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

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許銘真(Ming-Chen Hsu) 查詢紙本館藏

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財務金融學系

論文名稱

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
(The Impact of Chief Executive Officer′s (CEO’s) Cultural Identity on Corporate Risk-taking: A Case Study of S & P500 Index Listed Companies)

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摘要(中)

本文主要探討的議題為，當經理人文化背景與公司所在環境的國家文化存在差異時，何者對公司風險行為更具影響力，並找出經理人哪一生涯階段所產生的文化認同，確實影響經理人行為。本研究最大的創新點在於，不使用經理人國籍定義其文化背景，而改用經理人生涯三個階段，分別為出生地(幼年時期)、就讀大學(後青少年時期)、上一份工作(工作時期)所在國家，來定義所代表的文化。
利用此方法進行研究，可回答以下三個問題，第一，經理人與公司所在的國家文化存在差異時，何者對公司風險行為更具影響力。第二，影響經理人風險決策的文化認同於何時形成，並由此可知文化認同是否具不變性？第三，各種文化價值與公司風險行為的關係為何。
經研究發現，當經理人文化背景與公司所在環境的國家文化存在差異時，經理人文化背景對公司風險行為更具影響力，同時也發現幼年時期(出生地)所形成的文化認同與公司風險行為不具顯著相關，而後青少年時期(就讀大學)所形成的文化認同與公司風險行為具顯著相關，因此獲得文化認同會因身處環境改變而轉變的結論。而影響經理人風險決策的文化認同，形成於三個生涯階段的第二階段後青少年時期(就讀大學)。
文化價值與公司風險行為的關係，經實證研究發現，僅個人主義、陽剛主義、縱容主義與公司風險行為呈顯著正相關，而保守主義與公司風險行為呈顯著負相關，其餘文化價值則皆不顯著。最後探討在經理人權力較強的公司，經理人文化背景對公司風險行為的影響是否有所不同，實證結果發現，經理人文化背景對公司風險行為的影響效果，在經理人權力較強的公司會更加顯著。

摘要(英)

In this paper, I investigate the role of CEO′s cultural identity on corporate risk-taking. According to previous studies, culture influences corporate risk-taking both through the effect of CEO’s cultural background and through the effect of national culture which company belongs. Therefore, we explore 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 does affect the CEO′s behavior.
Instead of using the CEO’s nationality defines his/her cultural background, this paper innovates with measuring CEO’s cultural background from three different stages of the CEO’s lifetime: the country of the birthplace (childhood period), the university (late adolescent period period) and the last job working place (working period).
By using this method, I can answer following three questions. First, when the CEO’s cultural background differs from the national culture of the company, which one more influential on the company risk-taking. Second, when did the risk-taking decision related cultural identity of CEO be formed; and then conclude whether the cultural identity is time-invariant. Third, I can establish the relationship between different cultural values and corporate risk-taking.
After empirical analysis, I show that CEO′s cultural background is more influential on the corporate risk-taking than the national culture of the company. I also find that the cultural identity formed in the late adolescent period, but not in other periods, affects the CEO’s decision of risk-taking. In other words, the cultural identity formed in childhood period is not significantly related to risk-taking but the cultural identity formed in the late adolescent period is. Thus, I conclude that the cultural identity is not time-invariant, whereas it will be changed due to the change of the environment. I find that only individualism, masculinity and indulgence are positively and embeddedness is negatively correlated with corporate risk-taking. These relationships remain after robustness tests. The rest of the cultural value is insignificant.
Finally, the empirical results show that the impact of CEO′s cultural background on the company risk- taking will be more relevant in the company with more CEO power.

關鍵字(中)

★ 文化認同
★ 風險承擔行為

關鍵字(英)

★ Cultural Identity
★ Risk-taking

論文目次

摘要 I
Abstract II
誌謝 III
目錄 IV
表目錄 VI
圖目錄 VI
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 經理人特徵與公司風險承擔行為 5
2-1-2 公司所在環境的國家文化與公司決策 5
2-2 三個生涯階段 8
2-3 九種文化價值與風險行為的關係 10
2-3-1 權力距離(PDI)-負相關 10
2-3-2 不確定性規避(UAI)-負相關 10
2-3-3 個人/集體主義(IDV)-正相關 11
2-3-4 陽剛/陰柔主義(MAS)-正相關 11
2-3-5 長期/短期觀點(LTO)-負相關 11
2-3-6 縱容/抑制主義(IVR)-正相關 11
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)-負相關 12
2-4 經理人權力與其文化背景的影響效果 13
三、變數與樣本 14
3-1 變數 14
3-1-1 主要變數 14
3-1-2 控制變數 17
3-2 樣本 19
3-2-1 樣本選擇 19
3-2-2 資料來源 19
3-2-3 敘述統計 22
四、實證結果及分析 25
4-1 多元迴歸分析結果 25
4-2 經理人權力較強 32
五、穩健性測試 35
5-1 傾向分數配對(PSM) 35
5-2 生涯三階段皆有數值者 40
5-3 重新計算非系統性風險 40
六、結論與未來研究方向 42
七、參考文獻 44
八、附錄 47
附錄一 47
附錄二 56
附錄三 63
附錄四 64

表目錄
表一文化價值參考文獻彙總表 7
表二預期文化價值與公司風險行為的關係 13
表三 Hofstede Index (2010) 與Schwartz Index (2008) 15
表四各項變數定義的彙總表，並說明資料來源 17
表五判斷經理人文化背景的特殊範例 20
表六文化價值差距的計算範例，以微軟經理人Satya Nadella為例 21
表七敘述統計 23
表八相關係數矩陣 24
表九經理人生涯三階段多元迴歸分析結果(非系統性風險) 26
表十生涯三階段與九種文化價值的結果彙總表 30
表十一考慮經理人權力的迴歸結果彙總表 33
表十二傾向分數配對結果與配對後迴歸結果 37
表十三原多元迴歸分析與傾向分數配對結果比較表 39
表十四生涯三階段皆有數值者的迴歸分析結果 41
表十五改用三因子與四因子模型的迴歸分析結果 41
表十六經理人生涯三階段多元迴歸分析結果 47
表十七經理人權力較強時，經理人生涯三階段多元迴歸分析結果 56
表十八傾向分數配對法-以就讀大學階段的個人主義D_MINUS為代表 63
表十九傾向分數配對結果與配對後迴歸結果 64

圖目錄
圖一研究架構圖 4

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指導教授

李韋憲(Wei-Hsien Li)

審核日期

2017-6-23

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