博碩士論文 106428011 詳細資訊




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:7 、訪客IP:35.173.57.84
姓名 尤貞琪(Chen-Chi Yu)  查詢紙本館藏   畢業系所 財務金融學系
論文名稱 經理人文化認同形成對公司現金持有比率之影響 - 以S&P500指數上市公司為例
(The Impact of Chief Executive Officer′s (CEO’s) Cultural Identity on Corporate Cash Holdings Level: A Case Study of S&P 500 Index Listed Companies)
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
★ CEO年齡與選擇併購目標公司之偏好★ 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★ 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
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]   至系統瀏覽論文 (2024-7-1以後開放)
摘要(中) 本研究主要探討當公司所在國家文化與經理人文化背景存在差異時,究竟何者對於公司決策的影響較深?透過控制公司所處環境的國家文化之後,觀察經理人文化背景是否仍對公司現金持有政策有顯著的影響。將經理人文化分為經理人生涯三階段逐一探討,並試圖找出經理人出生地(幼年時期)、就讀大學(後青少年時期)、前一份工作(工作時期)三階段中,影響經理人行為之文化認同形成於哪一階段,藉此研究文化認同是否存在不變性。
透過Hofstede以及Schwartz等人所提出之九種文化價值分數來計算經理人與公司之文化差距。本研究證實在控制公司所處環境文化之後,經理人文化對公司現金持有比率有顯著的影響效果,顯示經理人文化背景確實為影響公司決策的重要因子,並發現經理人生涯三階段的文化認同皆顯著影響經理人行為決策。其中個人主義及縱容主義在經理人生涯三階段皆呈現顯著負相關,不確定性規避與和諧主義呈現顯著正相關,保守主義則是三階段都呈現不顯著的結果。
為了強化本研究的結果,再使用工具變數、重新計算公司現金持有比率以及對樣本進行調整等穩健性測試後,我們發現前一份工作(工作時期)的文化對經理人的影響效果較小,但出生地(幼年時期)、就讀大學(後青少年時期)仍有顯著的影響,因此我們無法獲得文化具有不變性的結論。
摘要(英) In this paper, I investigate whether CEO’s cultural identity has impact on firm’s cash holdings level after controlling for firm’s cultural identity. By using 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), we wonder that when the CEO’s cultural background differs from the national culture, which one will be more powerful and which stage of the CEO’s cultural identity affects the CEO′s behavior most.
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 cash holdings level after controlling for firm’s cultural identity. I also find that all the cultural identity formed in three stages of CEO’s lifetime have significant impact on firm’s cash holdings level: individualism, indulgence and harmony are negatively related to firm’s cash holdings level decisions at all three stages, uncertainty avoidance and harmony reveal a positive relation, while embeddedness are all insignificant in three stages.
To check the robustness of our results, we employing instrumental variables, redefining the cash holdings level and adjusting our sample for our robustness tests. The results show that the cultural identity formed in the childhood period and late adolescent period, but not in working period, affects the CEO’s decision of firm’s cash holdings level, which means the culture identity will be changed due to the change of the environment. Thus, I conclude that the effect of CEO’s cultural identity on firm’s cash holding is not time-invariant.
關鍵字(中) ★ 文化認同
★ 現金持有比率
關鍵字(英) ★ Cultural Identity
★ Cash Holdings
論文目次 摘要........................I
ABSTRACT .....................II
誌謝.....................III
目錄................................IV
表目錄.................................VI
圖目錄.................................VIII
一、緒論...............................................1
1-1 前言....................................1
1-2 研究架構.......................................4
二、文獻探討與假說建立....................................5
2-1 文化與公司決策......................................5
2-1-1 經理人特徵與公司現金持有率...........................5
2-1-2 公司所在環境的國家文化與公司決策..................................6
2-2 三個生涯階段.....................................7
2-3 九種文化價值與公司現金持有比率的關係..................................10
2-3-1 權力距離(PDI) – 負相關......................................................10
2-3-2 不確定性規避(UAI) – 正相關.............................................10
2-3-3 個人/集體主義(IDV) – 負相關............................................11
2-3-4 陽剛/陰柔主義(MAS) – 負相關...........................................11
2-3-5 長期/短期觀點(LTO) – 正相關............................................11
2-3-6 縱容/抑制主義(IVR)– 負相關.............................................12
2-3-7 階級/平等主義(HIE) –負相關..............................................12
2-3-8 保守/自主主義(EMB) – 負相關...........................................12
2-3-9 和諧/主宰主義(HAR) – 正相關...........................................13
2-4 經理人權力與其文化背景的影響效果.......................14
三、變數與樣本...................................14
3-1 變數.....................................14
3-1-1 自變數......................................14
3-1-2 應變數......................................20
3-1-3 控制變數.........................................20
3-2樣本......................................22
3-3敘述統計............................................24
四、實證結果及分析........................................30
4-1 多元迴歸分析結果.......................................30
4-2 經理人權力較強.......................................37
五、穩健性測試..........................................40
5-1 工具變數 .................................40
5-1-1權力距離(PDI)-定居者死亡率......................................43
5-1-2不確定性規避(UAI)- 5-HTTPLR gene .....................................44
5-1-3個人/集體主義(IDV)- 流行性傳染病史...................................46
5-1-4陽剛/陰柔主義(MAS)- 創業家精神.........................................48
5-1-5 階級/平等主義(HIE)- English language ..................................49
5-1-6 保守/自主主義(EMB)-技術創新............................................51
5-1-7 和諧/主宰主義(HAR)-英國殖民地..........................................52
5-2 重新計算現金持有比率.................................54
5-3 三階段皆有數值與刪除三階段皆為美國者..................56
六、結論與未來研究方向................................59
七、參考文獻........................................61
八、附錄.......................................66
附錄一.............................................66
參考文獻 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.
Armes, K., & Ward, C. (1989). Cross-cultural transitions and sojourner adjustment in Singapore. The Journal of Social Psychology, 129(2), 273-275.
Bae, S. C., Chang, K., & Kang, E. (2012). Culture, corporate governance, and dividend policy: international evidence. Journal of Financial Research, 35(2), 289-316.
Barber, B. M., & Odean, T. (2001). Boys will be boys: Gender, overconfidence, and common stock investment. The Quarterly Journal of Economics, 116(1), 261-292.
Barker III, V. L., & Mueller, G. C. (2002). CEO characteristics and firm R&D spending. Management Science, 48(6), 782-801.
Barnea, A., Cronqvist, H., & Siegel, S. (2010). Nature or nurture: What determines investor behavior? Journal of Financial Economics, 98(3), 583-604.
Bates, T. W., Kahle, K. M., & Stulz, R. M. (2009). Why do US firms hold so much more cash than they used to? The Journal of Finance, 64(5), 1985-2021.
Boschini, A., Muren, A., & Persson, M. (2012). Constructing gender differences in the economics lab. Journal of Economic Behavior & Organization, 84(3), 741-752.
Breuer, W., Rieger, M. O., & Soypak, K. C. (2016). Corporate cash holdings and ambiguity aversion. Review of Finance, 21(5), 1933-1974.
Breuer, W., & Salzmann, A. J. (2012). National culture and corporate governance. In Corporate Governance (pp. 369-397): Springer.
Chang, K., & Noorbakhsh, A. (2009). Does national culture affect international corporate cash holdings? Journal of Multinational Financial Management, 19(5), 323-342.
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.
Chiao, J. Y., & Blizinsky, K. D. (2009). Culture–gene coevolution of individualism–collectivism and the serotonin transporter gene. Proceedings of the Royal Society B: Biological Sciences, 277(1681), 529-537.
Chui, A. C., Lloyd, A. E., & Kwok, C. C. (2002). The determination of capital structure: is national culture a missing piece to the puzzle? Journal of International Business Studies, 33(1), 99-127.
Coles, J. L., Daniel, N. D., & Naveen, L. (2006). Managerial incentives and risk-taking. Journal of Financial Economics, 79(2), 431-468. 62
Core, J., & Guay, W. (2002). Estimating the value of employee stock option portfolios and their sensitivities to price and volatility. Journal of Accounting Research, 40(3), 613-630.
Custódio, C., & Metzger, D. (2013). How do CEOs matter? The effect of industry expertise on acquisition returns. The Review of Financial Studies, 26(8), 2008-2047.
Dittmar, A., & Duchin, R. (2013). Looking in the Rear View Mirror: The Effect of Managers’ Professional Experience on Corporate Cash Holdings. Journal of Finance, 50, 1-51.
Easterly, W., & Levine, R. (2003). Tropics, germs, and crops: how endowments influence economic development. Journal of Monetary Economics, 50(1), 3-39.
Elder Jr, G. H. (1998). The life course as developmental theory. Child Development, 69(1), 1-12.
Erikson, E. H. (1959). Identity and the life cycle: Selected papers. Oxford, England: International Universities Press.
Fincher, C. L., Thornhill, R., Murray, D. R., & Schaller, M. (2008). Pathogen prevalence predicts human cross-cultural variability in individualism/collectivism. Proceedings of the Royal Society B: Biological Sciences, 275(1640), 1279-1285.
Foley, C. F., Hartzell, J. C., Titman, S., & Twite, G. (2007). Why do firms hold so much cash? A tax-based explanation. Journal of Financial Economics, 86(3), 579-607.
Gorodnichenko, Y., & Roland, G. (2011a). Individualism, innovation, and long-run growth. Proceedings of the National Academy of Sciences, 108(Supplement 4), 21316-21319.
Gorodnichenko, Y., & Roland, G. (2011b). Which dimensions of culture matter for long-run growth? American Economic Review, 101(3), 492-498.
Gorodnichenko, Y., & Roland, G. (2017). Culture, institutions, and the wealth of nations. Review of Economics and Statistics, 99(3), 402-416.
Graham, J. R., & Narasimhan, K. (2004). Corporate survival and managerial experiences during the Great Depression. In AFA 2005 Philadelphia Meetings.
Guiso, L., Sapienza, P., & Zingales, L. (2006). Does culture affect economic outcomes? Journal of Economic Perspectives, 20(2), 23-48.
Hall, R. E., & Jones, C. I. (1999). Why do some countries produce so much more output per worker than others? The Quarterly Journal of Economics, 114(1), 83-116.
Harford, J., Mansi, S. A., & Maxwell, W. F. (2008). Corporate governance and firm cash holdings in the US. Journal of Financial Economics, 87(3), 535-555.
Heaton, J., & Lucas, D. (2000). Portfolio choice and asset prices: The importance of entrepreneurial risk. The Journal of Finance, 55(3), 1163-1198.
Henrich, J. (2014). Rice, psychology, and innovation. Science, 344(6184), 593-594.
Hertwig, R., Barron, G., Weber, E. U., & Erev, I. (2004). Decisions from experience and the effect of rare events in risky choice. Psychological Science, 15(8), 534-539.
Hofstede, G. (1980). Motivation, leadership, and organization: Do American theories apply abroad? Organizational Dynamics, 9(1), 42-63. 63
Hofstede, Geert H. (2001). Culture′s Consequences: Comparing Values, Behaviors, Institutions, and Organizations Across Nations, 2nd ed. Sage, Thousand Oaks, CA.
Huang-Meier, W., Lambertides, N., & Steeley, J. M. (2016). Motives for corporate cash holdings: the CEO optimism effect. Review of Quantitative Finance and Accounting, 47(3), 699-732.
Kish-Gephart, J. J., & Campbell, J. T. (2015). You don’t forget your roots: The influence of CEO social class background on strategic risk taking. Academy of Management Journal, 58(6), 1614-1636.
Kuhnen, C. M., & Chiao, J. Y. (2009). Genetic determinants of financial risk taking. PloS one, 4(2), e4362.
Kuhnen, C. M., Samanez-Larkin, G. R., & Knutson, B. (2013). Serotonergic genotypes, neuroticism, and financial choices. PloS one, 8(1), e54632.
Le, S., & Kroll, M. (2017). CEO international experience: Effects on strategic change and firm performance. Journal of International Business Studies, 48(5), 573-595.
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.
Licht, A. N., Goldschmidt, C., & Schwartz, S.H. (2005). “Culture, Law, and Corporate Governance”, International Review of Law and Economics 25, 229-255.
Liu, Y., & Mauer, D. C. (2011). Corporate cash holdings and CEO compensation incentives. Journal of Financial Economics, 102(1), 183-198.
Liu, Y., Mauer, D. C., & Zhang, Y. (2014). Firm cash holdings and CEO inside debt. Journal of Banking & Finance, 42, 83-100.
Malmendier, U., & Nagel, S. (2011). Depression babies: do macroeconomic experiences affect risk taking? The Quarterly Journal of Economics, 126(1), 373-416.
Malmendier, U., Tate, G., & Yan, J. (2011). Overconfidence and early‐life experiences: the effect of managerial traits on corporate financial policies. The Journal of Finance, 66(5), 1687-1733.
Miranda-Lopez, J., Orlova, S., & Sun, L. (2018). CEO network centrality and corporate cash holdings. Review of Quantitative Finance and Accounting, 1-37.
Munafo, M. R., Durrant, C., Lewis, G., & Flint, J. (2009). Gene×environment interactions at the serotonin transporter locus. Biological Psychiatry, 65(3), 211-219.
Nash, R., & Patel, A. (2019). Instrumental Variables Analysis and the Role of National Culture in Corporate Finance. Financial Management, 48(2), 385-416.
Opler, T., Pinkowitz, L., Stulz, R., & Williamson, R. (1999). The determinants and implications of corporate cash holdings. Journal of Financial Economics, 52(1), 3-46. 64 Orens, R., & Reheul, A.-M. (2013). Do CEO demographics explain cash holdings in SMEs? European Management Journal, 31(6), 549-563.
Orlova, S., Rao, R., & Kang, T. (2017). National culture and the valuation of cash holdings. Journal of Business Finance & Accounting, 44(1-2), 236-270.
Orlova, S. V., & Rao, R. P. (2018). Cash holdings speed of adjustment. International Review of Economics & Finance, 54, 1-14.
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.
Sen, S., Burmeister, M., & Ghosh, D. (2004). Meta‐analysis of the association between a serotonin transporter promoter polymorphism (5‐HTTLPR) and anxiety‐related personality traits. American Journal of Medical Genetics Part B: Neuropsychiatric Genetics, 127(1), 85-89.
Shane, S. A. (1992). Why do some societies invent more than others? Journal of Business Venturing, 7(1), 29-46.
Shao, L., Kwok, C. C., & Guedhami, O. (2010). National culture and dividend policy. Journal of International Business Studies, 41(8), 1391-1414.
Shao, L., Kwok, C. C., & Zhang, R. (2013). National culture and corporate investment. Journal of International Business Studies, 44(7), 745-763.
Shleifer, A., Glaeser, E., & La Porta, R. (2004). Lуpez de Silanes F. Do Institutions Cause Growth. Journal of Economic Growth, 9, 271-303.
Stein, M. B., Schork, N. J., & Gelernter, J. (2008). Gene-by-environment (serotonin transporter and childhood maltreatment) interaction for anxiety sensitivity, an intermediate phenotype for anxiety disorders. Neuropsychopharmacology, 33(2), 312.
Tanti, C., Stukas, A. A., Halloran, M. J., & Foddy, M. (2011). Social identity change: Shifts in social identity during adolescence. Journal of Adolescence, 34(3), 555-567.
Tong, Z. (2010). CEO risk incentives and corporate cash holdings. Journal of Business Finance & Accounting, 37(9‐10), 1248-1280.
Way, B. M., & Lieberman, M. D. (2010). Is there a genetic contribution to cultural differences? Collectivism, individualism and genetic markers of social sensitivity. Social Cognitive and Affective Neuroscience, 5(2-3), 203-211.
Zhang, L. (2017). CEOs′ early-life experiences and corporate policy: Evidence from China′s great famine. Pacific-Basin Finance Journal, 46, 57-77.
江宜樺. (1998). 自由主義民族主義與國家認同. 台北: 揚智出版社. 65
張賽. (2017). CEO文化認同與債務期限選擇. 國立中央大學財務金融學系碩士論文, 64頁.
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. 國立中央大學財務金融學系碩士論文, 81頁.
張義綱. (2018). 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. 國立中央大學財務金融學系碩士論文, 86頁.
廖妍婷. (2018). 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. 國立中央大學財務金融學系碩士論文, 74頁.
指導教授 李韋憲 審核日期 2019-7-9
推文 facebook   plurk   twitter   funp   google   live   udn   HD   myshare   reddit   netvibes   friend   youpush   delicious   baidu   
網路書籤 Google bookmarks   del.icio.us   hemidemi   myshare   

若有論文相關問題,請聯絡國立中央大學圖書館推廣服務組 TEL:(03)422-7151轉57407,或E-mail聯絡  - 隱私權政策聲明