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    Please use this identifier to cite or link to this item: http://ir.lib.ncu.edu.tw/handle/987654321/80758

    Title: 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
    Authors: 尤貞琪;Yu, Chen-Chi
    Contributors: 財務金融學系
    Keywords: 文化認同;現金持有比率;Cultural Identity;Cash Holdings
    Date: 2019-07-09
    Issue Date: 2019-09-03 15:07:03 (UTC+8)
    Publisher: 國立中央大學
    Abstract: 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。
    ;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.
    Appears in Collections:[財務金融研究所] 博碩士論文

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