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題名 董事會成員年齡與投資效率的關聯性
The Association Between Investment Efficiency and Board Age
作者 周侑蓁
Chou, Yu-Chen
貢獻者 潘健民
Pan, Jian-Min
周侑蓁
Chou, Yu-Chen
關鍵詞 投資效率
董事會成員
年齡
Investment efficiency
Board members
Age
日期 2022
上傳時間 1-Jul-2022 16:02:51 (UTC+8)
摘要 企業在投資時會審慎評估後續的風險與效益，過去文獻指出影響企業投資的因素眾多，其中管理團隊本身特質也會對投資造成影響。因此，本研究採用高層理論的理論框架作為分析基礎，以日本資料進行實證，董事會年齡作為變數，探討高階管理團隊的人口統計特徵與投資效率的關聯性。研究對象為2005年至2021年東京證券交易所的上市公司，分別探究董事會平均年齡和董事會成員年齡多元性如何影響企業的投資效率。
研究結果顯示，董事會年齡與投資效率具有關聯性。首先，董事會平均年齡與投資效率為負相關，當董事會平均年齡越大，企業投資更穩定，有更好的投資效率。次之，董事會成員年齡多元性與投資效率為正相關。當董事會成員年齡更具多元性，衝突的發生，使企業有更差的投資效率。以上結果皆不存在於過度投資樣本中，表示企業過度投資的後果與董事會年齡沒有關係。
Prior studies suggest that there are many factors affecting corporate investment decisions, and the characteristics of the top management team also have impact on investments. According to the upper echelons theory, this study examines the association between board age and corporate investment efficiency. Using data from firms listed on the Tokyo Stock Exchange from 2005 to 2021, this study tests how board age affect investment efficiency.
The empirical results show a negative association between board age and investment efficiency. When change the board age measure from mean age to diversity of board members age, this study finds a positive association between board age and investment efficiency. When the sample is restricted to overinvestment sample, there is no association between board age and investment efficiency, indicating that the consequences of corporate overinvestment are not related to board age.
參考文獻 一代で「第一交通」を全国区に 100歳会長が退任「人生短いなと」。朝日新聞。2022-04-06，朝日新聞デジタル，https://www.asahi.com/articles/ASQ465TSYQ46ULFA00J.html?fbclid=IwAR2NLDr5f0NkSQTCr7pPT1Irzc27MTed_2DqlesRD8J1XMNedokdLcE4dmw，（Date Accessed: 2022-06-21）。
Abel, A. 1983. Optimal Investment under uncertainty. American Economic Review 73 (1): 228-233.
Ali, M., Y. L. Ng, and C. T. Kulik. 2014. Board age and gender diversity: A test of competing linear and curvilinear predictions. Journal of Business Ethics 125 (3): 497-512.
Avery, C., J. A. Chevalier, and S. Schaefer. 1998. Why do managers undertake acquisitions? An analysis of internal and external rewards for acquisitiveness. Journal of Law, Economics, & Organization 14 (1): 24-43.
Bae, G. S., S. U. Choi, D. S. Dhaliwal, and P. T. Lamoreaux. 2017. Auditors and client investment efficiency. Accounting Review. 92 (2): 19-40.
Bamber, L. S., J. Jiang, and I. Y. Wang. 2010. What`s my style? The influence of top managers on voluntary corporate disclosure. Accounting Review 85 (4): 1131-1162.
Bantel, K. A., and S. E. Jackson. 1989. Top management and innovations in banking: Does the composition of the top team make a difference? Strategic Management Journal 10: 107-124.
Berger, A. N., T. Kick, and K. Schaeck. 2014. Executive board composition and bank risk taking. Journal of Corporate Finance 28: 48-65.
Bertrand, M., and A. Schoar. 2003. Managing with style: The effect of manager on firm policies. Quarterly Journal of Economics 118 (4): 1169-1208.
Biddle, G. C., G. Hilary, and R. S. Verdi. 2009. How does financial reporting quality relate to investment efficiency? Journal of Accounting and Economics 48 (2-3): 112-131.
Blanchard, O. J., F. Lopez-de-Silanes, and A. Shleifer. 1994. What do firms do with cash windfalls? Journal of Financial Economics 36 (1): 337-360.
Bonn, I., T. Yoshikawa, and P. H. Phan. 2004. Effects of board structure on firm performance: A comparison between Japan and Australia. Asian Business & Management 3 (1): 105-125.
Bucciol, A., and R. Miniaci. 2011. Household portfolios and implicit risk preference. Review of Economics and Statistics 93 (4): 1235-1250.
Campbell, T. C., M. Gallmeyer, S. A. Johnson, J. R. Brooke, and W. Stanley. 2011. CEO optimism and forced turnover. Journal of Financial Economics 101 (3): 695-712.
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): 749-778.
Chen, F., O. K. Hope, Q. Li, and X. Wang 2011. Financial reporting quality and investment efficiency of private firms in emerging markets. Accounting Review 86 (4): 1255-1288.
Chen, T., L. Xie, and Y. Zhang. 2017. How does analysts` forecast quality relate to corporate investment efficiency? Journal of Corporate Finance 43: 217-240.
Cheng, M., D. Dhaliwal, and Y. Zhang. 2013. Does investment efficiency improve after the disclosure of material weaknesses in internal control over financial reporting? Journal of Accounting and Economics 56 (1): 1-18.
Cheng, S. 2008. Board size and the variability of corporate performance. Journal of Financial Economics 87: 157-176.
Chevalier, J., and G. Ellison. 1999. Are some mutual fund managers be others? Cross-sectional patters in behavior and performance. Journal of Finance 54 (3): 875-899
Child, J. 1974. Managerial and organizational factors associated with comp performance. Journal of Management Studies 11 (3): 13-27.
Core, J. E., R. W. Holthausen, and D. F. Larcker. 1999. Corporate governance, chief executive officer compensation, and firm performance. Journal of Financial Economics 51 (3) :371-406.
Duh, R. R., C. H. Liao, C. M. Pan, and A. Takinshi. 2020. IFRS adoption, earnings quality, and investment efficiency: Evidence from Japan. Taiwan Accounting Review 16 (2): 219-257.
Grable, J. E., S. McGill, and S. L. Britt. 2009. Risk tolerance estimation bias: The age effect. Journal of Business & Economics Research 7 (7): 1-12.
Grove, H., L. Patelli, L. M. Victoravich, and P. Xu. 2011. Corporate governance and performance in the wake of the financial crisis: Evidence from us commercial banks. Corporate Governance: An International Review 19 (5): 418-436.
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.
Hayashi, F. 1982. Tobin`s marginal Q and average Q: A neoclassical interpretation. Econometrica 50 (1): 213-224.
Hitt, M. A., and B. B. Tyler. 1991. Strategic decision models: Integrating different perspectives. Strategic Management Journal 12 (5): 327-351.
Huang, K. 2020. Management forecast errors and corporate investment efficiency. Journal of Contemporary Accounting and Economics 16 (3): 100208
Jensen, M. C. 1986. Agency costs of free cash flow, corporate finance, and takeovers. American Economic Review 76 (2): 323-329.
Jianakoplos, N. A., and A. Bernasek. 2006. Financial risk taking by age and birth cohort. Financial risk taking by age and birth cohort. Southern Economic Journal 72 (4): 981-1001.
Lambert, R., C. Leuz, and R. E. Verrecchia. 2007. Accounting information, disclosure, and the cost of capital. Journal of Accounting Research 45 (2): 385-420.
Lara, J. M. G., B. G. Osma, and F. Penalva. 2016. Accounting conservatism and firm investment efficiency. Journal of Accounting and Economics 61 (1): 221-238.
Lin, Y. E., Y. W. Li, T. Y. Cheng, and K. Lam. 2021. Corporate social responsibility and investment efficiency: Does business strategy matter? International Review of Financial Analysis 73: 101585.
MacCrimmon, K. R., and D. A. Wehrung. 1990. Characteristics of risk taking executives. Management Science 36 (4): 422-435.
Mahadeo, J. D., T. Soobaroyen, and V. O. Hanuman. 2012. Board composition and financial performance: Uncovering the effects of diversity in an emerging economy. Journal of Business Ethics 105 (3): 375-388.
Malmendier, U., and G. Tate. 2005. CEO overconfidence and corporate investment. Journal of Finance 60 (6): 2661-2700.
McNichols, M. F., and S. R. Stubben. 2008. Does earnings management affect firms` investment decisions? Accounting Review 83 (6): 1571-1603.
Nakano, M., and P. Nguyen. 2012. Board size and corporate risk-taking: Further evidence from Japan. Corporate Governance: An International Review 20 (4): 369-387.
Palsson, A. M. 1996. Does the degree of relative risk aversion vary with household characteristics? Journal of Economic Psychology 17 (6): 771-787.
Papadakis, V. M., and P. Barwise. 2002. How much do CEOs and top managers matter in strategic decision-making? British Journal of Management 13 (1): 83-95.
Rajkovic, T. 2020. Lead independent directors and investment efficiency. Journal of Corporate Finance 64: 101690.
Richardson, S. 2006. Over-investment of free cash flow. Review of Accounting Studies 11: 159-189.
Samet, M., and A. Jarboui. 2017. How does corporate social responsibility contribute to investment efficiency? Journal of Multinational Financial Management 40: 33-46.
Sanders, W. G., and D. C. Hambrick 2007. Swinging for the fences: The effects of CEO stock options on company risk taking and performance. Academy of Management Journal 50 (5): 1055-1078.
Talavera, O., S. Yin, and M. Zhang. 2018. Age diversity, directors` personal values, and bank performance. International Review of Financial Analysis 55: 60-79.
Taylor, R. N. 1975. Age and experience as determinants of managerial information processing and decision making performance. Academy of Management Journal 18 (1): 71-81.
Van der Walt, N., C. Ingley, G. S. Shergill, and A. Townsend. 2006. Board configuration: Are diverse boards better boards? Corporate Governance International Journal of Business in Society 6 (2): 129-147.
Vroom, V. H., and B. Pahl. 1971. Relationship between age and risk taking among managers. Journal of Applied Psychology 55 (5): 399-405.
Wiersema, M. F., and K. A. Bantel. 1992. Top management team demography and corporate strategic change. Academy of Management Journal 35 (1): 91-121.
Yoshikawa, H. 1980. On the “Q” theory of investment. American Economic Review 70 (4): 739-743.
描述 碩士
國立政治大學
會計學系
109353001
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0109353001
資料類型 thesis
dc.contributor.advisor 潘健民zh_TW
dc.contributor.advisor Pan, Jian-Minen_US
dc.contributor.author (Authors) 周侑蓁zh_TW
dc.contributor.author (Authors) Chou, Yu-Chenen_US
dc.creator (作者) 周侑蓁zh_TW
dc.creator (作者) Chou, Yu-Chenen_US
dc.date (日期) 2022en_US
dc.date.accessioned 1-Jul-2022 16:02:51 (UTC+8)-
dc.date.available 1-Jul-2022 16:02:51 (UTC+8)-
dc.date.issued (上傳時間) 1-Jul-2022 16:02:51 (UTC+8)-
dc.identifier (Other Identifiers) G0109353001en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/140568-
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) 109353001zh_TW
dc.description.abstract (摘要) 企業在投資時會審慎評估後續的風險與效益，過去文獻指出影響企業投資的因素眾多，其中管理團隊本身特質也會對投資造成影響。因此，本研究採用高層理論的理論框架作為分析基礎，以日本資料進行實證，董事會年齡作為變數，探討高階管理團隊的人口統計特徵與投資效率的關聯性。研究對象為2005年至2021年東京證券交易所的上市公司，分別探究董事會平均年齡和董事會成員年齡多元性如何影響企業的投資效率。
研究結果顯示，董事會年齡與投資效率具有關聯性。首先，董事會平均年齡與投資效率為負相關，當董事會平均年齡越大，企業投資更穩定，有更好的投資效率。次之，董事會成員年齡多元性與投資效率為正相關。當董事會成員年齡更具多元性，衝突的發生，使企業有更差的投資效率。以上結果皆不存在於過度投資樣本中，表示企業過度投資的後果與董事會年齡沒有關係。		zh_TW
dc.description.abstract (摘要) Prior studies suggest that there are many factors affecting corporate investment decisions, and the characteristics of the top management team also have impact on investments. According to the upper echelons theory, this study examines the association between board age and corporate investment efficiency. Using data from firms listed on the Tokyo Stock Exchange from 2005 to 2021, this study tests how board age affect investment efficiency.
The empirical results show a negative association between board age and investment efficiency. When change the board age measure from mean age to diversity of board members age, this study finds a positive association between board age and investment efficiency. When the sample is restricted to overinvestment sample, there is no association between board age and investment efficiency, indicating that the consequences of corporate overinvestment are not related to board age.		en_US
dc.description.tableofcontents 壹、緒論 1
貳、文獻探討與假說發展 4
一、 董事會年齡 4
二、 投資效率 7
三、 研究假說 9
參、研究方法 11
一、 研究設計 11
二、 變數衡量 13
三、 研究期間與資料來源 16
肆、實證結果與分析 19
一、 敘述性統計 19
二、 相關係數檢定 22
三、 董事會平均年齡與投資效率之實證結果 26
四、 董事會成員年齡多元性與投資效率之實證結果 28
伍、追加測試 30
一、 董事會成員最大年齡與投資效率 30
二、 董事會成員最小年齡與投資效率 33
陸、結論與建議 36
參考文獻 38
附錄 變數定義表 42		zh_TW
dc.format.extent 1680421 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0109353001en_US
dc.subject (關鍵詞) 投資效率zh_TW
dc.subject (關鍵詞) 董事會成員zh_TW
dc.subject (關鍵詞) 年齡zh_TW
dc.subject (關鍵詞) Investment efficiencyen_US
dc.subject (關鍵詞) Board membersen_US
dc.subject (關鍵詞) Ageen_US
dc.title (題名) 董事會成員年齡與投資效率的關聯性zh_TW
dc.title (題名) The Association Between Investment Efficiency and Board Ageen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 一代で「第一交通」を全国区に 100歳会長が退任「人生短いなと」。朝日新聞。2022-04-06，朝日新聞デジタル，https://www.asahi.com/articles/ASQ465TSYQ46ULFA00J.html?fbclid=IwAR2NLDr5f0NkSQTCr7pPT1Irzc27MTed_2DqlesRD8J1XMNedokdLcE4dmw，（Date Accessed: 2022-06-21）。
Abel, A. 1983. Optimal Investment under uncertainty. American Economic Review 73 (1): 228-233.
Ali, M., Y. L. Ng, and C. T. Kulik. 2014. Board age and gender diversity: A test of competing linear and curvilinear predictions. Journal of Business Ethics 125 (3): 497-512.
Avery, C., J. A. Chevalier, and S. Schaefer. 1998. Why do managers undertake acquisitions? An analysis of internal and external rewards for acquisitiveness. Journal of Law, Economics, & Organization 14 (1): 24-43.
Bae, G. S., S. U. Choi, D. S. Dhaliwal, and P. T. Lamoreaux. 2017. Auditors and client investment efficiency. Accounting Review. 92 (2): 19-40.
Bamber, L. S., J. Jiang, and I. Y. Wang. 2010. What`s my style? The influence of top managers on voluntary corporate disclosure. Accounting Review 85 (4): 1131-1162.
Bantel, K. A., and S. E. Jackson. 1989. Top management and innovations in banking: Does the composition of the top team make a difference? Strategic Management Journal 10: 107-124.
Berger, A. N., T. Kick, and K. Schaeck. 2014. Executive board composition and bank risk taking. Journal of Corporate Finance 28: 48-65.
Bertrand, M., and A. Schoar. 2003. Managing with style: The effect of manager on firm policies. Quarterly Journal of Economics 118 (4): 1169-1208.
Biddle, G. C., G. Hilary, and R. S. Verdi. 2009. How does financial reporting quality relate to investment efficiency? Journal of Accounting and Economics 48 (2-3): 112-131.
Blanchard, O. J., F. Lopez-de-Silanes, and A. Shleifer. 1994. What do firms do with cash windfalls? Journal of Financial Economics 36 (1): 337-360.
Bonn, I., T. Yoshikawa, and P. H. Phan. 2004. Effects of board structure on firm performance: A comparison between Japan and Australia. Asian Business & Management 3 (1): 105-125.
Bucciol, A., and R. Miniaci. 2011. Household portfolios and implicit risk preference. Review of Economics and Statistics 93 (4): 1235-1250.
Campbell, T. C., M. Gallmeyer, S. A. Johnson, J. R. Brooke, and W. Stanley. 2011. CEO optimism and forced turnover. Journal of Financial Economics 101 (3): 695-712.
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): 749-778.
Chen, F., O. K. Hope, Q. Li, and X. Wang 2011. Financial reporting quality and investment efficiency of private firms in emerging markets. Accounting Review 86 (4): 1255-1288.
Chen, T., L. Xie, and Y. Zhang. 2017. How does analysts` forecast quality relate to corporate investment efficiency? Journal of Corporate Finance 43: 217-240.
Cheng, M., D. Dhaliwal, and Y. Zhang. 2013. Does investment efficiency improve after the disclosure of material weaknesses in internal control over financial reporting? Journal of Accounting and Economics 56 (1): 1-18.
Cheng, S. 2008. Board size and the variability of corporate performance. Journal of Financial Economics 87: 157-176.
Chevalier, J., and G. Ellison. 1999. Are some mutual fund managers be others? Cross-sectional patters in behavior and performance. Journal of Finance 54 (3): 875-899
Child, J. 1974. Managerial and organizational factors associated with comp performance. Journal of Management Studies 11 (3): 13-27.
Core, J. E., R. W. Holthausen, and D. F. Larcker. 1999. Corporate governance, chief executive officer compensation, and firm performance. Journal of Financial Economics 51 (3) :371-406.
Duh, R. R., C. H. Liao, C. M. Pan, and A. Takinshi. 2020. IFRS adoption, earnings quality, and investment efficiency: Evidence from Japan. Taiwan Accounting Review 16 (2): 219-257.
Grable, J. E., S. McGill, and S. L. Britt. 2009. Risk tolerance estimation bias: The age effect. Journal of Business & Economics Research 7 (7): 1-12.
Grove, H., L. Patelli, L. M. Victoravich, and P. Xu. 2011. Corporate governance and performance in the wake of the financial crisis: Evidence from us commercial banks. Corporate Governance: An International Review 19 (5): 418-436.
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.
Hayashi, F. 1982. Tobin`s marginal Q and average Q: A neoclassical interpretation. Econometrica 50 (1): 213-224.
Hitt, M. A., and B. B. Tyler. 1991. Strategic decision models: Integrating different perspectives. Strategic Management Journal 12 (5): 327-351.
Huang, K. 2020. Management forecast errors and corporate investment efficiency. Journal of Contemporary Accounting and Economics 16 (3): 100208
Jensen, M. C. 1986. Agency costs of free cash flow, corporate finance, and takeovers. American Economic Review 76 (2): 323-329.
Jianakoplos, N. A., and A. Bernasek. 2006. Financial risk taking by age and birth cohort. Financial risk taking by age and birth cohort. Southern Economic Journal 72 (4): 981-1001.
Lambert, R., C. Leuz, and R. E. Verrecchia. 2007. Accounting information, disclosure, and the cost of capital. Journal of Accounting Research 45 (2): 385-420.
Lara, J. M. G., B. G. Osma, and F. Penalva. 2016. Accounting conservatism and firm investment efficiency. Journal of Accounting and Economics 61 (1): 221-238.
Lin, Y. E., Y. W. Li, T. Y. Cheng, and K. Lam. 2021. Corporate social responsibility and investment efficiency: Does business strategy matter? International Review of Financial Analysis 73: 101585.
MacCrimmon, K. R., and D. A. Wehrung. 1990. Characteristics of risk taking executives. Management Science 36 (4): 422-435.
Mahadeo, J. D., T. Soobaroyen, and V. O. Hanuman. 2012. Board composition and financial performance: Uncovering the effects of diversity in an emerging economy. Journal of Business Ethics 105 (3): 375-388.
Malmendier, U., and G. Tate. 2005. CEO overconfidence and corporate investment. Journal of Finance 60 (6): 2661-2700.
McNichols, M. F., and S. R. Stubben. 2008. Does earnings management affect firms` investment decisions? Accounting Review 83 (6): 1571-1603.
Nakano, M., and P. Nguyen. 2012. Board size and corporate risk-taking: Further evidence from Japan. Corporate Governance: An International Review 20 (4): 369-387.
Palsson, A. M. 1996. Does the degree of relative risk aversion vary with household characteristics? Journal of Economic Psychology 17 (6): 771-787.
Papadakis, V. M., and P. Barwise. 2002. How much do CEOs and top managers matter in strategic decision-making? British Journal of Management 13 (1): 83-95.
Rajkovic, T. 2020. Lead independent directors and investment efficiency. Journal of Corporate Finance 64: 101690.
Richardson, S. 2006. Over-investment of free cash flow. Review of Accounting Studies 11: 159-189.
Samet, M., and A. Jarboui. 2017. How does corporate social responsibility contribute to investment efficiency? Journal of Multinational Financial Management 40: 33-46.
Sanders, W. G., and D. C. Hambrick 2007. Swinging for the fences: The effects of CEO stock options on company risk taking and performance. Academy of Management Journal 50 (5): 1055-1078.
Talavera, O., S. Yin, and M. Zhang. 2018. Age diversity, directors` personal values, and bank performance. International Review of Financial Analysis 55: 60-79.
Taylor, R. N. 1975. Age and experience as determinants of managerial information processing and decision making performance. Academy of Management Journal 18 (1): 71-81.
Van der Walt, N., C. Ingley, G. S. Shergill, and A. Townsend. 2006. Board configuration: Are diverse boards better boards? Corporate Governance International Journal of Business in Society 6 (2): 129-147.
Vroom, V. H., and B. Pahl. 1971. Relationship between age and risk taking among managers. Journal of Applied Psychology 55 (5): 399-405.
Wiersema, M. F., and K. A. Bantel. 1992. Top management team demography and corporate strategic change. Academy of Management Journal 35 (1): 91-121.
Yoshikawa, H. 1980. On the “Q” theory of investment. American Economic Review 70 (4): 739-743.		zh_TW
dc.identifier.doi (DOI) 10.6814/NCCU202200593en_US