| dc.description.abstract | Top manager appointment is always the issue of interest to mass media, including TV news, newspapers and magazines. Toward the changes of top management, enterprises have particularly held a prudent attitude. This study intends to investigate the factors and conditions under which an enterprise would appoint internal or external candidate as its top manager. The research results are anticipated to serve as the reference of major criteria for appointing external manager or internal employee to take over the top management position.
This research adopts logistic regression to analyze the relationships between top management succession source, firm performance, firm size, former manager’s disposition, work characteristics, corporate culture, R&D intensity, opportunity of enterprise’s future growth and the ultimate controller′s shareholding. The research samples include 137 listed companies of electronics industry in Taiwan from 2009 to 2013, with 208 changes in the firms. The results show that the top management succession source has a positive correlation with work characteristics and opportunity of enterprise’s future growth, which means that the higher the opportunity that the top manager takes over the position of general manager, or that the enterprise sees future growth, the more the probability of external succession. In addition, top management succession source holds a negative correlation with the ROE of previous year, corporate control structure as well as R&D intensity.
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