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

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：15

、訪客IP：3.149.251.155

姓名

廖妍婷(Yan-Ting Liao) 查詢紙本館藏

畢業系所

財務金融學系

論文名稱

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

相關論文

★ 台灣上市櫃公司撰寫CSR報告書與公司價值之相關性探討

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)

本文主張經理人不同的文化背景以及生涯經歷會影響公司在社會企業社會責任(Corporate Social Responsibility, CSR)相關政策並檢驗經理人生涯三階段的論點，分別是出生階段、大學階段以及工作階段(以前一份工作為代表)，此作法可解答經理人與CSR決策相關之文化認同於生涯何階段形成，並在實證上改進現有以國籍為主的分類方式。
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，本文確認了在公司所在環境之國家文化之外，經理人文化認同對公司CSR相關政策之影響。另外，文化並非永久不變的，其中於大學階段形成的文化認同對於公司在CSR相關政策的執行上最具影響力。經初步實證發現，權力距離於三階段皆與CSR政策呈現正相關、不確定性規避則於大學階段以及工作階段與CSR政策呈現正相關，和諧主義與公司CSR政策之執行於出生階段以及大學階段皆呈現正相關；而縱容主義與CSR相關政策於大學以及工作階段呈現負相關，個人主義以及陽剛主義主要於大學階段與公司CSR政策呈現負相關、保守主義則是於出生階段與CSR政策呈現負相關。上述發現有些文化維度在經理人同時為董事長的公司中更強，於第四章說明。最後我針對其中六個文化維度挑選合適之工具變數進行兩階段迴歸，分析結果顯示，個人主義於生涯三階段的結果皆保留；權力距離在工作階段轉為顯著負向關係；保守主義保留大學階段的結果；和諧主義則是出生階段結果保留。

摘要(英)

This paper finds that CEO’s cultural identity formed in different life stages affects his/her firm’s Corporate Social Responsibility (CSR) decisions. I examine CEO’s cultural identity formed in three different stages throughout his/her life: We childhood stage, college stage, and working stage (use the last job before current position). With this empirical design, I can answer which stage is the most relevant in forming cultural identity which affects CSR policies and I provide an improvement over the commonly used method according to nationality.
Utilizing Hofstede and Schwartz’s cultural dimensions to identify the CEO and the firm’s cultural identity, I confirm that the CEO’s culture identity has impact on the CSR policies in addition to the firm’s cultural identity. Furthermore, the CEO’s cultural identity is not constant over time and the cultural identity formed in college stage has more impact. I found that Power distance is positively correlated with the CSR policies in all three stages, and the Uncertainty avoidance is positively related to the CSR policies at the college stage and working stage. Harmony is positively related to the CSR policies in childhood stage and college stage; Indulgence is negatively related to the CSR policies at college stage and working stage, Individualism and Masculinity is negatively related to CSR policies in college stage and Embeddedness is negatively related to CR policies in childhood stage. The effect is stronger for some culture dimensions when the CEO is also the chairman of the board. Lastly, I selected appropriate instrument variables and ran two-stage regressions to confirm the above findings. The results regarding Individualism are robust in all three stages; the results of Power Distance reverse sign in working stage; the results of Embeddedness (Harmony) remain only in college stage.

關鍵字(中)

★ 文化維度
★ 經理人文化
★ 企業社會責任

關鍵字(英)

論文目次

一、緒論 1
1-1 前言 1
1-2 研究架構 6
二、文獻探討與假說建立 7
2-1 企業社會責任(CSR)與公司價值 7
2-1-1 社會資本 7
2-1-2 代理成本 7
2-2 文化與公司決策 8
2-2-1 經理人特性與公司CSR相關決策 8
2-2-2 公司所在國家文化與公司決策 9
2-2-3 公司文化以及經理人文化 11
2-3 經理人生涯三階段 12
2-4九種文化價值與公司CSR相關政策的關聯性 15
2-4-1 權力距離 (PDI) – 負相關 15
2-4-2 不確定性規避 (UAI) – 負相關 15
2-4-3 個人/集體主義 (IDV) – 負相關 15
2-4-4 陽剛/陰柔主義 (MAS) – 負相關 16
2-4-5 長期/短期觀點 (LTO) – 正相關 16
2-4-6 縱容/抑制主義 (IVR)– 負相關 16
2-4-7 階級/平等主義 (HIE) – 負相關 17
2-4-8 保守/自主主義 (EMB) – 負相關 17
2-4-9 和諧/主宰主義 (HAR) – 正相關 18
三、樣本與變數 19
3-1 樣本 19
3-1-1 樣本選擇 19
3-1-2 資料來源 19
3-2 變數 20
3-2-1 自變數 20
3-2-2 控制變數 22
3-2-3 應變數 23
3-2-4 敘述統計 23
四、實證結果及分析 27
4-1 多元迴歸分析結果 27
4-2 雙重職務的經理人 36
4-3 CSR分數的拆解 (依照各階段顯著的拆解) 38
五、穩健性測試 40
5-1 工具變數 40
5-1-1 工具變數的選擇 41
5-1-2 加入工具變數後的迴歸結果 44
六、結論 55
七、參考文獻 57
八、附錄 61

參考文獻

Acemoglu, D., Gallego, F. A., & Robinson, J. A. (2014). Institutions, human capital, and development. Annu. Rev. Econ., 6(1), 875-912.
Acemoglu, D., Johnson, S., & Robinson, J. A. (2001). The colonial origins of comparative development: An empirical investigation. American Economic Review, 91(5), 1369-1401.
Ahern, K. R., Daminelli, D., & Fracassi, C. (2015). Lost in translation? The effect of cultural values on mergers around the world. Journal of Financial Economics, 117(1), 165-189.
Bae, S. C., Chang, K., & Kang, E. (2012). Culture, corporate governance, and dividend policy: international evidence. Journal of Financial Research, 35(2), 289-316.
Banerjee, S., Humphery-Jenner, M., & Nanda, V. (2015). Restraining Overconfident CEOs through Improved Governance: Evidence from the Sarbanes-Oxley Act. . Review of Financial Studies 38, 2812-2858.
Barker III, V. L., & Mueller, G. C. (2002). CEO characteristics and firm R&D spending. Management Science, 48(6), 782-801.
Bernile, G., Bhagwat, V., & Rau, P. R. (2017). What Doesn′t Kill You Will Only Make You More Risk‐Loving: Early‐Life Disasters and CEO Behavior. The Journal of Finance, 72(1), 167-206.
Boubakri, N., El Ghoul, S., Wang, H., Guedhami, O., & Kwok, C. C. (2016). Cross-listing and corporate social responsibility. Journal of Corporate Finance, 41, 123-138.
Brockmann, E. N., & Simmonds, P. G. (1997). Strategic decision making: the influence of CEO experience and use of tacit knowledge. Journal of Managerial Issues, 454-467.
Brown, W. O., Helland, E., & Smith, J. K. (2006). Corporate philanthropic practices. Journal of Corporate Finance, 12(5), 855-877.
Cameron, L., & Shah, M. (2015). Risk-taking behavior in the wake of natural disasters. Journal of Human Resources, 50(2), 484-515.
Campbell, T. C., et al. ((2011)). CEO optimism and forced turnover. . Journal of Financial Economics 101.3, 695-712.
Chen, Y., Dou, P. Y., Rhee, S. G., Truong, C., & Veeraraghavan, M. (2015). National culture and corporate cash holdings around the world. Journal of Banking & Finance, 50, 1-18.
Cheng, I.-H., Hong, H., & Shue, K. (2013). Do managers do good with other people′s money? National Bureau of Economic Research.
Cronqvist, H., & Yu, F. (2017). Shaped by their daughters: Executives, female socialization, and corporate social responsibility. Journal of Financial Economics, 126(3), 543-562.
Cullen, J. B., Parboteeah, K. P., & Hoegl, M. (2004). Cross-national differences in managers′ willingness to justify ethically suspect behaviors: A test of institutional anomie theory. Academy of Management Journal, 47(3), 411-421.
Custódio, C., & Metzger, D. (2014). Financial expert CEOs: CEO׳s work experience and firm׳s financial policies. Journal of Financial Economics, 114(1), 125-154. doi:10.1016/j.jfineco.2014.06.002
Deng, X., Kang, J.-k., & Low, B. S. (2013). Corporate social responsibility and stakeholder value maximization: Evidence from mergers. Journal of Financial Economics, 110(1), 87-109.
Di Giuli, A., & Kostovetsky, L. (2014). Are red or blue companies more likely to go green? Politics and corporate social responsibility. Journal of Financial Economics, 111(1), 158-180.
Dittmar, A., & Duchin, R. (2015). Looking in the rearview mirror: The effect of managers′ professional experience on corporate financial policy. The Review of Financial Studies, 29(3), 565-602.
El Ghoul, S., Guedhami, O., Kwok, C., & Shao, L. (2016). National Culture and Profit Reinvestment: Evidence from Small and Medium‐Sized Enterprises. Financial Management, 45(1), 37-65.
El Ghoul, S., Guedhami, O., Wang, H., & Kwok, C. C. (2016). Family control and corporate social responsibility. Journal of Banking & Finance, 73, 131-146.
Ferrell, A., Liang, H., & Renneboog, L. (2016). Socially responsible firms. Journal of Financial Economics, 122(3), 585-606.
Fischer, D. V., Wielkiewicz, R. M., Stelzner, S. P., Overland, M., & Meuwissen, A. S. (2015). Changes in Leadership Attitudes and Beliefs Associated with the College Experience: A Longitudinal Study. Journal of Leadership Education, 14(1).
Galbreath, J. (2010). Drivers of corporate social responsibility: The role of formal strategic planning and firm culture. British Journal of Management, 21(2), 511-525.
Gillan, S. L., & Nguyen, N. Q. On the Labor Market for Chief Financial Officers.
Greif, A. (1994). Cultural beliefs and the organization of society: A historical and theoretical reflection on collectivist and individualist societies. Journal of Political Economy, 102(5), 912-950.
Griffin, D., Guedhami, O., Kwok, C. C., Li, K., & Shao, L. (2014). National culture, corporate governance practices, and firm performance Corporate governance practices, and firm performance.
Griffin, D., Guedhami, O., Kwok, C. C., Li, K., & Shao, L. (2017). National culture: The missing country-level determinant of corporate governance. Journal of International Business Studies, 48(6), 740-762.
Guiso, L., Sapienza, P., & Zingales, L. (2003). People′s opium? Religion and economic attitudes. Journal of Monetary Economics, 50(1), 225-282.
Guiso, L., Sapienza, P., & Zingales, L. (2006). Does culture affect economic outcomes? Journal of Economic Perspectives, 20(2), 23-48.
Hamori, M., & Koyuncu, B. (2015). Experience matters? The impact of prior CEO experience on firm performance. Human Resource Management, 54(1), 23-44.
Hillman, A. J., & Keim, G. D. (2001). Shareholder value, stakeholder management, and social issues: What′s the bottom line? Strategic Management Journal, 125-139.
Ho, P.-H., Huang, C.-W., Lin, C.-Y., & Yen, J.-F. (2016). CEO overconfidence and financial crisis: Evidence from bank lending and leverage. Journal of Financial Economics, 120(1), 194-209.
Hofstede, G. (1994). Cultures and Organizations: Software of the Mind′London: HarperColIins. 194-209.
Hofstede, G. (1980). Motivation, leadership, and organization: Do American theories apply abroad? Organizational Dynamics, 9(1), 42-63.
Hofstede, Geert H. (2001). Culture′s Consequences: Comparing Values, Behaviors, Institutions, and Organizations Across Nations, 2nd ed. Sage, Thousand Oaks, CA.
Howard, A. (1986). College experiences and managerial performance. Journal of Applied Psychology, 71(3), 530.
Husted, B. W., & Allen, D. B. (2008). Toward a model of cross-cultural business ethics: The impact of individualism and collectivism on the ethical decision-making process. Journal of Business Ethics, 82(2), 293-305.
Krüger, P. (2015). Corporate goodness and shareholder wealth. Journal of Financial Economics, 115(2), 304-329.
Lampridis, E., & Papastylianou, D. (2017). Prosocial behavioural tendencies and orientation towards individualism–collectivism of Greek young adults. International Journal of Adolescence and Youth, 22(3), 268-282.
Li, K., Griffin, D., Yue, H., & Zhao, L. (2013). How does culture influence corporate risk-taking? Journal of Corporate Finance, 23, 1-22.
Licht, A. N., Goldschmidt, C., & Schwartz, S. H. (2007). Culture rules: The foundations of the rule of law and other norms of governance. Journal of Comparative Economics, 35(4), 659-688.
Lins, K. V., Servaes, H., & Tamayo, A. (2017). Social capital, trust, and firm performance: The value of corporate social responsibility during the financial crisis. The Journal of Finance, 72(4), 1785-1824.
Malmendier, U., & Nagel, S. (2011). Depression babies: do macroeconomic experiences affect risk taking? The Quarterly Journal of Economics, 126(1), 373-416.
Masulis, R. W., & Reza, S. W. (2014). Agency problems of corporate philanthropy. The Review of Financial Studies, 28(2), 592-636.
McGuinness, P. B., Vieito, J. P., & Wang, M. (2017). The role of board gender and foreign ownership in the CSR performance of Chinese listed firms. Journal of Corporate Finance, 42, 75-99.
Mehta, D., Klengel, T., Conneely, K. N., Smith, A. K., Altmann, A., Pace, T. W., . . . Mercer, K. B. (2013). Childhood maltreatment is associated with distinct genomic and epigenetic profiles in posttraumatic stress disorder. Proceedings of the National Academy of Sciences, 110(20), 8302-8307.
Narvaez, D., & Rest, J. (2014). The college experience and moral development Handbook of moral behavior and development (pp. 251-268): Psychology Press.
Nash, R., & Patel, A. (2018). Instrumental Variables Analysis and the Role of National Culture in Corporate Finance.
Oumlil, A. B., & Balloun, J. L. (2009). Ethical decision-making differences between American and Moroccan managers. Journal of Business Ethics, 84(4), 457-478.
Peng, Y.-S., Dashdeleg, A.-U., & Chih, H. L. (2014). Culture and firm′s CSR engagement: A cross-nation study. Journal of Marketing and Management, 5(1), 38.
Ramasamy, B., & Yeung, M. (2009). Chinese consumers’ perception of corporate social responsibility (CSR). Journal of Business Ethics, 88(1), 119-132.
Schoar, A., & Zuo, L. (2017). Shaped by booms and busts: How the economy impacts CEO careers and management styles. The Review of Financial Studies, 30(5), 1425-1456.
Schwartz, S. H. (1994). Are there universal aspects in the structure and contents of human values? Journal of Social Issues, 50(4), 19-45.
Schwartz, Shalom H. (2004). Mapping and interpreting cultural differences around the world. In: Vinkins, H., Soeters, J., Esters, P. (Eds.), Comparing Cultures: Dimensions of Culture in a Comparative Perspective. Brill Academic Publishers, Boston, MA.
Schwartz, S. H. (2008). The 7 Schwartz cultural value orientation scores for 80 countries. Dataset.
Shane, S. A. (1992). Why do some societies invent more than others? Journal of Business Venturing, 7(1), 29-46.
Siegel, J. I., Licht, A. N., & Schwartz, S. H. (2013). Egalitarianism, cultural distance, and foreign direct investment: A new approach. Organization Science, 24(4), 1174-1194.
Van de Vliert, E., Schwartz, S. H., Huismans, S. E., Hofstede, G., & Daan, S. (1999). Temperature, cultural masculinity, and domestic political violence: A cross-national study. Journal of Cross-Cultural Psychology, 30(3), 291-314.
Westerman, J. W., Beekun, R. I., Stedham, Y., & Yamamura, J. (2007). Peers versus national culture: An analysis of antecedents to ethical decision-making. Journal of Business Ethics, 75(3), 239-252.
Wu, L.-Z., Kwan, H. K., Yim, F. H.-k., Chiu, R. K., & He, X. (2015). CEO ethical leadership and corporate social responsibility: A moderated mediation model. Journal of Business Ethics, 130(4), 819-831.
張賽. (2017). CEO文化認同與債務期限選擇
許銘真. (2017). 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.
Meyer, E. (2017). 文化地圖 - 掌握「文化量表」讓自己成為國際化人才.

指導教授

李韋憲賴弘能(Wei-Hsien Li Hung‑Neng Lai)

審核日期

2019-3-7

推文