1. NCCU Academic Hub
  2. 學術產出
  3. College of Commerce
  4. Theses
  5. Item

學術產出-Theses

Article View/Open

Publication Export

Google ScholarTM

政大圖書館

Citation Infomation

  • No doi shows Citation Infomation
題名 董事長與總經理任期對公司績效之影響
The effects of board chairman tenure and CEO tenure on firm performance
作者 涂婉真
貢獻者 梁嘉紋
涂婉真
關鍵詞 總經理任期
董事長任期
公司績效
家族企業
日期 2012
上傳時間 2-Sep-2013 15:28:55 (UTC+8)
摘要 本研究旨在探討台灣上市櫃公司之總經理及董事長任期對公司績效之影響，並考慮當二者任期大小不同時，其任期對公司績效之影響程度是否也不相同。本研究利用2005年至2011年資料進行測試，實證結果發現，總經理與董事長任期愈長時，公司會計績效愈好。當總經理任期小於董事長任期時，總經理任期與董事長任期對公司會計績效皆有顯著影響，而當總經理任期大於董事長任期時，總經理任期對公司會計績效之影響會比董事長任期對公司會計績效之影響顯著。本研究亦發現，在家族企業裡，當總經理同時兼任董事長，會加強其任期對公司會計績效之正向關係；在非家族企業裡，總經理兼任董事長則無法加強總經理任期與公司會計績效間之關係。
參考文獻 王嘉穎，1999，我國上市公司財務危機與監理因素之關聯性研究－實質所有權之探討，國立臺灣大學會計學系碩士論文。
吳建頤，1999，董事會規模與公司價值的影響，中正大學財務金融研究所碩士論文。
李建然、廖秀梅與廖益興，2003，股權結構、董事獨立性與企業經營績效之研究，會計理論與實務研討會，台北大學會計系。
侍台誠，1994，董事會特性中家族因素與經營績效之實證研究－兼論法人董事的影響，國立臺灣大學會計學系碩士論文。
林有志、邱炳雲與高茂峰，2008，更換經理人對公司經營績效之影響，會計與公司治理，第五卷，第2期：1-28。
林尚志，2004，我國公司治理評等指標建立之研究，國立政治大學會計學系碩士論文。
林穎芬、祝道松與洪晨桓，2006，經濟附加價值與總經理更替之探討，當代會計，第七卷，第1期：103-104。
林穎芬與劉維琪，2003，從高階主管薪酬的研究探討代理理論在台灣的適用程度，管理學報，第二十卷，第2期：365-395。
林興佩，2001，董事會對創業投資公司績效影響之研究，國立政治大學企業管理研究所碩士論文。
林寶人，2010，台灣上市櫃家族企業與公司績效，會計學報，第三卷，第1期（11月）：53-82。
金昌民，2004，公司治理在家族企業之應用，國立臺灣大學會計學系碩士論文。
俞海琴與陳慧娟，1999，我國上市公司成長、槓桿與托賓Q 關聯之研究，風險管理學報，第一卷，第1期（5月）：81-101。
柯承恩，2000，我國公司監理體系之問題與改進建議(上)，會計研究月刊，第173 期：75- 81。
柯承恩，2000，我國公司監理體系之問題與改進建議(下)，會計研究月刊，第174 期：79-83。
柯承恩，2008，誰是執行長(CEO)：從公司治理看執行長權責的歸屬，臺灣經濟論衡，第六卷，第3期：30-42。
范揚松，1998，家族企業的病理分析，現代管理月刊，第126期：18-23。
孫秀蘭，1996，董事會制度與經營績效之研究，國立台灣大學財務金融研究所碩士論文。
張明峰，1991，股權結構對公司績效影響之研究，國立政治大學企業管理研究所碩士論文。
許崇源與朱全斌，2006，獨立董事及外部董事功能之研究，會計理論與實務研討會，東吳大學會計系。
郭逸真，2006，台灣家族與非家族企業之公司治理：總經理異動為例，國立中央大學企業管理研究所。
郭麗娟，2007，台灣家族企業所有權型態與生產力關係之研究，朝陽科技大學財務金融研究所碩士論文。
陳玉麟，2010，管理誘因與非財務績效衡量：資訊電子產業價值鏈重要嗎？，人文及社會科學集刊，第二十二卷，第4期（12月）：459-483。
陳宏姿，2001，董監事結構與企業經營績效關聯之研究，國立政治大學會計學系碩士論文。
楊俊中，1994，股權結構與經營績效相關性之研究，國立臺灣大學會計學系碩士論文。
詹凱玲，2006，股權結構、董事會組成與公司績效之關係－以家族與非家族企業之角度，銘傳大學會計學系碩士論文。
廖秀梅，2004，董事會結構特性與公司績效關係之研究－探討台灣家族控制企業因素的影響，國立台北大學會計學系博士論文。
廖秀梅、李建然與吳祥華，2006，董事會結構特性與公司績效關係之研究－兼論台灣家族企業因素的影響，東吳經濟商學學報，第54期：117-160。
蔡雅薰與陳錦村，2002，公司改組、監督機制與盈餘管理之研究，會計評論，第34期：1-29。
鄭琇君，1997，上市公司董監事規模與股權集中度分析，中山大學企業管理研究所碩士論文。
嚴奇峰，1994，臺灣傳統家族企業極端共存組織現象之探討—系統穩態觀點，管理評論，第十三卷，第1期：1-22。
Agrawal, A., and C. R. Knoeber. 1996. Firm performance and mechanisms to control agency problems between managers and shareholders. Journal of Financial and Quantitative Analysis 3: 377-397.
Alderfer, C. P. 1986. The invisible director on corporate boards. Harvard Business Review 64: 38-52.
Antle, R., and A. Smith. 1986. An empirical investigation of the relative performance evaluation of corporate executives. Journal of Accounting Research 24: 1-39.
Baysinger, B., and R. E. Hnskisson. 1990. The composition of boards of direction and strategic control: Effects on corporate strategy. Actnicrti of Maiiuf-cinenl Review 15: 72-87.
Berle, A. A., and G. C. Means. 1932. The Modern Corporation and Private Property. New York: Macmillan.
Bernstein, J. I. 1988. Cost of production, intra-and inter-industry R & D spillover: Canadian evidence. Canadian Journal of Economics 21: 324-347.
Brickly, J. A., J. L. Coles, and G. Jarrell. 1997. Leadership structure: Separating the CEO and chairman of board. Journal of Corporate Finance 3: 189-220.
Burkart, M., F. Panunzi, and A. Shleifer. 2003. Family firms. Journal of Finance 58: 2167-2202.
Chen, G., M. Firth, D. N. Gao, and O. M. Rui. 2006. Ownership structure, corporate governance, and fraud: Evidence from China. Journal of Corporate Finance 12: 424-448.
Churchill, N. C., and K. J. Hatten. 1987. Non-market-based transfers of wealth and power: A research framework for family business. American Journal of Small Business 11: 51-64.
Coughlan, A. T., and R. M. Schmidt. 1985. Executive compensation, management turnover, and firm performance: An empirical investigation, Journal of Accounting and Economics 7: 43-66.
Dalton, D. R., C. M. Daily, A. E. Ellstrand, and J. L. Johnson. 1998. Meta-analytic reviews of board composition, leadership structure, and financial performance. Strategic Management Journal 19: 269-290.
Dalton, D. R., and I. F. Kesner. 1987. Composition and CEO duality in boards of directors: An international perspective. Journal of International Business Studies 18: 33-42.
Dalton, D.R., and C.M. Daily. 1999. What`s wrong with having friends on the board? Across the Board 36: 28-32.
Davis, J. H., F. D. Schoorman, and L. Donaldson. 1997. Toward a stewardship theory of management. The Academy of Management Review 22 : 20-47.
Denis, D. J., and D. K. Denis. 1995. Performance changes following top management dismissals. The Journal of Finance 50 (September): 1029-1058.
Duan, D.J. 1987. Directors are not doing their jobs. Fortune (March): 117-119.
Eisenhardt, K. M. 1989. Agency theory: An assessment and review. Academy of Management Review 14: 57-74.
Fama, E. F., and M. C. Jensen. 1983. Separation of ownership and control. Journal of Law and Economics 26: 301-325.
Filatotchev, I., Y. C. Lien, and J. Piesse. 2005. Corporate governance and performance in publicly listed, family-controlled firms: Evidence from Taiwan. Asia Pacific Journal of Management 22: 257-283.
Finkelstein, S., and D. C. Hambrick. 1988. Chief executive compensation: A synthesis and reconciliation. Strategic Management Journal 9: 543-558.
Finkelstein, S., and D. Hambrick. 1990. Top management tenure and organizational outcomes: The moderating role of managerial discretion. Administrative Science Quarterly 35: 484–503.
Hambrick, D.C., and G. Fukutomi. 1991. The seasons of a CEO`s tenure. Academy of Management Review 16: 719-742.
Hermalin, B., and M. Weisbach. 1998. Endogenously chosen boards of directors and their monitoring of the CEO. American Economic Review 88: 96-118.
Hill, C. W., and P. Phan. 1991. CEO tenure as a determinant of CEO pay. Academic of Management Journal 34: 707-717.
Huson, M.R., R. Parrino, and L.T. Starks. 2001. Internal monitoring mechanisms and CEO turnover: A long-term perspective. Journal of Finance 56: 2265-2297.
Jensen, M. C. 1993. Presidential Address: The modern industrial revolution, exit, and the failure of internal control systems. Journal of Finance 48: 831-880.
Jensen, M.C., and W. H. Meckling. 1976. Theory of the firm: Managerial behavior, agency costs, and ownership structure. Journal of Financial Economics 3: 305-360.
Keats, B. W., and M. A. Hitt. 1988. A causal model of linkages among environmental dimensions, macro organizational characteristics, and performance. Academy of Management Journal 31 (September): 570-598.
Knezevic, L., and M. Pahor. 2004. The influence of management turnover on enterprise performance and corporate governance: The case of Slovenia. Economic and Business Review for Central and South-Eastern Europe 6: 297-324.
Lambert, R., and D. F. Larcker. 1987. An analysis of the use of accounting and market measures of performance in executive compensation contracts. Journal of Accounting Research 25: 85–125.
Lewellen, W. G., and B. Huntsman. 1970. Managerial pay and corporate performance. American Economic Review 60: 710-720.
Luo, Q., and T. Hachiya. 2005. Corporate governance, cash holdings, and firm value: Evidence from Japan. Review of Pacific Basin Financial Markets and Policies 8: 613-636.
Mak, Y. T., and Y. Kusnadi. 2005. Size really matters: Further evidence on the negative relationship between board size and firm value. Pacific-Basin Finance Journal 13 (June): 301-318.
Miller, D., and J. Shamsie. 2001. Learning across the life cycle: Experimentation and performance among hollywood studio heads. Strategic Management Journal. 22 (August): 725-745.
Mok, H. M. K., K. Lam., and I. Cheung. 1992. Family control and return covariation in Hong Kong’s common stocks. Journal of Business Finance & Accounting 19: 277-293.
Morck, R., A. Shleifer, and R. W. Vishny. 1988. Management ownership and market valuation: An empirical analysis. Journal of Financial Economics 20: 293-315.
Murphy, K. J., and J. L. Zimmerman. 1993. Financial performance surrounding CEO turnover. Journal of Accounting and Economics 16 (April): 273-315.
Ou, J. A., and S. H. Penman. 1989. Financial statement analysis and the prediction of stock returns. Journal of Accounting and Economics 11 (November): 295-329.
Oviatt, B. M. 1988. Agency and transaction cost perspectives on the manager-shareholder relationship: Incentives for congruent interests. Academy of Management 13: 214-225.
Park, S., and M. H. Song. 1995. Employee stock ownership plans, firm performance, and monitoring by outside bondholders. Financial Management 24: 52-65.
Patton, A., and J. C. Baker. 1987. Why won’t directors rock the boat? Harvard Business Review 65: 10-18.
Pfeffer, J., and G. Salancik. 1978. The external control of organizations: A resource dependence perspective, New York, NY: Harper & Row.
Rappaport, A. 1986. Creating shareholder value: The new standard for business performance. New York: The Free Press: 76-98.
Rechner, P. L., and D. R. Dalton. 1989. The impact of CEO as board chairman on corporate performance: Evidence vs. rhetoric. The Academy of Management Executive 3: 141-143.
Rechner, P. L., and D. R. Dalton. 1991. Research notes and communications CEO duality and organizational performance: A longitudinal analysis. Strategic Management Journal 12: 155-160.
Ryan, H., L. Wang, and R. Wiggins. 2007. Learning, CEO power, and board-of-director monitoring: Evidence from CEO tenure. Working paper, Georgia State University.
Schwenk, C. 1993. Management tenure and explanations for success and failure. Jounral of Management Science 21: 449-456.
Shakir, R. 2009. Examining the effect of leadership structure and CEO tenure on Malaysian property firm performance. Journal of Real Estate Literature 17: 47-61.
Sharma, V. D. 2004. Board of director characteristics, institutional ownership, and fraud: Evidence from Australia. Auditing 23: 105-117.
Shleifer, A., and R. W. Vishny. 1986. Large shareholders and corporate control. Journal of political economy 94: 461-488.
Shleifer, A., and R. W. Vishny. 1989. Management entrenchment: The case of manager specific investment. Journal of Financial Economics 25: 123-139.
Vance, S. C. 1983. Corporate leadership: Boards, directors, and strategy. New York: McGraw-Hill.
Walters, B. A., M. J. Kroll, and P. Wright. 2006. CEO tenure, boards of directors, and acquisition performance. Journal of Business Research 60: 331-338.
Warner, J. B., R. L. Watts, and K. H. Wruck. 1988. Stock price and top management changes. Journal of Financial Economics 20: 461-492.
Weir, C., and D. Liang. 2001. Governance structures, director independence, and corporate performance in the U.K. European Business Review 13: 86-95.
Yermack, D. 1996. Higher market valuation of companies with a small board of directors. Journal of Financial Economics 40: 185-211.
Zahra, S.A., and J.A. Pearce II. 1989. Boards of directors and corporate financial performance: A review and integrative model. Journal of Management 15: 291-334.
描述 碩士
國立政治大學
會計研究所
100353047
101
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0100353047
資料類型 thesis
dc.contributor.advisor 梁嘉紋zh_TW
dc.contributor.author (Authors) 涂婉真zh_TW
dc.creator (作者) 涂婉真zh_TW
dc.date (日期) 2012en_US
dc.date.accessioned 2-Sep-2013 15:28:55 (UTC+8)-
dc.date.available 2-Sep-2013 15:28:55 (UTC+8)-
dc.date.issued (上傳時間) 2-Sep-2013 15:28:55 (UTC+8)-
dc.identifier (Other Identifiers) G0100353047en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/59256-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 會計研究所zh_TW
dc.description (描述) 100353047zh_TW
dc.description (描述) 101zh_TW
dc.description.abstract (摘要) 本研究旨在探討台灣上市櫃公司之總經理及董事長任期對公司績效之影響，並考慮當二者任期大小不同時，其任期對公司績效之影響程度是否也不相同。本研究利用2005年至2011年資料進行測試，實證結果發現，總經理與董事長任期愈長時，公司會計績效愈好。當總經理任期小於董事長任期時，總經理任期與董事長任期對公司會計績效皆有顯著影響，而當總經理任期大於董事長任期時，總經理任期對公司會計績效之影響會比董事長任期對公司會計績效之影響顯著。本研究亦發現，在家族企業裡，當總經理同時兼任董事長，會加強其任期對公司會計績效之正向關係；在非家族企業裡，總經理兼任董事長則無法加強總經理任期與公司會計績效間之關係。zh_TW
dc.description.tableofcontents 第壹章 緒論 1
第一節 研究動機與目的 1
第二節 研究問題 3
第三節 研究架構 5
第貳章 文獻探討 7
第一節 公司治理 7
第二節 總經理與董事長之任期 11
第三節 職務雙重性 16
第四節 家族企業 20
第五節 公司績效 24
第参章 研究設計 28
第一節 研究假說 28
第二節 變數定義與衡量 32
第三節 實證模型 38
第四節 研究期間與樣本選取 41
第肆章 實證結果與分析 43
第一節 敘述性統計分析 43
第二節 相關係數分析 48
第三節 多元迴歸分析結果 54
第四節 額外測試 65
第伍章 研究結論、限制與建議 68
第一節 研究結論 68
第二節 研究限制 69
第三節 研究建議 69
第四節 研究貢獻 70
參考文獻 71		zh_TW
dc.language.iso en_US-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0100353047en_US
dc.subject (關鍵詞) 總經理任期zh_TW
dc.subject (關鍵詞) 董事長任期zh_TW
dc.subject (關鍵詞) 公司績效zh_TW
dc.subject (關鍵詞) 家族企業zh_TW
dc.title (題名) 董事長與總經理任期對公司績效之影響zh_TW
dc.title (題名) The effects of board chairman tenure and CEO tenure on firm performanceen_US
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) 王嘉穎，1999，我國上市公司財務危機與監理因素之關聯性研究－實質所有權之探討，國立臺灣大學會計學系碩士論文。
吳建頤，1999，董事會規模與公司價值的影響，中正大學財務金融研究所碩士論文。
李建然、廖秀梅與廖益興，2003，股權結構、董事獨立性與企業經營績效之研究，會計理論與實務研討會，台北大學會計系。
侍台誠，1994，董事會特性中家族因素與經營績效之實證研究－兼論法人董事的影響，國立臺灣大學會計學系碩士論文。
林有志、邱炳雲與高茂峰，2008，更換經理人對公司經營績效之影響，會計與公司治理，第五卷，第2期：1-28。
林尚志，2004，我國公司治理評等指標建立之研究，國立政治大學會計學系碩士論文。
林穎芬、祝道松與洪晨桓，2006，經濟附加價值與總經理更替之探討，當代會計，第七卷，第1期：103-104。
林穎芬與劉維琪，2003，從高階主管薪酬的研究探討代理理論在台灣的適用程度，管理學報，第二十卷，第2期：365-395。
林興佩，2001，董事會對創業投資公司績效影響之研究，國立政治大學企業管理研究所碩士論文。
林寶人，2010，台灣上市櫃家族企業與公司績效，會計學報，第三卷，第1期（11月）：53-82。
金昌民，2004，公司治理在家族企業之應用，國立臺灣大學會計學系碩士論文。
俞海琴與陳慧娟，1999，我國上市公司成長、槓桿與托賓Q 關聯之研究，風險管理學報，第一卷，第1期（5月）：81-101。
柯承恩，2000，我國公司監理體系之問題與改進建議(上)，會計研究月刊，第173 期：75- 81。
柯承恩，2000，我國公司監理體系之問題與改進建議(下)，會計研究月刊，第174 期：79-83。
柯承恩，2008，誰是執行長(CEO)：從公司治理看執行長權責的歸屬，臺灣經濟論衡，第六卷，第3期：30-42。
范揚松，1998，家族企業的病理分析，現代管理月刊，第126期：18-23。
孫秀蘭，1996，董事會制度與經營績效之研究，國立台灣大學財務金融研究所碩士論文。
張明峰，1991，股權結構對公司績效影響之研究，國立政治大學企業管理研究所碩士論文。
許崇源與朱全斌，2006，獨立董事及外部董事功能之研究，會計理論與實務研討會，東吳大學會計系。
郭逸真，2006，台灣家族與非家族企業之公司治理：總經理異動為例，國立中央大學企業管理研究所。
郭麗娟，2007，台灣家族企業所有權型態與生產力關係之研究，朝陽科技大學財務金融研究所碩士論文。
陳玉麟，2010，管理誘因與非財務績效衡量：資訊電子產業價值鏈重要嗎？，人文及社會科學集刊，第二十二卷，第4期（12月）：459-483。
陳宏姿，2001，董監事結構與企業經營績效關聯之研究，國立政治大學會計學系碩士論文。
楊俊中，1994，股權結構與經營績效相關性之研究，國立臺灣大學會計學系碩士論文。
詹凱玲，2006，股權結構、董事會組成與公司績效之關係－以家族與非家族企業之角度，銘傳大學會計學系碩士論文。
廖秀梅，2004，董事會結構特性與公司績效關係之研究－探討台灣家族控制企業因素的影響，國立台北大學會計學系博士論文。
廖秀梅、李建然與吳祥華，2006，董事會結構特性與公司績效關係之研究－兼論台灣家族企業因素的影響，東吳經濟商學學報，第54期：117-160。
蔡雅薰與陳錦村，2002，公司改組、監督機制與盈餘管理之研究，會計評論，第34期：1-29。
鄭琇君，1997，上市公司董監事規模與股權集中度分析，中山大學企業管理研究所碩士論文。
嚴奇峰，1994，臺灣傳統家族企業極端共存組織現象之探討—系統穩態觀點，管理評論，第十三卷，第1期：1-22。
Agrawal, A., and C. R. Knoeber. 1996. Firm performance and mechanisms to control agency problems between managers and shareholders. Journal of Financial and Quantitative Analysis 3: 377-397.
Alderfer, C. P. 1986. The invisible director on corporate boards. Harvard Business Review 64: 38-52.
Antle, R., and A. Smith. 1986. An empirical investigation of the relative performance evaluation of corporate executives. Journal of Accounting Research 24: 1-39.
Baysinger, B., and R. E. Hnskisson. 1990. The composition of boards of direction and strategic control: Effects on corporate strategy. Actnicrti of Maiiuf-cinenl Review 15: 72-87.
Berle, A. A., and G. C. Means. 1932. The Modern Corporation and Private Property. New York: Macmillan.
Bernstein, J. I. 1988. Cost of production, intra-and inter-industry R & D spillover: Canadian evidence. Canadian Journal of Economics 21: 324-347.
Brickly, J. A., J. L. Coles, and G. Jarrell. 1997. Leadership structure: Separating the CEO and chairman of board. Journal of Corporate Finance 3: 189-220.
Burkart, M., F. Panunzi, and A. Shleifer. 2003. Family firms. Journal of Finance 58: 2167-2202.
Chen, G., M. Firth, D. N. Gao, and O. M. Rui. 2006. Ownership structure, corporate governance, and fraud: Evidence from China. Journal of Corporate Finance 12: 424-448.
Churchill, N. C., and K. J. Hatten. 1987. Non-market-based transfers of wealth and power: A research framework for family business. American Journal of Small Business 11: 51-64.
Coughlan, A. T., and R. M. Schmidt. 1985. Executive compensation, management turnover, and firm performance: An empirical investigation, Journal of Accounting and Economics 7: 43-66.
Dalton, D. R., C. M. Daily, A. E. Ellstrand, and J. L. Johnson. 1998. Meta-analytic reviews of board composition, leadership structure, and financial performance. Strategic Management Journal 19: 269-290.
Dalton, D. R., and I. F. Kesner. 1987. Composition and CEO duality in boards of directors: An international perspective. Journal of International Business Studies 18: 33-42.
Dalton, D.R., and C.M. Daily. 1999. What`s wrong with having friends on the board? Across the Board 36: 28-32.
Davis, J. H., F. D. Schoorman, and L. Donaldson. 1997. Toward a stewardship theory of management. The Academy of Management Review 22 : 20-47.
Denis, D. J., and D. K. Denis. 1995. Performance changes following top management dismissals. The Journal of Finance 50 (September): 1029-1058.
Duan, D.J. 1987. Directors are not doing their jobs. Fortune (March): 117-119.
Eisenhardt, K. M. 1989. Agency theory: An assessment and review. Academy of Management Review 14: 57-74.
Fama, E. F., and M. C. Jensen. 1983. Separation of ownership and control. Journal of Law and Economics 26: 301-325.
Filatotchev, I., Y. C. Lien, and J. Piesse. 2005. Corporate governance and performance in publicly listed, family-controlled firms: Evidence from Taiwan. Asia Pacific Journal of Management 22: 257-283.
Finkelstein, S., and D. C. Hambrick. 1988. Chief executive compensation: A synthesis and reconciliation. Strategic Management Journal 9: 543-558.
Finkelstein, S., and D. Hambrick. 1990. Top management tenure and organizational outcomes: The moderating role of managerial discretion. Administrative Science Quarterly 35: 484–503.
Hambrick, D.C., and G. Fukutomi. 1991. The seasons of a CEO`s tenure. Academy of Management Review 16: 719-742.
Hermalin, B., and M. Weisbach. 1998. Endogenously chosen boards of directors and their monitoring of the CEO. American Economic Review 88: 96-118.
Hill, C. W., and P. Phan. 1991. CEO tenure as a determinant of CEO pay. Academic of Management Journal 34: 707-717.
Huson, M.R., R. Parrino, and L.T. Starks. 2001. Internal monitoring mechanisms and CEO turnover: A long-term perspective. Journal of Finance 56: 2265-2297.
Jensen, M. C. 1993. Presidential Address: The modern industrial revolution, exit, and the failure of internal control systems. Journal of Finance 48: 831-880.
Jensen, M.C., and W. H. Meckling. 1976. Theory of the firm: Managerial behavior, agency costs, and ownership structure. Journal of Financial Economics 3: 305-360.
Keats, B. W., and M. A. Hitt. 1988. A causal model of linkages among environmental dimensions, macro organizational characteristics, and performance. Academy of Management Journal 31 (September): 570-598.
Knezevic, L., and M. Pahor. 2004. The influence of management turnover on enterprise performance and corporate governance: The case of Slovenia. Economic and Business Review for Central and South-Eastern Europe 6: 297-324.
Lambert, R., and D. F. Larcker. 1987. An analysis of the use of accounting and market measures of performance in executive compensation contracts. Journal of Accounting Research 25: 85–125.
Lewellen, W. G., and B. Huntsman. 1970. Managerial pay and corporate performance. American Economic Review 60: 710-720.
Luo, Q., and T. Hachiya. 2005. Corporate governance, cash holdings, and firm value: Evidence from Japan. Review of Pacific Basin Financial Markets and Policies 8: 613-636.
Mak, Y. T., and Y. Kusnadi. 2005. Size really matters: Further evidence on the negative relationship between board size and firm value. Pacific-Basin Finance Journal 13 (June): 301-318.
Miller, D., and J. Shamsie. 2001. Learning across the life cycle: Experimentation and performance among hollywood studio heads. Strategic Management Journal. 22 (August): 725-745.
Mok, H. M. K., K. Lam., and I. Cheung. 1992. Family control and return covariation in Hong Kong’s common stocks. Journal of Business Finance & Accounting 19: 277-293.
Morck, R., A. Shleifer, and R. W. Vishny. 1988. Management ownership and market valuation: An empirical analysis. Journal of Financial Economics 20: 293-315.
Murphy, K. J., and J. L. Zimmerman. 1993. Financial performance surrounding CEO turnover. Journal of Accounting and Economics 16 (April): 273-315.
Ou, J. A., and S. H. Penman. 1989. Financial statement analysis and the prediction of stock returns. Journal of Accounting and Economics 11 (November): 295-329.
Oviatt, B. M. 1988. Agency and transaction cost perspectives on the manager-shareholder relationship: Incentives for congruent interests. Academy of Management 13: 214-225.
Park, S., and M. H. Song. 1995. Employee stock ownership plans, firm performance, and monitoring by outside bondholders. Financial Management 24: 52-65.
Patton, A., and J. C. Baker. 1987. Why won’t directors rock the boat? Harvard Business Review 65: 10-18.
Pfeffer, J., and G. Salancik. 1978. The external control of organizations: A resource dependence perspective, New York, NY: Harper & Row.
Rappaport, A. 1986. Creating shareholder value: The new standard for business performance. New York: The Free Press: 76-98.
Rechner, P. L., and D. R. Dalton. 1989. The impact of CEO as board chairman on corporate performance: Evidence vs. rhetoric. The Academy of Management Executive 3: 141-143.
Rechner, P. L., and D. R. Dalton. 1991. Research notes and communications CEO duality and organizational performance: A longitudinal analysis. Strategic Management Journal 12: 155-160.
Ryan, H., L. Wang, and R. Wiggins. 2007. Learning, CEO power, and board-of-director monitoring: Evidence from CEO tenure. Working paper, Georgia State University.
Schwenk, C. 1993. Management tenure and explanations for success and failure. Jounral of Management Science 21: 449-456.
Shakir, R. 2009. Examining the effect of leadership structure and CEO tenure on Malaysian property firm performance. Journal of Real Estate Literature 17: 47-61.
Sharma, V. D. 2004. Board of director characteristics, institutional ownership, and fraud: Evidence from Australia. Auditing 23: 105-117.
Shleifer, A., and R. W. Vishny. 1986. Large shareholders and corporate control. Journal of political economy 94: 461-488.
Shleifer, A., and R. W. Vishny. 1989. Management entrenchment: The case of manager specific investment. Journal of Financial Economics 25: 123-139.
Vance, S. C. 1983. Corporate leadership: Boards, directors, and strategy. New York: McGraw-Hill.
Walters, B. A., M. J. Kroll, and P. Wright. 2006. CEO tenure, boards of directors, and acquisition performance. Journal of Business Research 60: 331-338.
Warner, J. B., R. L. Watts, and K. H. Wruck. 1988. Stock price and top management changes. Journal of Financial Economics 20: 461-492.
Weir, C., and D. Liang. 2001. Governance structures, director independence, and corporate performance in the U.K. European Business Review 13: 86-95.
Yermack, D. 1996. Higher market valuation of companies with a small board of directors. Journal of Financial Economics 40: 185-211.
Zahra, S.A., and J.A. Pearce II. 1989. Boards of directors and corporate financial performance: A review and integrative model. Journal of Management 15: 291-334.		zh_TW