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題名 經營團隊的能力、權力與同質性對債務資金成本的影響
The Effect of Top Management Team’s Ability, Power and Homogeneity on Cost of Debt作者 林千惠
Lin, Chien-Hui貢獻者 戚務君
Chi, Wu-Chun
林千惠
Lin, Chien-Hui關鍵詞 債務資金成本
經營團隊
能力
權力
同質性
Cost of debt
Top management team (TMT)
Ability
Power
Homogeneity日期 2020 上傳時間 3-Aug-2020 17:27:16 (UTC+8) 摘要 本文延伸 Zhang (2019) 的研究，從債權人角度探討經營團隊能力、權力與同質性對債務資金成本的影響。本文以 2006 年至 2018 年的台灣上市櫃公司為研究樣本，發現經營團隊能力(或權力)愈高，可以降低債務資金成本；經營團隊同質性則對債務資金成本有不利的影響。除此之外，本文實證結果顯示同質性與能力(或權力)的交乘項與債務資金成本為顯著負相關，表示經營團隊能力(或權力)愈高，可以減緩同質性對債務資金成本的負面影響。本文為少數討論經營團隊同質性的實證研究，並且同時考量能力、權力與同質性的交互影響，對於經營團隊同質性的研究提供不一樣的觀點。
According to Zhang (2019), This study examines the impact of top management team’s (TMT’s) ability, power, and homogeneity on the cost of debt from the perspective of creditors. Using the data from Taiwan during the period from 2006 to 2018, I find the higher TMT’s ability (or power), the lower cost of debt, but the higher TMT’s homogeneity leads to the higher cost of debt. Furthermore, I also find that the interaction coefficient of TMT’s homogeneity and ability (or power) has a significantly negative impact on the cost of debt. Our results suggest that the TMT’s ability (or power) could mitigate the negative impact of TMT’s homogeneity on the cost of debt. To the best of my knowledge, this paper is one of the few empirical research that discuss the TMT’s homogeneity, as well as consider the interactive effects of TMT’s ability and power. It provides different perspectives on the research of TMT’s homogeneity.參考文獻 中文部分王姿分，2018，信用評等、企業社會責任與債務資金成本的關聯性，國立成功大學財務金融研究所碩士論文。林玲吟，2018，盈餘管理、企業社會責任和債務資金成本的關聯性，國立成功大學財務金融研究所碩士論文。黃如嵐，2012，高階經理人性別與資金成本的關聯性，國立彰化師範大學商業教育學系碩士論文。劉其光，2016，董事會成員多樣性對企業負債資金成本之研究－以中國大陸企業為例，國立彰化師範大學財務金融技術學系碩士論文。趙麟鳳，2019，財務報表資訊揭露品質與權益資金成本之關聯性：來自亞洲的證據，國立政治大學會計系碩士學位論文。熊楚熊、劉傳興，2005，公司理財學原理，北京：清華大學出版社有限公司。賴詩芸，2015，經理人能力與盈餘品質－應用資料包絡分析法，國立台灣大學管理學院會計學系碩士論文。魏文洋，2019，公司治理評鑑與債務資金成本之關聯性，國立台北商業大學財經學院會計資訊系會計財稅碩士班碩士學位論文。英文部分Andersona, R. C., S. A. Mansib, and D. M. Reeb. 2003. Founding family ownership and the agency cost of debt. Journal of Financial Economics 68: 263-285.Aier, J., J. Comprix, M.Gunlock, and D. Lee. 2005. The financial expertise of CFOs and accounting restatements. Accounting Horizons 19: 123-135.Aobdia, D., C.-J. Lin, and R. Petacchi. 2015. Capital market consequences of audit partner quality. The Accounting Review 90(6): 2143-2176.Bamber, L. S., J. X. Jiang, and I. Y. Wang. 2010. What’s my style The influence of top managers on voluntary corporate financial disclosure. The Accounting Review 85(4): 1131-1162.Baik, B., D. B. Farber, and S. Lee. 2011. CEO ability and management earnings forecasts. Contemporary Accounting Research 28(5): 1645-1668.Bruynseels, L. and E. Cardinaels. 2014. The audit committee: Management watchdog or personal friend of the CEO. The Accounting Review 89(1): 113-145.Bonsall IV, S. B., E. R. Holzman, and B. P. Miller. 2017. Managerial ability and credit risk assessment. Management Science 63(5): 1425-1449.Baik, B., S. Choi, and D. B. Farber. 2019. Managerial ability and income smoothing. The Accounting Review.Carpenter, M. A., M. A. Geletkanycz, and W. G. Sanders. 2004. Upper echelons research revisited: Antecedents, elements, and consequences of top management team composition. Journal of Management 30(6): 749-778Chi, W., L. A. Myers, T. C. Omer, and H. Xie. 2017. The effects of audit partner pre-client and client-specific experience on audit quality and on perceptions of audit quality. The Review of Financial Studies 22: 361-391.Cornaggia, K. J., G. V. Krishnan, and C. J. Wang. 2017. Managerial ability and credit ratings. Contemporary Accounting Research 34(4): 2094-2122.Demerjian, P., B. Lev, and S. McVay. 2012. Quantifying managerial ability: A new measure and validity tests. Management Science 58(7): 1229-1248.Demerjian, P. R., B. Lev, M. F. Lewis, and S. E. McVay. 2013. Managerial ability and earnings quality. The Accounting Review 88(2): 463-498.Ellemers, N., and F. Rink. 2016. Diversity in work groups. Current Opinion in Psychology. 11: 49-53.Finkelstein, S. 1992. Power in top management teams: Dimensions, measurement, and validation. Academy of Management journal 35(3): 505-538.Francis J., A. H. Huang, S. Rajgopal, and A. Y. Zang. 2008. CEO reputation and earnings quality. Contemporary Accounting Research 25(1): 109-47.Hambrick, D. C. and P. A. Mason. 1984. Upper echelons: The organization as a reflection of its top managers. Academy of management review 9(2): 193-206.Hambrick, D. C., T. S. Cho, and M. J. Chen. 1996. The influence of top management team heterogeneity on firms` competitive moves. Administrative Science Quarterly 41 (4): 659-684.Herring, C. 2009 Does diversity pay?: Race, gender, and the business case for diversity. American Sociological Review. 74(4): 208-224.Huang, X. S. and L. Sun. 2017. Managerial ability and real earnings management. Advances in accounting 39: 91-104.Lisic, L. L., T. L. Neal, I. X. Zhang, and Y. Zhang. 2016. CEO power, internal control quality, and audit committee effectiveness in substance versus in form. Contemporary Accounting Research 33(3): 1199-1237.Priem, R. L. 1990. Top management team group factors, consensus, and firm performance. Strategic Management Journal 11(6): 469-478.Talke, K. S. Salomo, and A. Kock. 2011. Top management team diversity and strategic innovation orientation: the relationship and consequences for innovativeness and performance. Journal of Product Innovation Management 28:819-832.Wang, Z., M. H. Chen, C. L. Chin, and Q. Zheng. 2017. Managerial ability, political connections, and fraudulent financial reporting in China. Journal of Accounting and Public Policy 36(2): 141-162.Zenger, T. R. and B. S. Lawrence. 1989. Organizational demography: The differential effects of age and tenure distributions on technical communication. Academy of Management Journal 32(2): 353-376.Zhang, D. 2019. Top management team characteristics and financial reporting quality. The Accounting Review 94(5): 349-375. 描述 碩士
國立政治大學
會計學系
107353021資料來源 http://thesis.lib.nccu.edu.tw/record/#G0107353021 資料類型 thesis dc.contributor.advisor 戚務君 zh_TW dc.contributor.advisor Chi, Wu-Chun en_US dc.contributor.author (Authors) 林千惠 zh_TW dc.contributor.author (Authors) Lin, Chien-Hui en_US dc.creator (作者) 林千惠 zh_TW dc.creator (作者) Lin, Chien-Hui en_US dc.date (日期) 2020 en_US dc.date.accessioned 3-Aug-2020 17:27:16 (UTC+8) - dc.date.available 3-Aug-2020 17:27:16 (UTC+8) - dc.date.issued (上傳時間) 3-Aug-2020 17:27:16 (UTC+8) - dc.identifier (Other Identifiers) G0107353021 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/130930 - 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) 107353021 zh_TW dc.description.abstract (摘要) 本文延伸 Zhang (2019) 的研究，從債權人角度探討經營團隊能力、權力與同質性對債務資金成本的影響。本文以 2006 年至 2018 年的台灣上市櫃公司為研究樣本，發現經營團隊能力(或權力)愈高，可以降低債務資金成本；經營團隊同質性則對債務資金成本有不利的影響。除此之外，本文實證結果顯示同質性與能力(或權力)的交乘項與債務資金成本為顯著負相關，表示經營團隊能力(或權力)愈高，可以減緩同質性對債務資金成本的負面影響。本文為少數討論經營團隊同質性的實證研究，並且同時考量能力、權力與同質性的交互影響，對於經營團隊同質性的研究提供不一樣的觀點。 zh_TW dc.description.abstract (摘要) According to Zhang (2019), This study examines the impact of top management team’s (TMT’s) ability, power, and homogeneity on the cost of debt from the perspective of creditors. Using the data from Taiwan during the period from 2006 to 2018, I find the higher TMT’s ability (or power), the lower cost of debt, but the higher TMT’s homogeneity leads to the higher cost of debt. Furthermore, I also find that the interaction coefficient of TMT’s homogeneity and ability (or power) has a significantly negative impact on the cost of debt. Our results suggest that the TMT’s ability (or power) could mitigate the negative impact of TMT’s homogeneity on the cost of debt. To the best of my knowledge, this paper is one of the few empirical research that discuss the TMT’s homogeneity, as well as consider the interactive effects of TMT’s ability and power. It provides different perspectives on the research of TMT’s homogeneity. en_US dc.description.tableofcontents 目錄 i圖目錄 ii表目錄 iii第壹章、緒論 1第一節、研究背景 1第二節、研究目的 2第三節、研究流程 5第貳章、文獻探討與假說發展 6第一節、經營團隊能力與權力 6第二節、經營團隊能力、權力與債務資金成本 10第三節、經營團隊同質性與債務資金成本 12第參章、 研究方法 15第一節、變數定義與衡量 15第二節、實證模型 22第肆章、實證結果與分析 26第一節、資料來源與樣本選取 26第二節、敘述性統計分析 27第三節、相關係數檢定 29第四節、實證結果與分析 31第五節、增額測試：經營團隊能力及權力有效性驗證 38第伍章、結論與建議 40第一節、結論與建議 40第二節、研究限制 42附錄一、經營團隊同質性之學歷領域背景分類 43附錄二、經營團隊同質性計算之舉例 46參考文獻 47 zh_TW dc.format.extent 2726771 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0107353021 en_US dc.subject (關鍵詞) 債務資金成本 zh_TW dc.subject (關鍵詞) 經營團隊 zh_TW dc.subject (關鍵詞) 能力 zh_TW dc.subject (關鍵詞) 權力 zh_TW dc.subject (關鍵詞) 同質性 zh_TW dc.subject (關鍵詞) Cost of debt en_US dc.subject (關鍵詞) Top management team (TMT) en_US dc.subject (關鍵詞) Ability en_US dc.subject (關鍵詞) Power en_US dc.subject (關鍵詞) Homogeneity en_US dc.title (題名) 經營團隊的能力、權力與同質性對債務資金成本的影響 zh_TW dc.title (題名) The Effect of Top Management Team’s Ability, Power and Homogeneity on Cost of Debt en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 中文部分王姿分，2018，信用評等、企業社會責任與債務資金成本的關聯性，國立成功大學財務金融研究所碩士論文。林玲吟，2018，盈餘管理、企業社會責任和債務資金成本的關聯性，國立成功大學財務金融研究所碩士論文。黃如嵐，2012，高階經理人性別與資金成本的關聯性，國立彰化師範大學商業教育學系碩士論文。劉其光，2016，董事會成員多樣性對企業負債資金成本之研究－以中國大陸企業為例，國立彰化師範大學財務金融技術學系碩士論文。趙麟鳳，2019，財務報表資訊揭露品質與權益資金成本之關聯性：來自亞洲的證據，國立政治大學會計系碩士學位論文。熊楚熊、劉傳興，2005，公司理財學原理，北京：清華大學出版社有限公司。賴詩芸，2015，經理人能力與盈餘品質－應用資料包絡分析法，國立台灣大學管理學院會計學系碩士論文。魏文洋，2019，公司治理評鑑與債務資金成本之關聯性，國立台北商業大學財經學院會計資訊系會計財稅碩士班碩士學位論文。英文部分Andersona, R. C., S. A. Mansib, and D. M. Reeb. 2003. Founding family ownership and the agency cost of debt. Journal of Financial Economics 68: 263-285.Aier, J., J. Comprix, M.Gunlock, and D. Lee. 2005. The financial expertise of CFOs and accounting restatements. Accounting Horizons 19: 123-135.Aobdia, D., C.-J. Lin, and R. Petacchi. 2015. Capital market consequences of audit partner quality. The Accounting Review 90(6): 2143-2176.Bamber, L. S., J. X. Jiang, and I. Y. Wang. 2010. What’s my style The influence of top managers on voluntary corporate financial disclosure. The Accounting Review 85(4): 1131-1162.Baik, B., D. B. Farber, and S. Lee. 2011. CEO ability and management earnings forecasts. Contemporary Accounting Research 28(5): 1645-1668.Bruynseels, L. and E. Cardinaels. 2014. The audit committee: Management watchdog or personal friend of the CEO. The Accounting Review 89(1): 113-145.Bonsall IV, S. B., E. R. Holzman, and B. P. Miller. 2017. Managerial ability and credit risk assessment. Management Science 63(5): 1425-1449.Baik, B., S. Choi, and D. B. Farber. 2019. Managerial ability and income smoothing. The Accounting Review.Carpenter, M. A., M. A. Geletkanycz, and W. G. Sanders. 2004. Upper echelons research revisited: Antecedents, elements, and consequences of top management team composition. Journal of Management 30(6): 749-778Chi, W., L. A. Myers, T. C. Omer, and H. Xie. 2017. The effects of audit partner pre-client and client-specific experience on audit quality and on perceptions of audit quality. The Review of Financial Studies 22: 361-391.Cornaggia, K. J., G. V. Krishnan, and C. J. Wang. 2017. Managerial ability and credit ratings. Contemporary Accounting Research 34(4): 2094-2122.Demerjian, P., B. Lev, and S. McVay. 2012. Quantifying managerial ability: A new measure and validity tests. Management Science 58(7): 1229-1248.Demerjian, P. R., B. Lev, M. F. Lewis, and S. E. McVay. 2013. Managerial ability and earnings quality. The Accounting Review 88(2): 463-498.Ellemers, N., and F. Rink. 2016. Diversity in work groups. Current Opinion in Psychology. 11: 49-53.Finkelstein, S. 1992. Power in top management teams: Dimensions, measurement, and validation. Academy of Management journal 35(3): 505-538.Francis J., A. H. Huang, S. Rajgopal, and A. Y. Zang. 2008. CEO reputation and earnings quality. Contemporary Accounting Research 25(1): 109-47.Hambrick, D. C. and P. A. Mason. 1984. Upper echelons: The organization as a reflection of its top managers. Academy of management review 9(2): 193-206.Hambrick, D. C., T. S. Cho, and M. J. Chen. 1996. The influence of top management team heterogeneity on firms` competitive moves. Administrative Science Quarterly 41 (4): 659-684.Herring, C. 2009 Does diversity pay?: Race, gender, and the business case for diversity. American Sociological Review. 74(4): 208-224.Huang, X. S. and L. Sun. 2017. Managerial ability and real earnings management. Advances in accounting 39: 91-104.Lisic, L. L., T. L. Neal, I. X. Zhang, and Y. Zhang. 2016. CEO power, internal control quality, and audit committee effectiveness in substance versus in form. Contemporary Accounting Research 33(3): 1199-1237.Priem, R. L. 1990. Top management team group factors, consensus, and firm performance. Strategic Management Journal 11(6): 469-478.Talke, K. S. Salomo, and A. Kock. 2011. Top management team diversity and strategic innovation orientation: the relationship and consequences for innovativeness and performance. Journal of Product Innovation Management 28:819-832.Wang, Z., M. H. Chen, C. L. Chin, and Q. Zheng. 2017. Managerial ability, political connections, and fraudulent financial reporting in China. Journal of Accounting and Public Policy 36(2): 141-162.Zenger, T. R. and B. S. Lawrence. 1989. Organizational demography: The differential effects of age and tenure distributions on technical communication. Academy of Management Journal 32(2): 353-376.Zhang, D. 2019. Top management team characteristics and financial reporting quality. The Accounting Review 94(5): 349-375. zh_TW dc.identifier.doi (DOI) 10.6814/NCCU202000791 en_US
