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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 2-八月-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 Ru en_US dc.contributor.author (作者) 林佳賢 zh_TW dc.contributor.author (作者) Lin, Chia Hsien en_US dc.creator (作者) 林佳賢 zh_TW dc.creator (作者) Lin, Chia Hsien en_US dc.date (日期) 2016 en_US dc.date.accessioned 2-八月-2016 15:58:25 (UTC+8) - dc.date.available 2-八月-2016 15:58:25 (UTC+8) - dc.date.issued (上傳時間) 2-八月-2016 15:58:25 (UTC+8) - dc.identifier (其他 識別碼) G0103357014 en_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) 103357014 zh_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/#G0103357014 en_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 holding en_US dc.subject (關鍵詞) diversification en_US dc.subject (關鍵詞) CEO turnover en_US dc.subject (關鍵詞) entrenchment en_US dc.subject (關鍵詞) ability-matching en_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 Policy en_US dc.type (資料類型) thesis en_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