本研究主要探討在控制公司所在環境國家文化之後，經理人文化背景是否仍對公司無形資產投資的決策具有影響力，並找出經理人出生地(幼年時期)、就讀大學(後青少年時期)、上一份工作(工作時期)三階段中，哪一階段形成的文化認同確實影響經理人行為，藉此研究文化認同是否存在不變性。 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，本研究確認在控制公司文化之後，經理人文化仍顯著對公司無形資產投資決策產生影響，並發現在出生地及就讀大學階段，不確定性規避、長期觀點與公司無形資產投資皆呈正相關；和諧主義則呈現負相關，階級主義三階段皆呈現負相關。 加入工具變數進行穩健性測試後，不確定性規避及和諧主義的結果仍維持不變，階級主義則轉為只有工作階段呈現負相關，更重要的是，我們發現後青少年時期(就讀大學)形成的文化認同確實影響公司投資無形資產行為，因此獲得文化認同會因身處環境改變而轉變的結論。 ;In this paper, I investigate whether CEO’s cultural identity has impact on firm’s intangible investment decisions after controlling for firm’s cultural identity. Furthermore, I study CEO’s cultural identity that affects his/her behavior was formed during which of the three different stages of lifetime: the country of the birthplace (childhood period), the university (late adolescent period) and the last job working place (working period); and examine whether the cultural identity is time-invariant.
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 intangible investment decisions after controlling for firm’s cultural identity. I also find that during the childhood and the late adolescent period: uncertainty avoidance and long-term perspective are positively related to firm’s intangible investment decisions, while harmony reveals a negative relation. And hierarchy is negatively related at all three stages.
After employing instrumental variables in robustness tests, the results of uncertainty avoidance and harmony remain unchanged, and hierarchy become negative only in the work period. More importantly, I find that cultural identity formed in the late adolescent period has larger impact on firm’s intangible investment decisions. Therefore, I conclude that the cultural identity is not time-invariant, whereas it will be changed due to the change of the environment.
