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題名 具財務專業之CEO與企業冒險程度之關聯
The Association between Financial Expert CEOs and Corporate Risk-Taking
作者 陳則安
貢獻者 林禹銘
陳則安
關鍵詞 執行長
冒險
會計專業
財務專業
CEO
Risk-taking
Accounting Expertise
Financial Expertise
日期 2019
上傳時間 7-Aug-2019 15:53:44 (UTC+8)
摘要 本研究以1992年至2013年美國及加拿大上市公司為研究對象，探討具有財務專業之執行長（CEO）與公司冒險程度之關係。本研究將財務專業區分為會計之財務專業與非會計之財務專業，探討不同財務專業之CEO對公司冒險程度之關係。\n研究結果發現，具會計之財務專業CEO，相較於其他CEO，會使公司決策較為保守；而在財務專業中，具有非會計之財務專業CEO，相較於具會計之財務專業CEO，會使公司決策較為冒險。
This study used the listed companies in the United States and Canada from 1992 to 2013 as the research object to explore the relationship between the financial expert CEOs and corporate risk-taking. This study divides the finance expertise into accounting and non-accounting financial expertise, and discusses the relationship among CEOs with different financial expertise on the corporate risk-taking.\nThe research found that the CEO with accounting financial expertise will make the corporate`s decision-making more conservative. The CEO with non-accounting financial expertise makes the corporate`s decision-making more risky than the CEO with accounting financial expertise.
參考文獻 黃莉盈，2016，審計委員會與公司風險承擔相關性。會計與公司治理，第11卷第1期，51-78。\nArmstrong, C. S., and R. Vashishtha (2012) Executive stock options, differential risk-taking incentives, and firm value. Journal of Financial Economics 104, 70-88.\nArmstrong, C. S., S. Glaeser, S. Huang, and D. J. Taylor (2019) The economics of managerial taxes and corporate risk-taking. American Accounting Association 94(1), 1-24.\nBernile, G., V. Bhagwat, and P. R. Rau. (2016) What doesn`t kill you will only make you more risk-loving: early-life disasters and CEO behavior. The Journal of Finance 72(1), 167-206.\nBuyl, T., C. Booneand, and J. B. Wade (2019) CEO narcissism, risk-taking, and resilience: an empirical analysis in US commercial banks. Journal of Management 45(4) 1372-1400.\nCain, M. D. and S. B. McKeon. (2016) CEO personal risk-taking and corporate policies. Journal of Financial and Quantitative Analysis 51(2), 139-164.\nCampbell, T. C., M. Gallmeyer, and S. A. Johnson, Jessica Rutherford, Brooke W. Stanley (2011) Journal of Financial Economics 101, 695-712.\nCassell, C. A., S. X. Huang, J. M. Sanchez, and M. D. Stuart (2012) Seeking safety: the relation between CEO inside debt holdings and the riskiness of firm investment and financial policies. Journal of Financial Economics 103, 588-610.\nColes, J. L., N. D. Daniel, and L. Naveen (2006) Managerial incentives and risk-taking. Journal of Financial Economics 79, 431-468.\nCore, J. and W. Guay (1999) The use of equity grants to manage optimal equity incentive levels. Journal of Accounting and Economics 28(2), 151-184.\nCore, J. and W. Guay (2002) Estimating the value of employee stock option portfolios and their sensitivities to price and volatility. Journal of Accounting Research 40(3), 613-630.\nDhaliwal, D., L. Krull, and O. Z. Li (2007) Did the 2003 Tax Act reduce the cost of equity capital? Journal of Accounting and Economics 43, 121-150.\nFaccio, M., M. T. Marchica, and R. Mura. (2016) CEO gender, corporate risk-taking, and the efficiency of capital allocation. Journal of Corporate Finance 39, 193-209.\nGounopoulos, D., and H. Pham (2018) Financial expert CEOs and earnings management around initial public offerings. International Journal of Accounting 53, 102-117.\nGuay, W.R. (1999) The sensitivity of CEO wealth to equity risk: an analysis of the magnitude and determinants. Journal of Financial Economics 53, 43-71.\nKalelkar, R., and S. Khan (2016) CEO financial background and audit pricing. Accounting Horizons 30(3), 325-339.\nKish-Gephart, J. J., and J. T. Campbell. (2015) You don`t forget your roots: the influence of CEO social class background on strategic risk taking. Academy of Management Journal 58(6), 1614-1636.\nKrishnan, G., and G. Visvanathan (2009) Do auditors price audit committee`s expertise? the case of accounting versus nonaccounting financial experts. Journal of Accounting, Auditing, and Finance 24(1), 115-144.\nLjungqvist, A., L. Zhang, and L. Zuo (2017) Sharing risk with the government: How taxes affect corporate risk-taking. Journal of Accounting Research 55(3), 669-707.\nMalmendier, U., and G. Tate (2005) CEO Overconfidence and Corporate Investment. The Journal of Finance 60(6), 2661-2700.\nSalehi, M., M. L. D. Bayaz, and M. Naemi (2017) The effect of CEO tenure and specialization on timely audit reports of Iranian listed companies. Management Decision 56(2), 311-328.\nSultana, N. and J-L. W. M. V. der Zahn (2015) Earnings conservatism and audit committee financial expertise. Accounting and Finance 55, 279-310.\nXu, Y. and B. G. Malkiel (2003) Investigating the behavior of idiosyncratic volatility, Journal of Business 76, 613-644.\nYost, B. P. (2018) Locked-in: the effect of ceos’ capital gains taxes on corporate risk-taking. The Accounting Review 93(5), 325-358.
描述 碩士
國立政治大學
會計學系
106353023
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0106353023
資料類型 thesis
dc.contributor.advisor 林禹銘zh_TW
dc.contributor.author (Authors) 陳則安zh_TW
dc.creator (作者) 陳則安zh_TW
dc.date (日期) 2019en_US
dc.date.accessioned 7-Aug-2019 15:53:44 (UTC+8)-
dc.date.available 7-Aug-2019 15:53:44 (UTC+8)-
dc.date.issued (上傳時間) 7-Aug-2019 15:53:44 (UTC+8)-
dc.identifier (Other Identifiers) G0106353023en_US
dc.identifier.uri (URI) https://ah.lib.nccu.edu.tw/item?item_id=143121-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 會計學系zh_TW
dc.description (描述) 106353023zh_TW
dc.description.abstract (摘要) 本研究以1992年至2013年美國及加拿大上市公司為研究對象，探討具有財務專業之執行長（CEO）與公司冒險程度之關係。本研究將財務專業區分為會計之財務專業與非會計之財務專業，探討不同財務專業之CEO對公司冒險程度之關係。\n研究結果發現，具會計之財務專業CEO，相較於其他CEO，會使公司決策較為保守；而在財務專業中，具有非會計之財務專業CEO，相較於具會計之財務專業CEO，會使公司決策較為冒險。zh_TW
dc.description.abstract (摘要) This study used the listed companies in the United States and Canada from 1992 to 2013 as the research object to explore the relationship between the financial expert CEOs and corporate risk-taking. This study divides the finance expertise into accounting and non-accounting financial expertise, and discusses the relationship among CEOs with different financial expertise on the corporate risk-taking.\nThe research found that the CEO with accounting financial expertise will make the corporate`s decision-making more conservative. The CEO with non-accounting financial expertise makes the corporate`s decision-making more risky than the CEO with accounting financial expertise.en_US
dc.description.tableofcontents 第壹章 緒論 1\n第一節 研究背景與動機 1\n第二節 研究貢獻 3\n第三節 研究架構 4\n第貳章 文獻探討 5\n第一節 CEO特質與企業冒險程度之相關探討 5\n第二節 CEO財務專業之相關探討 8\n第參章 研究方法 10\n第一節 研究假說 10\n第二節 研究期間、資料來源與樣本選取 12\n第三節 研究模型與變數定義 14\n第肆章 實證結果 21\n第一節 樣本敘述統計 21\n第二節 實證結果 25\n第伍章 結論與建議 28\n第一節 研究結論 28\n第二節 研究限制與建議 29\n參考文獻 30zh_TW
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0106353023en_US
dc.subject (關鍵詞) 執行長zh_TW
dc.subject (關鍵詞) 冒險zh_TW
dc.subject (關鍵詞) 會計專業zh_TW
dc.subject (關鍵詞) 財務專業zh_TW
dc.subject (關鍵詞) CEOen_US
dc.subject (關鍵詞) Risk-takingen_US
dc.subject (關鍵詞) Accounting Expertiseen_US
dc.subject (關鍵詞) Financial Expertiseen_US
dc.title (題名) 具財務專業之CEO與企業冒險程度之關聯zh_TW
dc.title (題名) The Association between Financial Expert CEOs and Corporate Risk-Takingen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 黃莉盈，2016，審計委員會與公司風險承擔相關性。會計與公司治理，第11卷第1期，51-78。\nArmstrong, C. S., and R. Vashishtha (2012) Executive stock options, differential risk-taking incentives, and firm value. Journal of Financial Economics 104, 70-88.\nArmstrong, C. S., S. Glaeser, S. Huang, and D. J. Taylor (2019) The economics of managerial taxes and corporate risk-taking. American Accounting Association 94(1), 1-24.\nBernile, G., V. Bhagwat, and P. R. Rau. (2016) What doesn`t kill you will only make you more risk-loving: early-life disasters and CEO behavior. The Journal of Finance 72(1), 167-206.\nBuyl, T., C. Booneand, and J. B. Wade (2019) CEO narcissism, risk-taking, and resilience: an empirical analysis in US commercial banks. Journal of Management 45(4) 1372-1400.\nCain, M. D. and S. B. McKeon. (2016) CEO personal risk-taking and corporate policies. Journal of Financial and Quantitative Analysis 51(2), 139-164.\nCampbell, T. C., M. Gallmeyer, and S. A. Johnson, Jessica Rutherford, Brooke W. Stanley (2011) Journal of Financial Economics 101, 695-712.\nCassell, C. A., S. X. Huang, J. M. Sanchez, and M. D. Stuart (2012) Seeking safety: the relation between CEO inside debt holdings and the riskiness of firm investment and financial policies. Journal of Financial Economics 103, 588-610.\nColes, J. L., N. D. Daniel, and L. Naveen (2006) Managerial incentives and risk-taking. Journal of Financial Economics 79, 431-468.\nCore, J. and W. Guay (1999) The use of equity grants to manage optimal equity incentive levels. Journal of Accounting and Economics 28(2), 151-184.\nCore, J. and W. Guay (2002) Estimating the value of employee stock option portfolios and their sensitivities to price and volatility. Journal of Accounting Research 40(3), 613-630.\nDhaliwal, D., L. Krull, and O. Z. Li (2007) Did the 2003 Tax Act reduce the cost of equity capital? Journal of Accounting and Economics 43, 121-150.\nFaccio, M., M. T. Marchica, and R. Mura. (2016) CEO gender, corporate risk-taking, and the efficiency of capital allocation. Journal of Corporate Finance 39, 193-209.\nGounopoulos, D., and H. Pham (2018) Financial expert CEOs and earnings management around initial public offerings. International Journal of Accounting 53, 102-117.\nGuay, W.R. (1999) The sensitivity of CEO wealth to equity risk: an analysis of the magnitude and determinants. Journal of Financial Economics 53, 43-71.\nKalelkar, R., and S. Khan (2016) CEO financial background and audit pricing. Accounting Horizons 30(3), 325-339.\nKish-Gephart, J. J., and J. T. Campbell. (2015) You don`t forget your roots: the influence of CEO social class background on strategic risk taking. Academy of Management Journal 58(6), 1614-1636.\nKrishnan, G., and G. Visvanathan (2009) Do auditors price audit committee`s expertise? the case of accounting versus nonaccounting financial experts. Journal of Accounting, Auditing, and Finance 24(1), 115-144.\nLjungqvist, A., L. Zhang, and L. Zuo (2017) Sharing risk with the government: How taxes affect corporate risk-taking. Journal of Accounting Research 55(3), 669-707.\nMalmendier, U., and G. Tate (2005) CEO Overconfidence and Corporate Investment. The Journal of Finance 60(6), 2661-2700.\nSalehi, M., M. L. D. Bayaz, and M. Naemi (2017) The effect of CEO tenure and specialization on timely audit reports of Iranian listed companies. Management Decision 56(2), 311-328.\nSultana, N. and J-L. W. M. V. der Zahn (2015) Earnings conservatism and audit committee financial expertise. Accounting and Finance 55, 279-310.\nXu, Y. and B. G. Malkiel (2003) Investigating the behavior of idiosyncratic volatility, Journal of Business 76, 613-644.\nYost, B. P. (2018) Locked-in: the effect of ceos’ capital gains taxes on corporate risk-taking. The Accounting Review 93(5), 325-358.zh_TW
dc.identifier.doi (DOI) 10.6814/NCCU201900629en_US