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題名 董事會成員年齡與現金持有的關聯
The Association Between Board Age and Cash Holdings
作者 黃欣翎
Huang, Hsin-Ling
貢獻者 潘健民
Pan, Chien-Min
黃欣翎
Huang, Hsin-Ling
關鍵詞 現金持有
超額現金
董事會成員年齡
Cash
Excess cash
Board age
日期 2022
上傳時間 1-Jul-2022 16:05:09 (UTC+8)
摘要 本研究探討董事會成員年齡與企業現金持有之關聯。本研究以日本東京證券上市交易所企業為對象，日本企業之董事會為實質上參與企業營運和制定企業決策之高階管理人員。過去文獻指出日本企業之現金持有比其他國家高，是因為其獨特之主要往來銀行制度。但在1990年代後，主要往來銀行影響力式微，日本企業之現金持有卻還是比其他國家的企業還高。本研究以董事會成員年齡探討日本企業現金持有之原因。實證結果顯示，董事會成員平均年齡越高，企業超額現金持有越少，同時，董事長年齡越高，企業超額現金持有越少。以上結果代表日本企業的現金持有雖然高，但都是營運上所需之現金，並無持有多餘之現金。
This study examines the association between cash holdings and board age using data from firms listed on the Tokyo Stock Exchange. In Japan, the board of directors is responsible for decision making. Prior research suggest that Japanese firms hold higher cash compared to their counterparts in other major industrial countries. Prior researches argue that main bank system cause the high cash holding. However, Japanese firms now hold more cash, when the main banks are not as powerful as they were in the past. The empirical results find a negative association between board age and cash holding. The results also find a negative association between CEO age and cash holding.
參考文獻 Antia, M., C. Pantzalis, and J. C. Park. 2010. CEO decision horizon and firm performance: An empirical investigation. Journal of Corporate Finance 16 (3): 288-301.
Aoki, M. 1990. Toward an economic model of the Japanese firm. Journal of Economic Literature 28 (1): 1-27.
Cheng, L. T., R. Y. Chan, and T. Y. Leung. 2010. Management demography and corporate performance: Evidence from China. International Business Review 19 (3): 261-275.
Child, J. 1974. Managerial and organizational factors associated with company performance. Journal of Management Studies 11 (3): 13-27.
Choo, F., and K. T. Trotman. 1991. The relationship between knowledge structure and judgments for experienced and inexperienced auditors. Accounting Review 66 (3): 464-485.
Chudson, W. A. 1945. The pattern of corporate financial structure. National Bureau of Economic Research, New York.
Conyon, M., and A. Florou. 2004. Does governance quality mitigate horizon effects? Investment patterns surrounding CEO departures. Available at SSRN: https://ssrn.com/abstract=545982
Damodaran, A. 2005. Dealing with cash, cross holdings and other non-operating assets: Approaches and implications. Available at SSRN: https://ssrn.com/abstract=841485
Dittmar, A., J. Mahrt-Smith, and H. Servaes. 2003. International corporate governance and corporate cash holdings. Journal of Financial and Quantitative Analysis 38 (1): 111-133.
Ferreira, M. A., and A. S. Vilela. 2004. Why do firms hold cash? Evidence from EMU countries. European Financial Management 10 (2): 295-319.
Forbes, D. 2005. Are some entrepreneurs more overconfident than others? Journal of Business Venturing 20 (5): 623-640.
Goll, I. 2005. The relationships between top management demographic characteristics, rational decision making, environmental munificence, and firm performance. Organization Studies 26 (7): 999-1023.
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.
Han, S., and J. Qiu. 2007. Corporate precautionary cash holdings. Journal of Corporate Finance 13 (1): 43-57.
Harford, J. 1999. Corporate cash reserves and acquisitions. Journal of Finance 54 (6): 1969-1997.
Hofstede, G. 1980. Culture’s consequences: International differences in work-related values. Beverly Hills: Sage Publications.
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 costs and ownership structure. Journal of Financial Economics 3 (4): 305-360.
Kato, K., M. Li, and D. Skinner. 2017. Is Japan really a “Buy”? The corporate governance, cash holdings and economic performance of Japanese companies. Journal of Business Finance & Accounting 44 (3-4): 480-523.
Keynes, J. M. 1934. The general theory of employment, interest and money. London: Macmillan.
Kovalchik, S., C. Camerer, D. Grether, C. Plott, and J. Allman. 2005. Aging and decision making: A comparison between neurologically healthy elderly and young individuals. Journal of Economic Behavior and Organization 58 (1): 79-94.
May, D. 1995. Do managerial motives influence firm risk reduction strategies? Journal of Finance 50 (4): 1291-1308.
Mcdaniel, M. A., F. L. Schmidt, and J. E. Hunter. 1988. Job experience correlates of job performance. Journal of Applied Psychology 73 (2): 327-330.
Mudrack, P. E. 1989. Age-related differences in Machiavellianism in an adult sample. Psychological Reports 64 (3): 1047-1050.
Myers, S. C. 1984. The capital structure puzzle. Journal of Finance 39 (3): 575-592.
Myers, S. C., and N. S. Majluf. 1984. Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics 13 (2): 187-221.
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.
Nakano, M., and P. Nguyen. 2013. Board vintage and risk-taking: An empirical analysis based on Japanese firms. Working Paper, present at European Accounting Association 36th. Annual Congress, 7 May 2013, Paris, France.
Ng, T. W., and D. C. Feldman. 2008. The relationship of age to ten dimensions of job performance. Journal of Applied Psychology 93 (2): 392-423.
Ono, H. 2010. Lifetime employment in Japan: Concepts and measurements. Journal of the Japanese and International Economies 24 (1): 1-27.
Opler, T., L. Pinkowitz, R. Stulz, and R. Williamson. 1999. The determinants and implications of corporate cash holdings. Journal of Financial Economics 52 (1): 3-46.
Pinkowitz, L., and R. Williamson. 2001. Bank power and cash holdings: Evidence from Japan. Review of Financial Studies 14 (4): 1059-1082.
Pinkowitz, L., R. Stulz, and R. Williamson. 2016. Do U.S. firms hold more cash than foreign firms do? Review of Financial Studies 29 (2): 309-348.
Qian, C., Q. Cao, and R. Takeuchi. 2013. Top management team functional diversity and organizational innovation in China: The moderating effects of environment. Strategic Management Journal 34 (1): 110-120.
Rajan, R., and L. Zingales. 1995. What do we know about the capital structure? Some evidence from Japan. Journal of Finance 50 (5): 1421-1460.
Richardson, S. 2006. Over-investment of free cash flow. Review of Accounting Studies 11 (2): 159-189.
Schmidt, F. L., J. E. Hunter, and A. N. Outerbridge. 1986. Impact of job experience and ability on job knowledge, work sample performance, and supervisory ratings of job performance. Journal of Applied Psychology 71 (3): 432-439.
Sheard, P. 1989. The main bank system and corporate monitoring and control in Japan. Journal of Economic Behavior & Organization 11 (3): 399-422.
Sheard, P. 1989. The main bank system and corporate monitoring and control in Japan. Journal of Economic Behavior and Organization 11 (3): 399-422.
Singhapakdi, A., S. J. Vitell, and K. L. Kraft. 1996. Moral intensity and ethical decision-making of marketing professionals. Journal of Business Research 36 (3): 245-255.
Subramaniam, V., T. Tang, H. Yue, and X. Zhou. 2011. Firm structure and corporate cash holdings. Journal of Corporate Finance 17 (3): 759-773.
Sunder, L. S., and S. C. Myers. 1999. Testing static tradeoff against pecking order models of capital structure. Journal of Financial Economics 51 (2): 219-244.
Taylor, R. 1975. Age and experience as determinants of managerial information processing and decision making performance. Academy of Management Journal 18 (1): 74-81.
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 36 (5): 996-1025.
Xu, Y., L. Zhang, and H. Chen. 2018. Board age and corporate financial fraud: An interactionist view. Long Range Planning 51 (6): 815-830.
Yim, S. 2013. The acquisitiveness of youth: CEO age and acquisition behavior. Journal of Financial Economics 108 (1): 250-273.
Zhang, X., K. M. Bartol, K. G. Smith, M. D. Pfarrer, D. M. Khanin. 2008. CEOs on the edge: earnings manipulation and stock-based incentive misalignment. Academy of Management Journal 51 (2): 241-258.
描述 碩士
國立政治大學
會計學系
109353036
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0109353036
資料類型 thesis
dc.contributor.advisor 潘健民zh_TW
dc.contributor.advisor Pan, Chien-Minen_US
dc.contributor.author (Authors) 黃欣翎zh_TW
dc.contributor.author (Authors) Huang, Hsin-Lingen_US
dc.creator (作者) 黃欣翎zh_TW
dc.creator (作者) Huang, Hsin-Lingen_US
dc.date (日期) 2022en_US
dc.date.accessioned 1-Jul-2022 16:05:09 (UTC+8)-
dc.date.available 1-Jul-2022 16:05:09 (UTC+8)-
dc.date.issued (上傳時間) 1-Jul-2022 16:05:09 (UTC+8)-
dc.identifier (Other Identifiers) G0109353036en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/140578-
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) 109353036zh_TW
dc.description.abstract (摘要) 本研究探討董事會成員年齡與企業現金持有之關聯。本研究以日本東京證券上市交易所企業為對象，日本企業之董事會為實質上參與企業營運和制定企業決策之高階管理人員。過去文獻指出日本企業之現金持有比其他國家高，是因為其獨特之主要往來銀行制度。但在1990年代後，主要往來銀行影響力式微，日本企業之現金持有卻還是比其他國家的企業還高。本研究以董事會成員年齡探討日本企業現金持有之原因。實證結果顯示，董事會成員平均年齡越高，企業超額現金持有越少，同時，董事長年齡越高，企業超額現金持有越少。以上結果代表日本企業的現金持有雖然高，但都是營運上所需之現金，並無持有多餘之現金。zh_TW
dc.description.abstract (摘要) This study examines the association between cash holdings and board age using data from firms listed on the Tokyo Stock Exchange. In Japan, the board of directors is responsible for decision making. Prior research suggest that Japanese firms hold higher cash compared to their counterparts in other major industrial countries. Prior researches argue that main bank system cause the high cash holding. However, Japanese firms now hold more cash, when the main banks are not as powerful as they were in the past. The empirical results find a negative association between board age and cash holding. The results also find a negative association between CEO age and cash holding.en_US
dc.description.tableofcontents 壹、緒論 1
一、研究動機與目的 1
二、研究架構 5
貳、文獻探討與研究假說 6
一、現金持有 6
二、董事會成員年齡 12
三、研究假說 15
參、研究方法 17
一、實證模型與變數定義 17
二、資料來源與樣本篩選 21
肆、實證結果與分析 24
一、敘述性統計 24
二、相關係數 26
三、董事會成員年齡與現金持有之實證結果 29
伍、追加測試 33
一、製造業與非製造業 33
陸、結論與建議 37
參考文獻 39
附錄 變數定義表 44		zh_TW
dc.format.extent 1276087 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0109353036en_US
dc.subject (關鍵詞) 現金持有zh_TW
dc.subject (關鍵詞) 超額現金zh_TW
dc.subject (關鍵詞) 董事會成員年齡zh_TW
dc.subject (關鍵詞) Cashen_US
dc.subject (關鍵詞) Excess cashen_US
dc.subject (關鍵詞) Board ageen_US
dc.title (題名) 董事會成員年齡與現金持有的關聯zh_TW
dc.title (題名) The Association Between Board Age and Cash Holdingsen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) Antia, M., C. Pantzalis, and J. C. Park. 2010. CEO decision horizon and firm performance: An empirical investigation. Journal of Corporate Finance 16 (3): 288-301.
Aoki, M. 1990. Toward an economic model of the Japanese firm. Journal of Economic Literature 28 (1): 1-27.
Cheng, L. T., R. Y. Chan, and T. Y. Leung. 2010. Management demography and corporate performance: Evidence from China. International Business Review 19 (3): 261-275.
Child, J. 1974. Managerial and organizational factors associated with company performance. Journal of Management Studies 11 (3): 13-27.
Choo, F., and K. T. Trotman. 1991. The relationship between knowledge structure and judgments for experienced and inexperienced auditors. Accounting Review 66 (3): 464-485.
Chudson, W. A. 1945. The pattern of corporate financial structure. National Bureau of Economic Research, New York.
Conyon, M., and A. Florou. 2004. Does governance quality mitigate horizon effects? Investment patterns surrounding CEO departures. Available at SSRN: https://ssrn.com/abstract=545982
Damodaran, A. 2005. Dealing with cash, cross holdings and other non-operating assets: Approaches and implications. Available at SSRN: https://ssrn.com/abstract=841485
Dittmar, A., J. Mahrt-Smith, and H. Servaes. 2003. International corporate governance and corporate cash holdings. Journal of Financial and Quantitative Analysis 38 (1): 111-133.
Ferreira, M. A., and A. S. Vilela. 2004. Why do firms hold cash? Evidence from EMU countries. European Financial Management 10 (2): 295-319.
Forbes, D. 2005. Are some entrepreneurs more overconfident than others? Journal of Business Venturing 20 (5): 623-640.
Goll, I. 2005. The relationships between top management demographic characteristics, rational decision making, environmental munificence, and firm performance. Organization Studies 26 (7): 999-1023.
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.
Han, S., and J. Qiu. 2007. Corporate precautionary cash holdings. Journal of Corporate Finance 13 (1): 43-57.
Harford, J. 1999. Corporate cash reserves and acquisitions. Journal of Finance 54 (6): 1969-1997.
Hofstede, G. 1980. Culture’s consequences: International differences in work-related values. Beverly Hills: Sage Publications.
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 costs and ownership structure. Journal of Financial Economics 3 (4): 305-360.
Kato, K., M. Li, and D. Skinner. 2017. Is Japan really a “Buy”? The corporate governance, cash holdings and economic performance of Japanese companies. Journal of Business Finance & Accounting 44 (3-4): 480-523.
Keynes, J. M. 1934. The general theory of employment, interest and money. London: Macmillan.
Kovalchik, S., C. Camerer, D. Grether, C. Plott, and J. Allman. 2005. Aging and decision making: A comparison between neurologically healthy elderly and young individuals. Journal of Economic Behavior and Organization 58 (1): 79-94.
May, D. 1995. Do managerial motives influence firm risk reduction strategies? Journal of Finance 50 (4): 1291-1308.
Mcdaniel, M. A., F. L. Schmidt, and J. E. Hunter. 1988. Job experience correlates of job performance. Journal of Applied Psychology 73 (2): 327-330.
Mudrack, P. E. 1989. Age-related differences in Machiavellianism in an adult sample. Psychological Reports 64 (3): 1047-1050.
Myers, S. C. 1984. The capital structure puzzle. Journal of Finance 39 (3): 575-592.
Myers, S. C., and N. S. Majluf. 1984. Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics 13 (2): 187-221.
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.
Nakano, M., and P. Nguyen. 2013. Board vintage and risk-taking: An empirical analysis based on Japanese firms. Working Paper, present at European Accounting Association 36th. Annual Congress, 7 May 2013, Paris, France.
Ng, T. W., and D. C. Feldman. 2008. The relationship of age to ten dimensions of job performance. Journal of Applied Psychology 93 (2): 392-423.
Ono, H. 2010. Lifetime employment in Japan: Concepts and measurements. Journal of the Japanese and International Economies 24 (1): 1-27.
Opler, T., L. Pinkowitz, R. Stulz, and R. Williamson. 1999. The determinants and implications of corporate cash holdings. Journal of Financial Economics 52 (1): 3-46.
Pinkowitz, L., and R. Williamson. 2001. Bank power and cash holdings: Evidence from Japan. Review of Financial Studies 14 (4): 1059-1082.
Pinkowitz, L., R. Stulz, and R. Williamson. 2016. Do U.S. firms hold more cash than foreign firms do? Review of Financial Studies 29 (2): 309-348.
Qian, C., Q. Cao, and R. Takeuchi. 2013. Top management team functional diversity and organizational innovation in China: The moderating effects of environment. Strategic Management Journal 34 (1): 110-120.
Rajan, R., and L. Zingales. 1995. What do we know about the capital structure? Some evidence from Japan. Journal of Finance 50 (5): 1421-1460.
Richardson, S. 2006. Over-investment of free cash flow. Review of Accounting Studies 11 (2): 159-189.
Schmidt, F. L., J. E. Hunter, and A. N. Outerbridge. 1986. Impact of job experience and ability on job knowledge, work sample performance, and supervisory ratings of job performance. Journal of Applied Psychology 71 (3): 432-439.
Sheard, P. 1989. The main bank system and corporate monitoring and control in Japan. Journal of Economic Behavior & Organization 11 (3): 399-422.
Sheard, P. 1989. The main bank system and corporate monitoring and control in Japan. Journal of Economic Behavior and Organization 11 (3): 399-422.
Singhapakdi, A., S. J. Vitell, and K. L. Kraft. 1996. Moral intensity and ethical decision-making of marketing professionals. Journal of Business Research 36 (3): 245-255.
Subramaniam, V., T. Tang, H. Yue, and X. Zhou. 2011. Firm structure and corporate cash holdings. Journal of Corporate Finance 17 (3): 759-773.
Sunder, L. S., and S. C. Myers. 1999. Testing static tradeoff against pecking order models of capital structure. Journal of Financial Economics 51 (2): 219-244.
Taylor, R. 1975. Age and experience as determinants of managerial information processing and decision making performance. Academy of Management Journal 18 (1): 74-81.
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 36 (5): 996-1025.
Xu, Y., L. Zhang, and H. Chen. 2018. Board age and corporate financial fraud: An interactionist view. Long Range Planning 51 (6): 815-830.
Yim, S. 2013. The acquisitiveness of youth: CEO age and acquisition behavior. Journal of Financial Economics 108 (1): 250-273.
Zhang, X., K. M. Bartol, K. G. Smith, M. D. Pfarrer, D. M. Khanin. 2008. CEOs on the edge: earnings manipulation and stock-based incentive misalignment. Academy of Management Journal 51 (2): 241-258.		zh_TW
dc.identifier.doi (DOI) 10.6814/NCCU202200587en_US