經理人大學階段的恐怖攻擊經歷對公司併購標的與支付方式選擇之影響

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：12

、訪客IP：3.148.104.9

姓名

莊孟儒(Meng-Ju Chuang) 查詢紙本館藏

畢業系所

財務金融學系

論文名稱

經理人大學階段的恐怖攻擊經歷對公司併購標的與支付方式選擇之影響
(The Impact of Chief Executive Officer’s (CEO’s) Experience of Terrorist Attacks during Their University Period on M&A Policies)

相關論文

★ 企業重大性議題與股價資訊性之關聯性-以臺灣上市(櫃)公司為實證研究

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 (2026-1-1以後開放)

摘要(中)

本文探討經理人在大學階段的恐怖攻擊經歷對未來進行併購行為時標的選擇與支付方式上的影響。過去文獻發現人在經歷恐攻後會產生憤怒與恐懼兩種情緒進而引發對風險偏好的相反結果。由全球恐怖主義資料庫（GTD）取得恐攻發生地點的經緯度並計算恐攻發生地點與經理人就讀大學的距離，以此做為經理人是否在大學階段遭遇恐攻的代理變數，本研究同時控制經理人所任職公司總部與恐攻發生地的距離，結果發現大學階段有恐攻經歷的經理人會產生憤怒的情緒，做出風險較高的投資行為，在進行併購行為時會傾向不選擇公開上市的標的公司，並避免使用股權作為併購交易的支付方式。

摘要(英)

This paper explores the influence of managers′ experience of terrorist attacks during their university on the target selection and payment methods for mergers and acquisitions. The literature found that terrorist attack would stimulate people two emotions, “Anger and/or Fear”, however, anger and fear will lead to the opposite result of risk preference. We obtain the terrorist attack information from The Global Terrorism Database (GTD) to calculated the distance between CEO’s university and the location of terrorist attack. The distance is used as a proxy variable for whether a manager encounters a terrorist attack at their university period. This study also controls the distance between the headquarters of the company during the CEO’s tenure and the location where the terrorist attack occurred. In conclusion, we find that managers who faced terrorist attack will arouse “angry”, and doing risky behavior or investments which prefer not to choose public target firms when doing acquisitions and avoid using equity as a payment method for M&As.

關鍵字(中)

★ 經理人大學階段
★ 恐怖攻擊

關鍵字(英)

論文目次

摘要 i
Abstract ii
誌謝 iii
目錄 v
一、緒論 - 1 -
1-1 前言 - 1 -
二、文獻探討與假說建立 - 5 -
2-1 負面衝擊經歷對經理人公司決策的影響 - 5 -
2-2 經理人併購標的與支付方式的選擇 - 5 -
2-3 恐怖攻擊對心理的影響 - 6 -
2-4 人腦認知形成與發展 - 6 -
2-5 恐攻經歷所產生的兩種情緒對風險認知的影響 - 7 -
三、變數及樣本 - 9 -
3-1 變數 - 9 -
3-1-1 自變數 - 9 -
3-1-2 應變數 - 11 -
3-1-3 控制變數 - 12 -
3-2 樣本 - 14 -
3-3 敘述統計 - 18 -
四、實證結果及分析 21
4-1 多元迴歸分析結果 21
4-1-1 併購相關決策-全樣本分析 21
4-1-2 併購相關決策-已知併購 25
4-1-3 併購相關決策-子樣本分析(性別) 29
4-1-4 併購相關決策-子樣本分析(年齡) 31
4-1-5 經理人大學期間州別犯罪率之影響-已知併購 33
五、結論與未來研究方向 36
參考文獻 38
附錄一 41
附錄二 42
附錄三 43

參考文獻

Abdel-Khalik, A. R. (2007). An empirical analysis of CEO risk aversion and the propensity to
smooth earnings volatility. Journal of Accounting, Auditing & Finance, 22(2), 201-235.
Antoniou, C., Kumar, A., & Maligkris, A. (2017). Terrorist attacks, managerial sentiment, and
corporate policies. Managerial Sentiment, and Corporate Policies (February 20, 2017).
Albuquerque, R., Brandão-Marques, L., Ferreira, M. A., & Matos, P. (2019). International corporate governance spillovers: Evidence from cross-border mergers and acquisitions. The Review of Financial Studies, 32(2), 738-770.
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.
Baxamusa, M., & Jalal, A. (2016). CEO′s religious affiliation and managerial conservatism. Financial Management, 45(1), 67-104.
Bae, S. C., Chang, K., & Kim, D. (2013). Determinants of target selection and acquirer returns: Evidence from cross-border acquisitions. International Review of Economics & Finance, 27, 552-565.
Brushwood, J., Dhaliwal, D., Fairhurst, D., & Serfling, M. (2016). Property crime, earnings variability, and the cost of capital. Journal of Corporate Finance, 40, 142-173.
Bates, T. W., and Lemmon, M. L., 2003, Breaking up is hard to do? An analysis of termination fee provisions and merger outcomes. Journal of Financial Economics, 69(3), 469-504.
Callen, M., Isaqzadeh, M., Long, J. D., & Sprenger, C. (2014). Violence and risk preference:
Experimental evidence from Afghanistan. American Economic Review, 104(1), 123-48.
Chen, W., Wu, H., & Zhang, L. (2021). Terrorist attacks, managerial sentiment, and corporate
disclosures. The Accounting Review, 96(3), 165-190.
Chen, Y., Fan, Q., Yang, X., & Zolotoy, L. (2021). CEO early-life disaster experience and stock price crash risk. Journal of Corporate Finance, 68, 101928.
Dahl, R. E. (2004). Adolescent brain development: a period of vulnerabilities and
opportunities. Keynote address. Annals of the New York Academy of Sciences, 1021(1), 1-22.
Dai, Y., Rau, P. R., Stouraitis, A., & Tan, W. (2020). An ill wind? Terrorist attacks and CEO
compensation. Journal of Financial Economics, 135(2), 379-398.
Deng, X., & Gao, H. (2013). Nonmonetary benefits, quality of life, and executive compensation.
Journal of Financial and Quantitative Analysis, 48(1), 197-218.
Desivilya, H. S., Gal, R., & Ayalon, O. (1996). Extent of victimization, traumatic stress
symptoms, and adjustment of terrorist assault survivors: A long‐term follow‐up. Journal of Traumatic Stress, 9(4), 881-889.
de La Bruslerie, H. (2012). Corporate acquisition process: Is there an optimal cash-equity payment mix?. International Review of Law and Economics, 32(1), 83-94.
de La Bruslerie, H. (2013). Crossing takeover premiums and mix of payment: An empirical test of contractual setting in M&A transactions. Journal of Banking & Finance, 37(6), 2106-2123.
Elnahas, A. M., & Kim, D. (2017). CEO political ideology and mergers and acquisitions decisions. Journal of Corporate Finance, 45, 162-175.
Fischer, K. W. (2008). Dynamic cycles of cognitive and brain development: Measuring growth
in mind, brain, and education. The educated brain, 127-150.
Faccio, M., Marchica, M. T., & Mura, R. (2016). CEO gender, corporate risk-taking, and the efficiency of capital allocation. Journal of Corporate Finance, 39, 193-209.
Ferris, S. P., Jayaraman, N., & Sabherwal, S. (2013). CEO overconfidence and international merger and acquisition activity. Journal of Financial and Quantitative Analysis, 48(1), 137-164.
Heckman, J. J. (2007). The economics, technology, and neuroscience of human capability
formation. Proceedings of the national Academy of Sciences, 104(33), 13250-13255.
Holman, E. A., & Silver, R. C. (1998). Getting" stuck" in the past: temporal orientation and
coping with trauma. Journal of Personality and Social Psychology, 74(5), 1146.
Hu, J., Li, A., & Luo, Y. (2019). CEO early life experiences and cash holding: Evidence from
China′s great famine. Pacific-Basin Finance Journal, 57, 101184.
Kim, K., & Lee, F. Z. X. (2014). Information acquisition in a war of attrition. American
Economic Journal: Microeconomics, 6(2), 37-78.
Khan, W. A., & Vieito, J. P. (2013). CEO gender and firm performance. Journal of Economics and Business, 67, 55-66.
Lerner, J. S., & Keltner, D. (2001). Fear, anger, and risk. Journal of Personality and Social
Psychology, 81(1), 146.
Lerner, J. S., Gonzalez, R. M., Small, D. A., & Fischhoff, B. (2003). Effects of fear and anger
on perceived risks of terrorism: A national field experiment. Psychological Science, 14(2), 144-150.
Liverant, G. I., Hofmann, S. G., & Litz, B. T. (2004). Coping and anxiety in college students
after the September 11th terrorist attacks. Anxiety, Stress & Coping, 17(2), 127-139.
Levi, M., Li, K., & Zhang, F. (2014). Director gender and mergers and acquisitions. Journal of Corporate Finance, 28, 185-200.
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.
Masten, A. S., & Narayan, A. J. (2012). Child development in the context of disaster, war, and
terrorism: Pathways of risk and resilience. Annual Review of Psychology, 63, 227-257.
Nguyen, N. H., & Phan, H. V. (2017). Policy uncertainty and mergers and acquisitions. Journal of Financial and Quantitative Analysis, 52(2), 613-644.
Ragozzino, R., & Reuer, J. J. (2007). Initial public offerings and the acquisition of entrepreneurial firms. Strategic Organization, 5(2), 155-176.
Serfling, M. A. (2014). CEO age and the riskiness of corporate policies. Journal of Corporate
Finance, 25, 251-273.
Shen, J. C., & Reuer, J. J. (2005). Adverse selection in acquisitions of small manufacturing firms: A comparison of private and public targets. Small Business Economics, 24(4), 393-407.
Wang, Y., & Yin, S. (2021). Hiring retirement‐age CEOs. European Financial Management, 27(4), 641-665.
Yim, S. (2013). The acquisitiveness of youth: CEO age and acquisition behavior. Journal of Financial Economics, 108(1), 250-273.
Yu, Y., Umashankar, N., & Rao, V. R. (2016). Choosing the right target: Relative preferences for resource similarity and complementarity in acquisition choice. Strategic Management Journal, 37(8), 1808-1825.

指導教授

李韋憲徐政義(Wei-Hsien Li Cheng-Yi Shiu)

審核日期

2022-6-22

推文