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題名 外籍經理人對公司創新、不當行為及國際化之影響
The Influences of Foreign Executives on Corporate Innovation, Misbehavior, and Internationalization
作者 黃建霖
Huang, Jian-Lin
貢獻者 周冠男
Chou, Robin K.
黃建霖
Huang, Jian-Lin
關鍵詞 外籍經理人
經理人特質
公司決策
Foreign managers
Managerial characteristics
Corporate decisions
日期 2021
上傳時間 3-Jul-2021 00:54:33 (UTC+8)
摘要 本研究基於行為一致理論(Behavioral consistency theory)與高層理論(Upper echelon theory)，以2003至2016年上海及深圳交易所上市公司為樣本，探討外籍高階經理人（董事長與CEO）對公司創新、不當行為和公司國際化的影響，延續經理人特質對公司決策影響的一系列研究。我們考量到聘用外籍經理人可能不是隨機選擇的過程，這可能會導致自我選擇偏誤的內生性問題。因此我們採用Heckman兩階段選擇模型(Heckman two-step sample selection model)、傾向分數配對法(Propensity score matching procedure)，以及加入外資公司這項控制變數進行穩健性檢定。研究結果顯示，外籍經理人有助於公司創新與國際化，但是有更高的可能性涉及不當行為。
We analyze the effect of foreign executives (chairman and CEO) on corporate innovation, misbehavior, and internationalization by using a sample of Chinese listed corporations from 2003 to 2016. We extend behavioral consistency and upper echelon theories to determine that foreign executives are positively associated with corporate innovation, misbehavior, and internationalization, thereby extending a series of studies on the influence of managerial characteristics on company decision-making. We consider that hiring foreign managers may not be a random choice for firms, which can cause self-selection bias. Therefore, we examine a series of tests to ensure the robustness of our main conclusions, including the use of Heckman two-stage procedure, matched sample approach, and controlling for foreign-owned entities. We conclude that foreign executives can promote innovation activities and internationalization; however, they are more likely to engage in corporate fraud.
參考文獻 Aharony, J., Liu, C., & Yawson, A. (2015). Corporate litigation and executive turnover. Journal of Corporate Finance, 34, 268-292.
Barsky, R. B., Juster, F. T., Kimball, M. S., & Shapiro, M. D. (1997). Preference Parameters and Behavioral Heterogeneity: An Experimental Approach in the Health and Retirement Study*. The Quarterly Journal of Economics, 112(2), 537-579.
Benmelech, E., & Frydman, C. (2015). Military CEOs. Journal of Financial Economics, 117(1), 43-59.
Chen, D., Chen, Y., Li, O. Z., & Ni, C. (2018). Foreign residency rights and corporate fraud. Journal of Corporate Finance, 51, 142-163.
Cho, C., Halford, J. T., Hsu, S., & Ng, L. (2016). Do managers matter for corporate innovation? Journal of Corporate Finance, 36, 206-229.
Chu, J., Dechow, P. M., Hui, K. W., & Wang, A. Y. (2019). Maintaining a reputation for consistently beating earnings expectations and the slippery slope to earnings manipulation. Contemporary Accounting Research, 36(4), 1966-1998.
Cronqvist, H., Makhija, A. K., & Yonker, S. E. (2012). Behavioral consistency in corporate finance: CEO personal and corporate leverage. Journal of Financial Economics, 103(1), 20-40.
Dichtl, E., Koeglmayr, H.-G., & Mueller, S. (1990). International orientation as a precondition for export success. Journal of International Business Studies, 21(1), 23-40.
Dong, Z., Miao, Z., & Zhang, Y. (2021). The impact of China’s Outward Foreign Direct Investment on Domestic Innovation. Journal of Asian Economics, 101307.
Estélyi, K. S., & Nisar, T. M. (2016). Diverse boards: Why do firms get foreign nationals on their boards? Journal of Corporate Finance, 39, 174-192.
Feng, X., & Johansson, A. C. (2017). CEO incentives in Chinese state-controlled firms. Economic Development and Cultural Change, 65(2), 223-264.
Feng, X., & Johansson, A. C. (2018). Living through the Great Chinese Famine: Early-life experiences and managerial decisions. Journal of Corporate Finance, 48, 638-657.
Giannetti, M., Liao, G., & Yu, X. (2015). The brain gain of corporate boards: Evidence from China. The Journal of Finance, 70(4), 1629-1682.
Hambrick, D. C., & Mason, P. A. (1984). Upper echelons: The organization as a reflection of its top managers. Academy of management review, 9(2), 193-206.
Iliev, P., & Roth, L. (2018). Learning from directors` foreign board experiences. Journal of Corporate Finance, 51, 1-19.
Kato, T., & Long, C. (2006). CEO turnover, firm performance, and enterprise reform in China: Evidence from micro data. Journal of Comparative Economics, 34(4), 796-817.
Lennox, C. S., Francis, J. R., & Wang, Z. (2012). Selection models in accounting research. The accounting review, 87(2), 589-616.
Lu, J., Liu, X., Filatotchev, I., & Wright, M. (2014). The impact of domestic diversification and top management teams on the international diversification of Chinese firms. International Business Review, 23(2), 455-467.
Lumpkin, G. T., & Dess, G. G. (1996). Clarifying the Entrepreneurial Orientation Construct and Linking It to Performance. The Academy of Management Review, 21(1), 135-172.
Masulis, R. W., Wang, C., & Xie, F. (2012). Globalizing the boardroom—The effects of foreign directors on corporate governance and firm performance. Journal of Accounting and Economics, 53(3), 527-554.
McGuinness, P. B., Vieito, J. P., & Wang, M. (2017). The role of board gender and foreign ownership in the CSR performance of Chinese listed firms. Journal of Corporate Finance, 42, 75-99.
Phua, K., Tham, T. M., & Wei, C. (2018). Are overconfident CEOs better leaders? Evidence from stakeholder commitments. Journal of Financial Economics, 127(3), 519-545.
Sunder, J., Sunder, S. V., & Zhang, J. (2017). Pilot CEOs and corporate innovation. Journal of Financial Economics, 123(1), 209-224.
Tallman, S., & Li, J. (1996). Effects of international diversity and product diversity on the performance of multinational firms. Academy of Management journal, 39(1), 179-196.
Tihanyi, L., Ellstrand, A. E., Daily, C. M., & Dalton, D. R. (2000). Composition of the top management team and firm international diversification. Journal of Management, 26(6), 1157-1177.
Wen, W., Cui, H., & Ke, Y. (2020). Directors with foreign experience and corporate tax avoidance. Journal of Corporate Finance, 62, 101624.
Yuan, R., & Wen, W. (2018). Managerial foreign experience and corporate innovation. Journal of Corporate Finance, 48, 752-770.
描述 碩士
國立政治大學
財務管理學系
108357027
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0108357027
資料類型 thesis
dc.contributor.advisor 周冠男zh_TW
dc.contributor.advisor Chou, Robin K.en_US
dc.contributor.author (Authors) 黃建霖zh_TW
dc.contributor.author (Authors) Huang, Jian-Linen_US
dc.creator (作者) 黃建霖zh_TW
dc.creator (作者) Huang, Jian-Linen_US
dc.date (日期) 2021en_US
dc.date.accessioned 3-Jul-2021 00:54:33 (UTC+8)-
dc.date.available 3-Jul-2021 00:54:33 (UTC+8)-
dc.date.issued (上傳時間) 3-Jul-2021 00:54:33 (UTC+8)-
dc.identifier (Other Identifiers) G0108357027en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/136060-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 財務管理學系zh_TW
dc.description (描述) 108357027zh_TW
dc.description.abstract (摘要) 本研究基於行為一致理論(Behavioral consistency theory)與高層理論(Upper echelon theory)，以2003至2016年上海及深圳交易所上市公司為樣本，探討外籍高階經理人（董事長與CEO）對公司創新、不當行為和公司國際化的影響，延續經理人特質對公司決策影響的一系列研究。我們考量到聘用外籍經理人可能不是隨機選擇的過程，這可能會導致自我選擇偏誤的內生性問題。因此我們採用Heckman兩階段選擇模型(Heckman two-step sample selection model)、傾向分數配對法(Propensity score matching procedure)，以及加入外資公司這項控制變數進行穩健性檢定。研究結果顯示，外籍經理人有助於公司創新與國際化，但是有更高的可能性涉及不當行為。zh_TW
dc.description.abstract (摘要) We analyze the effect of foreign executives (chairman and CEO) on corporate innovation, misbehavior, and internationalization by using a sample of Chinese listed corporations from 2003 to 2016. We extend behavioral consistency and upper echelon theories to determine that foreign executives are positively associated with corporate innovation, misbehavior, and internationalization, thereby extending a series of studies on the influence of managerial characteristics on company decision-making. We consider that hiring foreign managers may not be a random choice for firms, which can cause self-selection bias. Therefore, we examine a series of tests to ensure the robustness of our main conclusions, including the use of Heckman two-stage procedure, matched sample approach, and controlling for foreign-owned entities. We conclude that foreign executives can promote innovation activities and internationalization; however, they are more likely to engage in corporate fraud.en_US
dc.description.tableofcontents CONTENTS
1. Introduction 1
2. Literature review 4
2.1 Behavioral consistency theory 4
2.2 Regulation and managerial experience 5
3. Research design 8
3.1 Data sources 8
3.2 Methodology 8
3.3 Variables 9
3.3.1 Dependent variables 9
3.3.2 Control variables 10
4. Empirical analyses 11
4.1 Summary statistics and univariate analysis 11
4.2 Foreign executives and corporate innovation 12
4.3 Foreign executives and misbehavior 13
4.4 Foreign executives and internationalization 14
5. Endogeneity 15
5.1 Heckman two-step sample selection model 15
5.2 Matched sample analysis 17
5.3 Controlling for foreign-owned entities 17
6. Conclusions 19
Appendix A. Variable definitions 21
References 23		zh_TW
dc.format.extent 1537008 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0108357027en_US
dc.subject (關鍵詞) 外籍經理人zh_TW
dc.subject (關鍵詞) 經理人特質zh_TW
dc.subject (關鍵詞) 公司決策zh_TW
dc.subject (關鍵詞) Foreign managersen_US
dc.subject (關鍵詞) Managerial characteristicsen_US
dc.subject (關鍵詞) Corporate decisionsen_US
dc.title (題名) 外籍經理人對公司創新、不當行為及國際化之影響zh_TW
dc.title (題名) The Influences of Foreign Executives on Corporate Innovation, Misbehavior, and Internationalizationen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) Aharony, J., Liu, C., & Yawson, A. (2015). Corporate litigation and executive turnover. Journal of Corporate Finance, 34, 268-292.
Barsky, R. B., Juster, F. T., Kimball, M. S., & Shapiro, M. D. (1997). Preference Parameters and Behavioral Heterogeneity: An Experimental Approach in the Health and Retirement Study*. The Quarterly Journal of Economics, 112(2), 537-579.
Benmelech, E., & Frydman, C. (2015). Military CEOs. Journal of Financial Economics, 117(1), 43-59.
Chen, D., Chen, Y., Li, O. Z., & Ni, C. (2018). Foreign residency rights and corporate fraud. Journal of Corporate Finance, 51, 142-163.
Cho, C., Halford, J. T., Hsu, S., & Ng, L. (2016). Do managers matter for corporate innovation? Journal of Corporate Finance, 36, 206-229.
Chu, J., Dechow, P. M., Hui, K. W., & Wang, A. Y. (2019). Maintaining a reputation for consistently beating earnings expectations and the slippery slope to earnings manipulation. Contemporary Accounting Research, 36(4), 1966-1998.
Cronqvist, H., Makhija, A. K., & Yonker, S. E. (2012). Behavioral consistency in corporate finance: CEO personal and corporate leverage. Journal of Financial Economics, 103(1), 20-40.
Dichtl, E., Koeglmayr, H.-G., & Mueller, S. (1990). International orientation as a precondition for export success. Journal of International Business Studies, 21(1), 23-40.
Dong, Z., Miao, Z., & Zhang, Y. (2021). The impact of China’s Outward Foreign Direct Investment on Domestic Innovation. Journal of Asian Economics, 101307.
Estélyi, K. S., & Nisar, T. M. (2016). Diverse boards: Why do firms get foreign nationals on their boards? Journal of Corporate Finance, 39, 174-192.
Feng, X., & Johansson, A. C. (2017). CEO incentives in Chinese state-controlled firms. Economic Development and Cultural Change, 65(2), 223-264.
Feng, X., & Johansson, A. C. (2018). Living through the Great Chinese Famine: Early-life experiences and managerial decisions. Journal of Corporate Finance, 48, 638-657.
Giannetti, M., Liao, G., & Yu, X. (2015). The brain gain of corporate boards: Evidence from China. The Journal of Finance, 70(4), 1629-1682.
Hambrick, D. C., & Mason, P. A. (1984). Upper echelons: The organization as a reflection of its top managers. Academy of management review, 9(2), 193-206.
Iliev, P., & Roth, L. (2018). Learning from directors` foreign board experiences. Journal of Corporate Finance, 51, 1-19.
Kato, T., & Long, C. (2006). CEO turnover, firm performance, and enterprise reform in China: Evidence from micro data. Journal of Comparative Economics, 34(4), 796-817.
Lennox, C. S., Francis, J. R., & Wang, Z. (2012). Selection models in accounting research. The accounting review, 87(2), 589-616.
Lu, J., Liu, X., Filatotchev, I., & Wright, M. (2014). The impact of domestic diversification and top management teams on the international diversification of Chinese firms. International Business Review, 23(2), 455-467.
Lumpkin, G. T., & Dess, G. G. (1996). Clarifying the Entrepreneurial Orientation Construct and Linking It to Performance. The Academy of Management Review, 21(1), 135-172.
Masulis, R. W., Wang, C., & Xie, F. (2012). Globalizing the boardroom—The effects of foreign directors on corporate governance and firm performance. Journal of Accounting and Economics, 53(3), 527-554.
McGuinness, P. B., Vieito, J. P., & Wang, M. (2017). The role of board gender and foreign ownership in the CSR performance of Chinese listed firms. Journal of Corporate Finance, 42, 75-99.
Phua, K., Tham, T. M., & Wei, C. (2018). Are overconfident CEOs better leaders? Evidence from stakeholder commitments. Journal of Financial Economics, 127(3), 519-545.
Sunder, J., Sunder, S. V., & Zhang, J. (2017). Pilot CEOs and corporate innovation. Journal of Financial Economics, 123(1), 209-224.
Tallman, S., & Li, J. (1996). Effects of international diversity and product diversity on the performance of multinational firms. Academy of Management journal, 39(1), 179-196.
Tihanyi, L., Ellstrand, A. E., Daily, C. M., & Dalton, D. R. (2000). Composition of the top management team and firm international diversification. Journal of Management, 26(6), 1157-1177.
Wen, W., Cui, H., & Ke, Y. (2020). Directors with foreign experience and corporate tax avoidance. Journal of Corporate Finance, 62, 101624.
Yuan, R., & Wen, W. (2018). Managerial foreign experience and corporate innovation. Journal of Corporate Finance, 48, 752-770.		zh_TW
dc.identifier.doi (DOI) 10.6814/NCCU202100558en_US