經理人大學階段恐怖攻擊經驗對公司創新程度之影響-以S&P1500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：72

、訪客IP：18.218.183.207

姓名

王子朋(Zi-Peng Wang) 查詢紙本館藏

畢業系所

財務金融學系

論文名稱

經理人大學階段恐怖攻擊經驗對公司創新程度之影響-以S&P1500指數上市公司為例
(The Impact of Chief Executive Officer’s (CEO’s) Experience of Terrorist Attacks during Their University Period on Corporate Innovation: A Case Study of S&P 1圍00 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	★ COVID-19疫情對全球航空產業營運之影響–以中華航空為例

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 (2026-1-1以後開放)

摘要(中)

本研究探討經理人大學階段恐怖攻擊經驗對公司創新程度之影響，我們檢視此經驗是否會產生憤怒或恐懼之情緒，進而影響經理人風險偏好或個人特質並體現於公司創新程度。
本研究發現經理人的大學恐怖攻擊經驗使其產生較為憤怒的情緒，並持續影響至其任職於公司時較愛好風險，進而增加公司創新投入；而當經理人曾於大學階段遭遇恐怖攻擊事件時，該經驗所產生的憤怒情緒使經理人變得較為不嚴謹，進而減少公司創新產出。本文子樣本測試結果發現大學時期的恐怖攻擊經驗對男性經理人的影響較大，並產生憤怒情緒使其傾向風險愛好及不嚴謹的個人特質，進而增加創新投入並減少創新產出。本文也發現大學階段的恐怖攻擊經驗將使年輕經理人增加任職期間公司的創新投入，卻使年長經理人任職期間公司的創新產出減少。本文亦將經理人大學位置所在州的犯罪率納入考慮，結果仍與原始結果一致。

摘要(英)

In this paper, we discuss the impact of CEO’s experience of terrorist attacks during their university period on corporate innovation. We investigate whether the experience produces emotion with anger or fear, which changes the CEOs’ risk preference or personal characteristic, and affects the corporate innovation.
We find that CEOs’ experience of terrorist attacks during university periods makes them feel angrier, which continued to affect their risk preferences toward to risk-loving and spend more in R&D activities. On the other hand, the anger generated from the experience makes them less rigorous, which decreased the value of innovation. The results from subsample tests show that the terrorist attack experience during college periods has a greater impact on male managers and generates anger, which makes them more risk-loving and incautious, thereby increasing R&D expenditure and decreasing the value of innovation. We also find that the experience for young CEOs will increase firms’ R&D expenditure, but decrease the value of innovation for old CEOs. In addition, we also take the crime rate of the states where CEOs’ universities are located into account, and the results remain consistent with our original results.

關鍵字(中)

★ 經理人大學階段恐怖攻擊經驗

關鍵字(英)

論文目次

摘要 i
Abstract ii
誌謝 iii
目錄 iv
表目錄 vi
一、緒論 - 1 -
1-1 前言 - 1 -
二、文獻探討與假說建立 - 5 -
2-1 經理人負面經歷對公司決策的影響 - 5 -
2-2 經理人特徵與公司創新程度 - 6 -
2-3 恐怖攻擊對心理的影響 - 7 -
2-4 人類腦部認知形成及發展 - 7 -
2-5 恐怖攻擊產生之情緒對經理人的影響 - 8 -
三、變數及樣本 - 10 -
3-1 變數 - 10 -
3-1-1 自變數 - 10 -
3-1-2 應變數 - 12 -
3-1-3 控制變數 - 13 -
3-2 樣本 - 15 -
3-3 敘述統計 - 19 -
四、實證結果及分析 22
4-1 多元回歸分析結果 22
4-1-1對公司創新投入之影響 22
4-1-2對公司創新產出之影響 25
4-1-3對公司創新程度之影響-子樣本分析-以性別分組 30
4-1-4對公司創新程度之影響-子樣本分析-以年齡分組 33
4-1-5對公司創新程度之影響-控制經理人大學州別犯罪率 36
五、結論與未來研究方向 40
參考文獻 42

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).

Barker III, V. L., & Mueller, G. C. (2002). CEO characteristics and firm R&D spending. Management Science, 48(6), 782-801.

Benmelech, E., & Frydman, C. (2015). Military CEOs. Journal of Financial Economics, 117(1), 43-59.

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.

Blanco, I., & Wehrheim, D. (2017). The bright side of financial derivatives: Options trading and firm innovation. Journal of Financial Economics, 125(1), 99-119.

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.

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.

Chowdhury, J., & Fink, J. (2017). How does CEO age affect firm risk?. Asia‐Pacific Journal of Financial Studies, 46(3), 381-412.

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.

Dang, T. V., & Xu, Z. (2018). Market sentiment and innovation activities. Journal of Financial and Quantitative Analysis, 53(3), 1135-1161.

Davidson, R., Dey, A., & Smith, A. (2015). Executives′“off-the-job” behavior, corporate culture, and financial reporting risk. Journal of Financial Economics, 117(1), 5-28.

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.

Fischer, K. W. (2008). Dynamic cycles of cognitive and brain development: Measuring growth in mind, brain, and education. In A. M. Battro, K. W. Fischer & P. Léna (Eds.), The educated brain (pp. 127-150). Cambridge U.K.: Cambridge University Press.

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.

Kogan, L., Papanikolaou, D., Seru, A., & Stoffman, N.
(2017). Technological innovation, resource allocation, and growth. The Quarterly Journal of Economics, 132(2), 665-712.

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.

Lev, B., & Sougiannis, T. (1996). The capitalization, amortization, and value-relevance of R&D. Journal of Accounting and Economics, 21(1), 107-138.

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.

Lundstrum, L. L. (2002). Corporate investment myopia: a horserace of the theories. Journal of Corporate Finance, 8(4), 353-371.

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.

Marin, L., Martín, P. J., & Rubio, A. (2017). Doing good and different! The mediation effect of innovation and investment on the influence of CSR on competitiveness. Corporate Social Responsibility and Environmental Management, 24(2), 159-171.

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.

Nolen-Hoeksema, S., & Aldao, A. (2011). Gender and age differences in emotion regulation strategies and their relationship to depressive symptoms. Personality and Individual Differences, 51(6), 704-708.

Rivers, S. E., Brackett, M. A., Katulak, N. A., & Salovey, P. (2007). Regulating anger and sadness: An exploration of discrete emotions in emotion regulation. Journal of Happiness Studies, 8(3), 393-427.

Röll, J., Koglin, U., & Petermann, F. (2012). Emotion regulation and childhood aggression: Longitudinal associations. Child Psychiatry & Human Development, 43(6), 909-923.

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

Sunder, J., Sunder, S. V., & Zhang, J. (2017). Pilot CEOs and corporate innovation. Journal of Financial Economics, 123(1), 209-224.

指導教授

李韋憲(Wei-Hsien Li)

審核日期

2022-6-20

推文