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    Please use this identifier to cite or link to this item: http://ir.lib.ncu.edu.tw/handle/987654321/83628

    Title: 經理人個人主義對公司併購決策之影響-以S&P1500指數上市公司為例;The Impact of Chief Executive Officer′s (CEO’s) Individualism on Corporate Merger and Acquisition: A Case Study of S&P 1500 Index Listed Companies
    Authors: 陸椀琳;Lu, Wan-Lin
    Contributors: 財務金融學系
    Keywords: 併購
    Date: 2020-07-10
    Issue Date: 2020-09-02 16:45:47 (UTC+8)
    Publisher: 國立中央大學
    Abstract: 本研究探討的是在控制公司國家文化背景之下,經理人文化背景對於進行併購相關決策之影響。使用Hofstede所提出的個人主義文化價值分數去計算經理人與公司的文化差距,而樣本使用S&P 1500公司有利於控制公司國家文化背景。本研究亦探討經理人文化背景形成是否具有不變性,將經理人文化背景分成生涯三階段,分別為幼年階段(出生地)、後青少年階段(就讀大學)以及工作階段(前一份工作),透過針對生涯三階段的實證分析可以檢測出經理人文化認同形成於哪個階段。
    ;In this paper, we investigate the impact of the CEO’s individualism on the Mergers and Acquisitions related decisions after controlling the individualism of the company. We utilize culture dimensions proposed by Hofstede to calculate the cultural distance between the CEO and the company based on individualism. We use the S&P 1500 index listed companies as our main sample which is advantageous in controlling the individualism of the company. We also investigate whether the time of cultural identity formation matters. We build three different stages of the CEO’s lifetime: the childhood period (the country of birth), the late adolescent period (the country of university), and the working period (the country of the previous job). The empirical findings utilizing the three lifetime stages can tell when the individualism related to M&As is formed.

    We investigate three M&As decisions. First, we do not find the cultural distance based on individualism has significant effect on whether the firm announces a M&A bid. Second, we find that the individualism formed in childhood period and late adolescent period is negatively related to probability of the firm engaging in cross-country M&As. Third, the individualism formed in the working period has a positive impact on engaging diversifying M&As. In sum, we find evidence that implies that the personal cultural identity may change over time.

    Our findings are qualitatively similar if we delete the data with missing values, controlling for the CEO’s power, and conditional on firm have announced a M&A bid. Finally, we utilize instrumental variables and find the significance disappeared except individualism formed in the childhood period has a significant positive impact on the CEO’s decision of companies’ diversifying M&A.
    Appears in Collections:[財務金融研究所] 博碩士論文

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