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題名 高階經理人星座與投資效率之關聯性
Managerial Characteristics and Investment Efficiency: Evidence from CEO’s Zodiac作者 李婉綺
Lee, Wan-Chi貢獻者 潘健民
李婉綺
Lee, Wan-Chi關鍵詞 投資效率
高階經理人
星座
Investment efficiency
Top managers
Zodiac日期 2022 上傳時間 1-Jul-2022 16:03:18 (UTC+8) 摘要 Hambrick and Mason (1984)提出高層理論，認為高階管理團隊的人口統計特徵，反映其認知及價值觀等心理因素，進而影響企業策略和績效結果。本研究以過去文獻中未關注的星座，探討高階經理人的星座如何影響企業投資效率。本研究以 2005 年至 2021 年在東京證券交易所上市的公司為樣本。實證結果說明，僅高階經理人為處女座、天蠍座時對企業投資效率有 10% 顯著影響，但星座與過度投資或投資不足皆無關聯。在過度投資的樣本中，牡羊座、雙子座的高階經理人所領導的企業過度投資的程度較低；在投資不足的樣本中，射手座的高階經理人所領導的企業投資不足的程度較低。然而大多數星座與投資效率之間並無顯著關聯，與過度投資或投資不足亦然，因此本研究無法證實高階經理人星座對於企業投資效率的影響。
Hambrick and Mason (1984) propose the upper echelons theory and argue that managerial characteristics of the top management team have consequences on corporate strategies and outcomes. This study examines how CEO zodiac signs affect the corporate investment efficiency using data from firms listed on the Tokyo Stock Exchange from 2005 to 2021.The empirical results show that only CEOs whose zodiac is Virgos or Scorpios have a slightly significant association with investment efficiency. In the sample of over-investment, the companies led by the CEO of Aries and Gemini are less overinvested. In the sample of under-investment, the companies led by the CEO of Sagittarius are less underinvested. However, there is no significant association between most zodiac signs and investment efficiency. Overall, the results find no association between CEO zodiac signs and corporate investment efficiency.參考文獻 Abel, A. 1983. Optimal Investment under uncertainty. American Economic Review 73 (1): 228-233.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.Barker III, V. L., and G. C. Mueller. 2002. CEO characteristics and firm R&D spending. Management Science 48 (6): 782-801.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., and G. Hilary. 2006. Accounting quality and firm-level capital investment. Accounting Review 81 (5): 963-982.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.Calori, R., G. Johnson, and P. Sarnin. 1994. CEOs` cognitive maps and the scope of the organization. Strategic Management Journal 15 (6): 437-457.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.Chatterjee, A., and D. C. Hambrick. 2007. It`s all about me: Narcissistic chief executive officers and their effects on company strategy and performance. Administrative Science Quarterly 52 (3): 351-386.Chen, C., D. Young, and Z. Zhuang. 2013. Externalities of mandatory IFRS adoption: Evidence from cross-border spillover effects of financial information on investment efficiency. Accounting Review 88 (3): 881-914.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.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.Finkelstein, S., and D. Hambrick. 1996. Strategic Leadership: Top Executives and Their Effects on Organizations. St. Paul, West Educational Publishing.Gauquelin, M. 1982. Zodiac and personality: An empirical study. Skeptical Inquirer 6 (3): 57-65.Ge, W., D. Matsumoto, and J. L. Zhang. 2011. Do CFOs have style? An empirical investigation of the effect of individual CFOs on accounting practices. Contemporary Accounting Research 28 (4): 1141-1179.Graham, J. R., C. R. Harvey, and M. Puri. 2013. Managerial attitudes and corporate actions. Journal of Financial Economics. 109 (1): 103-121.Ham, C., N. Seybert, and S. Wang. 2018. Narcissism is a bad sign: CEO signature size, investment, and performance. Review of Accounting Studies 23 (1): 234-264.Hambrick, D. C. 2007. Upper echelons theory: An update. Academy of Management Review 32 (2): 334-343.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, X., and K. Nakagawa. 2017. Top management team characteristics and team processes: A review. Osaka Economic Papers 67 (2-3-4): 1-39.Jensen, M. C. 1986. Agency costs of free cash flow, corporate finance, and takeovers. American Economic Review 76 (2): 323-329.Jensen, M. C. and W. H. Meckling. 1976. Theory of the firm: Managerial behavior, agency cost and ownership structure. Journal of Finance Economics 3 (4): 305-360.Kimberly, J. R., and M. J. Evanisko. 1981. Organizational innovation: The influence of individual, organization, and contextual factors on hospital adoption of technological and administrative innovations. Academy of Management Journal 24 (4): 689-713.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.Maddox, J. 1994. Defending science against anti-science. Nature 368: 185.Mahendra, A., S. P. Mohanty, and S. Sudalaimuthu. 2021. Financial Astrology and Behavioral Bias: Evidence from India. Asia-Pacific Financial Markets 28 (1): 3-17.Malmendier, U., and G. Tate. 2005. CEO overconfidence and corporate investment. Journal of Finance 60 (6): 2661-2700.Matta, E., and P. W. Beamish. 2008. The accentuated CEO career horizon problem: Evidence from international acquisitions. Strategic Management Journal 29 (7): 683-700.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.Pitcher, P., S. Chreim, and V. Kisfalvi. 2000. CEO succession research: Methodological bridges over troubled waters. Strategic Management Journal 21 (6): 625-648.Priem, R. L., D. W. Lyon, and G. G. Dess. 1999. Inherent limitations of demographic proxies in top management team heterogeneity research. Journal of Management 25 (6): 935-953.Rajkovic, T. 2020. Lead independent directors and investment efficiency. Journal of Corporate Finance 64: 101690.Saklofske, D. H., I. W. Kelly, and D. W. McKerracher 1982. An empirical study of personality and astrological factors. Journal of Psychology 110 (2): 275-280.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.Stiglitz, J. E., and A. Weiss. 1981. Credit rationing in markets with imperfect information. American Economic Review 71 (3): 393-410.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
109353008資料來源 http://thesis.lib.nccu.edu.tw/record/#G0109353008 資料類型 thesis dc.contributor.advisor 潘健民 zh_TW dc.contributor.author (Authors) 李婉綺 zh_TW dc.contributor.author (Authors) Lee, Wan-Chi en_US dc.creator (作者) 李婉綺 zh_TW dc.creator (作者) Lee, Wan-Chi en_US dc.date (日期) 2022 en_US dc.date.accessioned 1-Jul-2022 16:03:18 (UTC+8) - dc.date.available 1-Jul-2022 16:03:18 (UTC+8) - dc.date.issued (上傳時間) 1-Jul-2022 16:03:18 (UTC+8) - dc.identifier (Other Identifiers) G0109353008 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/140570 - 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) 109353008 zh_TW dc.description.abstract (摘要) Hambrick and Mason (1984)提出高層理論，認為高階管理團隊的人口統計特徵，反映其認知及價值觀等心理因素，進而影響企業策略和績效結果。本研究以過去文獻中未關注的星座，探討高階經理人的星座如何影響企業投資效率。本研究以 2005 年至 2021 年在東京證券交易所上市的公司為樣本。實證結果說明，僅高階經理人為處女座、天蠍座時對企業投資效率有 10% 顯著影響，但星座與過度投資或投資不足皆無關聯。在過度投資的樣本中，牡羊座、雙子座的高階經理人所領導的企業過度投資的程度較低；在投資不足的樣本中，射手座的高階經理人所領導的企業投資不足的程度較低。然而大多數星座與投資效率之間並無顯著關聯，與過度投資或投資不足亦然，因此本研究無法證實高階經理人星座對於企業投資效率的影響。 zh_TW dc.description.abstract (摘要) Hambrick and Mason (1984) propose the upper echelons theory and argue that managerial characteristics of the top management team have consequences on corporate strategies and outcomes. This study examines how CEO zodiac signs affect the corporate investment efficiency using data from firms listed on the Tokyo Stock Exchange from 2005 to 2021.The empirical results show that only CEOs whose zodiac is Virgos or Scorpios have a slightly significant association with investment efficiency. In the sample of over-investment, the companies led by the CEO of Aries and Gemini are less overinvested. In the sample of under-investment, the companies led by the CEO of Sagittarius are less underinvested. However, there is no significant association between most zodiac signs and investment efficiency. Overall, the results find no association between CEO zodiac signs and corporate investment efficiency. en_US dc.description.tableofcontents 壹、緒論 1貳、文獻探討與假說發展 4第一節 高階經理人特質 4第二節 投資效率 7第三節 研究假說 9參、研究方法 10第一節 研究設計 10第二節 變數衡量 13第三節 資料來源與樣本取樣 17肆、研究結果與分析 20第一節 敘述性統計 20第二節 相關性檢定 23第三節 實證結果分析 29伍、結論與建議 55參考文獻 56附錄 61 zh_TW dc.format.extent 1299327 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0109353008 en_US dc.subject (關鍵詞) 投資效率 zh_TW dc.subject (關鍵詞) 高階經理人 zh_TW dc.subject (關鍵詞) 星座 zh_TW dc.subject (關鍵詞) Investment efficiency en_US dc.subject (關鍵詞) Top managers en_US dc.subject (關鍵詞) Zodiac en_US dc.title (題名) 高階經理人星座與投資效率之關聯性 zh_TW dc.title (題名) Managerial Characteristics and Investment Efficiency: Evidence from CEO’s Zodiac en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) Abel, A. 1983. Optimal Investment under uncertainty. American Economic Review 73 (1): 228-233.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.Barker III, V. L., and G. C. Mueller. 2002. CEO characteristics and firm R&D spending. Management Science 48 (6): 782-801.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., and G. Hilary. 2006. Accounting quality and firm-level capital investment. Accounting Review 81 (5): 963-982.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.Calori, R., G. Johnson, and P. Sarnin. 1994. CEOs` cognitive maps and the scope of the organization. Strategic Management Journal 15 (6): 437-457.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.Chatterjee, A., and D. C. Hambrick. 2007. It`s all about me: Narcissistic chief executive officers and their effects on company strategy and performance. Administrative Science Quarterly 52 (3): 351-386.Chen, C., D. Young, and Z. Zhuang. 2013. Externalities of mandatory IFRS adoption: Evidence from cross-border spillover effects of financial information on investment efficiency. Accounting Review 88 (3): 881-914.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.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.Finkelstein, S., and D. Hambrick. 1996. Strategic Leadership: Top Executives and Their Effects on Organizations. St. Paul, West Educational Publishing.Gauquelin, M. 1982. Zodiac and personality: An empirical study. Skeptical Inquirer 6 (3): 57-65.Ge, W., D. Matsumoto, and J. L. Zhang. 2011. Do CFOs have style? An empirical investigation of the effect of individual CFOs on accounting practices. Contemporary Accounting Research 28 (4): 1141-1179.Graham, J. R., C. R. Harvey, and M. Puri. 2013. Managerial attitudes and corporate actions. Journal of Financial Economics. 109 (1): 103-121.Ham, C., N. Seybert, and S. Wang. 2018. Narcissism is a bad sign: CEO signature size, investment, and performance. Review of Accounting Studies 23 (1): 234-264.Hambrick, D. C. 2007. Upper echelons theory: An update. Academy of Management Review 32 (2): 334-343.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, X., and K. Nakagawa. 2017. Top management team characteristics and team processes: A review. Osaka Economic Papers 67 (2-3-4): 1-39.Jensen, M. C. 1986. Agency costs of free cash flow, corporate finance, and takeovers. American Economic Review 76 (2): 323-329.Jensen, M. C. and W. H. Meckling. 1976. Theory of the firm: Managerial behavior, agency cost and ownership structure. Journal of Finance Economics 3 (4): 305-360.Kimberly, J. R., and M. J. Evanisko. 1981. Organizational innovation: The influence of individual, organization, and contextual factors on hospital adoption of technological and administrative innovations. Academy of Management Journal 24 (4): 689-713.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.Maddox, J. 1994. Defending science against anti-science. Nature 368: 185.Mahendra, A., S. P. Mohanty, and S. Sudalaimuthu. 2021. Financial Astrology and Behavioral Bias: Evidence from India. Asia-Pacific Financial Markets 28 (1): 3-17.Malmendier, U., and G. Tate. 2005. CEO overconfidence and corporate investment. Journal of Finance 60 (6): 2661-2700.Matta, E., and P. W. Beamish. 2008. The accentuated CEO career horizon problem: Evidence from international acquisitions. Strategic Management Journal 29 (7): 683-700.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.Pitcher, P., S. Chreim, and V. Kisfalvi. 2000. CEO succession research: Methodological bridges over troubled waters. Strategic Management Journal 21 (6): 625-648.Priem, R. L., D. W. Lyon, and G. G. Dess. 1999. Inherent limitations of demographic proxies in top management team heterogeneity research. Journal of Management 25 (6): 935-953.Rajkovic, T. 2020. Lead independent directors and investment efficiency. Journal of Corporate Finance 64: 101690.Saklofske, D. H., I. W. Kelly, and D. W. McKerracher 1982. An empirical study of personality and astrological factors. Journal of Psychology 110 (2): 275-280.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.Stiglitz, J. E., and A. Weiss. 1981. Credit rationing in markets with imperfect information. American Economic Review 71 (3): 393-410.Yoshikawa, H. 1980. On the “Q” theory of investment. American Economic Review 70 (4): 739-743. zh_TW dc.identifier.doi (DOI) 10.6814/NCCU202200595 en_US
