tyler, B. B. (1991). Strategic decision models: Integrating different perspectives. Strategic Management Journal, 12(5), 327-351.

Holmström, B. (1999). Managerial incentive problems: A dynamic perspective.Review of Economic Studies, 66(1), 169-182

Huang, Q., Jiang, F., Lie, E., & Que, T. (2014). The Effect of Labor Unions on CEO Compensation. Available at SSRN 1571811.

John, K., Knyazeva, A., & Knyazeva, D. (2015). Governance and Payout Precommitment. Journal of Corporate Finance.

Lang, L. H., & Stulz, R. M. (1994). Tobin′s q, Corporate Diversification, and Firm Performance. Journal of Political Economy, 102(6), 1248-80.

Lang, L. H., Stulz, R., & Walkling, R. A. (1989). Managerial performance, Tobin′s Q, and the gains from successful tender offers. Journal of Financial Economics, 24(1), 137-154.

Lewellen, K. (2006). Financing decisions when managers are risk averse. Journal of Financial Economics, 82(3), 551-589.

Mehran, H. (1995). Executive compensation structure, ownership, and firm performance. Journal of Financial Economics, 38(2), 163-184.

Morck, R., Shleifer, A., & Vishny, R. W. (1990). Do Managerial Objectives Drive Bad Acquisitions?. Journal of Finance, 45(1), 31-48.

Perfect, S. B., & Wiles, K. W. (1994). Alternative constructions of Tobin′s q: An empirical comparison. Journal of Empirical Finance, 1(3), 313-341.

Salthouse, T. (2012). Consequences of age-related cognitive declines. Annual review of Psychology, 63, 201.

Serfling, M. A. (2014). CEO age and the riskiness of corporate policies. Journal of Corporate Finance, 25, 251-273.

Servaes, H. (1991). Tobin′s Q and the Gains from Takeovers. Journal of Finance, Vol. 46, No. 1 409-419.

Smith, C. W., & Watts, R. L. (1992). The investment opportunity set and corporate financing, dividend, and compensation policies. Journal of Financial Economics, 32(3), 263-292.

Waelchli, U., & Zeller, J. (2013). Old captains at the helm: Chairman age and firm performance. Journal of Banking & Finance, 37(5), 1612-1628.

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

2015-7-16

推文