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題名 多角化、CEO更替與公司現金持有決策
Diversification, CEO Turnover and Cash Holding Policy
作者 林佳賢
Lin, Chia Hsien
貢獻者 陳嬿如
Chen, Yenn Ru
林佳賢
Lin, Chia Hsien
關鍵詞 現金持有
多角化
經理人更替
固守職位理論
能力配對理論
cash holding
diversification
CEO turnover
entrenchment
ability-matching
日期 2016
上傳時間 2-Aug-2016 15:58:25 (UTC+8)
摘要 本研究使用固守職位理論(Entrenchment theory)解釋在經理人更替後因風格不同及代理人問題造成繼任者有現金持有動機的轉換，此項交乘效果將造成公司現金持有決策的轉變。同時本研究使用多角化公司的財務決策轉變作為例子，解釋在能力配對理論(Ability-matching theory)中不同公司性質造成CEO更替之後決策轉變的原因。研究結果顯示在兩種理論之下，被強制替換或自動離職的狀況將會帶來經理人風格轉變、前任代理人問題減輕或在公司狀況不同下使得現金持有因素有顯著的增減。然而整體實證結果因增減效果彼此抵消，CEO更替對於現金持有的影響並不顯著。
Our research used entrenchment theory to explain the changing in cash holding after CEO turnover can be caused by different managerial style and agency problem. The interaction of turnover and entrenchment effect will transform motivations of holding cash and further changing the liquidity policy. Meanwhile, we used the ability-matching theory to explain the changing of financial decision in diversified companies to show how different company characteristics affect corporate financial strategy after CEO turnover. Our results showed that based on the two theory, CEO characteristics, agency problem and firm characteristic will significantly affect the financial variables. However, the total effect of CEO turnover on cash holding policy is insignificant because the different effects off set the total effect.
參考文獻 Bates, T. W., Kahle, K. M., & Stulz, R. M. (2009). Why do US firms hold so much more cash than they used to? The Journal of Finance, 64(5), 1985-2021.
     Berry, T. K., Lemmon, M. L., Bizjak, J. M., & Naveen, L. (2000). CEO turnover and firm diversification, working paper
     Bertrand, M., & Schoar, A. (2002). Managing with style: The effect of managers on firm policies, Quarterly Journal of Economics 118, 1169-1208.
     Brickley, J. A. (2003). Empirical research on CEO turnover and firm-performance: A discussion. Journal of Accounting and Economics, 36(1), 227-233.
     Brickley, J. A., Linck, J. S., & Coles, J. L. (1999). What happens to CEOs after they retire? New evidence on career concerns, horizon problems, and CEO incentives. Journal of Financial Economics, 52(3), 341-377.
     Bushman, R., Dai, Z., & Wang, X. (2010). Risk and CEO turnover. Journal of Financial Economics, 96(3), 381-398.
     Denis, D. J., Denis, D. K., & Sarin, A. (1997). Agency problems, equity ownership, and corporate diversification. The Journal of Finance, 52(1), 135-160.
     Denis, D. J., & Sibilkov, V. (2010). Financial Constraints, Investment, and the Value of Cash Holdings. Review of Financial Studies, 23(1), 247-269.
     Dittmar, A., & Duchin, R. (2015). Looking in the rearview mirror: The effect of managers’ professional experience on corporate financial policy. Review of Financial Studies, hhv051.
     Duchin, R. (2010). Cash holdings and corporate diversification. The Journal of Finance, 65(3), 955-992.
     Faulkender, M., & Wang, R. (2006). Corporate financial policy and the value of cash. The Journal of Finance, 61(4), 1957-1990.
     Fredrickson, J. W., Hambrick, D. C., & Baumrin, S. (1988). A model of CEO dismissal. Academy of Management Review, 13(2), 255-270.
     Friedman, S. D., & Singh, H. (1989). CEO succession and stockholder reaction: The influence of organizational context and event content. Academy of Management journal, 32(4), 718-744.
     Hornstein, A. S. (2013). Corporate capital budgeting and CEO turnover. Journal of Corporate Finance, 20, 41-58.
     Jenter, D., & Kanaan, F. (2006). CEO turnover and relative performance evaluation. Retrieved from
     Kang, J.-K., & Shivdasani, A. (1995). Firm performance, corporate governance, and top executive turnover in Japan. Journal of Financial Economics, 38(1), 29-58.
     Kaplan, S. N., & Minton, B. A. (2012). How has CEO turnover changed? International review of Finance, 12(1), 57-87.
     Malmendier, U., Tate, G., & Yan, J. (2011). Overconfidence and early‐life experiences: the effect of managerial traits on corporate financial policies. The Journal of Finance, 66(5), 1687-1733.
     Opler, T., Pinkowitz, L., Stulz, R., & Williamson, R. (1999). The determinants and implications of corporate cash holdings. Journal of Financial Economics, 52(1), 3-46.
     Parrino, R. (1997). CEO turnover and outside succession a cross-sectional analysis. Journal of Financial Economics, 46(2), 165-197.
     Peters, F. S., & Wagner, A. F. (2014). The Executive Turnover Risk Premium. The Journal of Finance, 69(4), 1529-1563.
     Shen, W., & Cannella, A. A. (2002). Revisiting the performance consequences of CEO succession: The impacts of successor type, postsuccession senior executive turnover, and departing CEO tenure. Academy of Management journal, 45(4), 717-733.
     Warner, J. B., Watts, R. L., & Wruck, K. H. (1988). Stock prices and top management changes. Journal of Financial Economics, 20, 461-492.
     Weisbach, M. S. (1995). CEO turnover and the firm`s investment decisions. Journal of Financial Economics, 37(2), 159-188.
     Westphal, J. D., & Fredrickson, J. W. (2001). Who directs strategic change? Director experience, the selection of new CEOs, and change in corporate strategy. Strategic Management Journal, 22(12), 1113-1137.
     Wiersema, M. F., & Bantel, K. A. (1992). Top management team demography and corporate strategic change. Academy of Management journal, 35(1), 91-121.
描述 碩士
國立政治大學
財務管理研究所
103357014
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0103357014
資料類型 thesis
dc.contributor.advisor 陳嬿如zh_TW
dc.contributor.advisor Chen, Yenn Ruen_US
dc.contributor.author (Authors) 林佳賢zh_TW
dc.contributor.author (Authors) Lin, Chia Hsienen_US
dc.creator (作者) 林佳賢zh_TW
dc.creator (作者) Lin, Chia Hsienen_US
dc.date (日期) 2016en_US
dc.date.accessioned 2-Aug-2016 15:58:25 (UTC+8)-
dc.date.available 2-Aug-2016 15:58:25 (UTC+8)-
dc.date.issued (上傳時間) 2-Aug-2016 15:58:25 (UTC+8)-
dc.identifier (Other Identifiers) G0103357014en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/99538-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 財務管理研究所zh_TW
dc.description (描述) 103357014zh_TW
dc.description.abstract (摘要) 本研究使用固守職位理論(Entrenchment theory)解釋在經理人更替後因風格不同及代理人問題造成繼任者有現金持有動機的轉換，此項交乘效果將造成公司現金持有決策的轉變。同時本研究使用多角化公司的財務決策轉變作為例子，解釋在能力配對理論(Ability-matching theory)中不同公司性質造成CEO更替之後決策轉變的原因。研究結果顯示在兩種理論之下，被強制替換或自動離職的狀況將會帶來經理人風格轉變、前任代理人問題減輕或在公司狀況不同下使得現金持有因素有顯著的增減。然而整體實證結果因增減效果彼此抵消，CEO更替對於現金持有的影響並不顯著。zh_TW
dc.description.abstract (摘要) Our research used entrenchment theory to explain the changing in cash holding after CEO turnover can be caused by different managerial style and agency problem. The interaction of turnover and entrenchment effect will transform motivations of holding cash and further changing the liquidity policy. Meanwhile, we used the ability-matching theory to explain the changing of financial decision in diversified companies to show how different company characteristics affect corporate financial strategy after CEO turnover. Our results showed that based on the two theory, CEO characteristics, agency problem and firm characteristic will significantly affect the financial variables. However, the total effect of CEO turnover on cash holding policy is insignificant because the different effects off set the total effect.en_US
dc.description.tableofcontents 1. Introduction 1
     2. Literature and Hypothesis 6
     2.1 Literature 6
     2.1.1 Cash holding theory 6
     2.1.2 CEO turnover theory 6
     2.2 Hypothesis 9
     3. Data and Methodology 12
     3.1 Data and methodology 12
     3.2 Summary descriptive statistics 18
     4.Empirical Result 19
     5. Conclusion 23
     Reference 24		zh_TW
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0103357014en_US
dc.subject (關鍵詞) 現金持有zh_TW
dc.subject (關鍵詞) 多角化zh_TW
dc.subject (關鍵詞) 經理人更替zh_TW
dc.subject (關鍵詞) 固守職位理論zh_TW
dc.subject (關鍵詞) 能力配對理論zh_TW
dc.subject (關鍵詞) cash holdingen_US
dc.subject (關鍵詞) diversificationen_US
dc.subject (關鍵詞) CEO turnoveren_US
dc.subject (關鍵詞) entrenchmenten_US
dc.subject (關鍵詞) ability-matchingen_US
dc.title (題名) 多角化、CEO更替與公司現金持有決策zh_TW
dc.title (題名) Diversification, CEO Turnover and Cash Holding Policyen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) Bates, T. W., Kahle, K. M., & Stulz, R. M. (2009). Why do US firms hold so much more cash than they used to? The Journal of Finance, 64(5), 1985-2021.
     Berry, T. K., Lemmon, M. L., Bizjak, J. M., & Naveen, L. (2000). CEO turnover and firm diversification, working paper
     Bertrand, M., & Schoar, A. (2002). Managing with style: The effect of managers on firm policies, Quarterly Journal of Economics 118, 1169-1208.
     Brickley, J. A. (2003). Empirical research on CEO turnover and firm-performance: A discussion. Journal of Accounting and Economics, 36(1), 227-233.
     Brickley, J. A., Linck, J. S., & Coles, J. L. (1999). What happens to CEOs after they retire? New evidence on career concerns, horizon problems, and CEO incentives. Journal of Financial Economics, 52(3), 341-377.
     Bushman, R., Dai, Z., & Wang, X. (2010). Risk and CEO turnover. Journal of Financial Economics, 96(3), 381-398.
     Denis, D. J., Denis, D. K., & Sarin, A. (1997). Agency problems, equity ownership, and corporate diversification. The Journal of Finance, 52(1), 135-160.
     Denis, D. J., & Sibilkov, V. (2010). Financial Constraints, Investment, and the Value of Cash Holdings. Review of Financial Studies, 23(1), 247-269.
     Dittmar, A., & Duchin, R. (2015). Looking in the rearview mirror: The effect of managers’ professional experience on corporate financial policy. Review of Financial Studies, hhv051.
     Duchin, R. (2010). Cash holdings and corporate diversification. The Journal of Finance, 65(3), 955-992.
     Faulkender, M., & Wang, R. (2006). Corporate financial policy and the value of cash. The Journal of Finance, 61(4), 1957-1990.
     Fredrickson, J. W., Hambrick, D. C., & Baumrin, S. (1988). A model of CEO dismissal. Academy of Management Review, 13(2), 255-270.
     Friedman, S. D., & Singh, H. (1989). CEO succession and stockholder reaction: The influence of organizational context and event content. Academy of Management journal, 32(4), 718-744.
     Hornstein, A. S. (2013). Corporate capital budgeting and CEO turnover. Journal of Corporate Finance, 20, 41-58.
     Jenter, D., & Kanaan, F. (2006). CEO turnover and relative performance evaluation. Retrieved from
     Kang, J.-K., & Shivdasani, A. (1995). Firm performance, corporate governance, and top executive turnover in Japan. Journal of Financial Economics, 38(1), 29-58.
     Kaplan, S. N., & Minton, B. A. (2012). How has CEO turnover changed? International review of Finance, 12(1), 57-87.
     Malmendier, U., Tate, G., & Yan, J. (2011). Overconfidence and early‐life experiences: the effect of managerial traits on corporate financial policies. The Journal of Finance, 66(5), 1687-1733.
     Opler, T., Pinkowitz, L., Stulz, R., & Williamson, R. (1999). The determinants and implications of corporate cash holdings. Journal of Financial Economics, 52(1), 3-46.
     Parrino, R. (1997). CEO turnover and outside succession a cross-sectional analysis. Journal of Financial Economics, 46(2), 165-197.
     Peters, F. S., & Wagner, A. F. (2014). The Executive Turnover Risk Premium. The Journal of Finance, 69(4), 1529-1563.
     Shen, W., & Cannella, A. A. (2002). Revisiting the performance consequences of CEO succession: The impacts of successor type, postsuccession senior executive turnover, and departing CEO tenure. Academy of Management journal, 45(4), 717-733.
     Warner, J. B., Watts, R. L., & Wruck, K. H. (1988). Stock prices and top management changes. Journal of Financial Economics, 20, 461-492.
     Weisbach, M. S. (1995). CEO turnover and the firm`s investment decisions. Journal of Financial Economics, 37(2), 159-188.
     Westphal, J. D., & Fredrickson, J. W. (2001). Who directs strategic change? Director experience, the selection of new CEOs, and change in corporate strategy. Strategic Management Journal, 22(12), 1113-1137.
     Wiersema, M. F., & Bantel, K. A. (1992). Top management team demography and corporate strategic change. Academy of Management journal, 35(1), 91-121.		zh_TW