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題名 企業聲譽對現金持有以及財務績效之影響
The Impact of Corporate Reputation on Cash Holdings and Financial Performance
作者 陳紫綾
貢獻者 張元晨
陳紫綾
關鍵詞 企業聲譽
現金持有
財務績效
信貸額度
資本決策
Corporate reputation
Cash holdings
Financial performance
Credit lines
Capital decisions
日期 2024
上傳時間 3-Mar-2025 14:40:18 (UTC+8)
摘要 本研究探討企業聲譽對公司現金持有及財務績效之影響，實證方法以被納入美國最受青睞公司（America’s Most Admired Firms）排名做為衡量企業聲譽的指標，探討美國企業被納入指標後公司現金持有及財務績效的變化。實證結果顯示企業聲譽與現金持有呈現負向關係，顯示聲譽較佳的企業傾向在帳上持有較少的現金。由於企業信貸額度的資料樣本較少，企業聲譽對於信貸額度的影響較不顯著。本研究也分析企業聲譽對於財務績效的影響，實證結果發現被納入美國最受青睞公司名單中, 企業的資產報酬率有顯著的提升, 但是企業的權益報酬率確有顯著的下跌, 可能原因為這些企業採取較為保守的財務策略維持營運，因此降低了權益報酬率表現。
參考文獻 Acharya, V. V., Almeida, H., & Campello, M. (2013). Aggregate risk and the choice between cash and lines of credit. Journal of Finance, 68(5), 2059-2116. Amess, K., Banerji, S., & Lampousis, A. (2015). Corporate cash holdings: Causes and consequences. International Review of Financial Analysis, 42, 421-433. Anginer, D., Fisher, K. L., & Statman, M. (2007). Stocks of admired companies and despised ones. SSRN. Barnett, M. L., Jermier, J. M., & Lafferty, B. A. (2006). Corporate reputation: the definitional landscape. Corporate Reputation Review 9, 26–38. Burke, J. J., Hoitash, R., & Hoitash, U. (2019). Auditor response to negative media coverage of client environmental, social, and governance practices. Accounting Horizons 33, 1–23. Caliskan, E. N., Icke, B. T., & Ayturk, Y. (2011). Corporate reputation and financial performance: Evidence from Turkey. International Journal of Business and Management, 6(3), 123-135. Cheng, Y., Liu, B., McConnell, J. J., & Rosenblum, A. (2017). When is good news bad and vice versa? The Fortune rankings of America’s most admired companies. Journal of Corporate Finance, 43, 378-396. Christensen, C. M., & Raynor, M. E. (2003). Why hard-nosed executives should care about management theory. Harvard Business Review, 81(9), 67-74. Dittmar, A., Mahrt-Smith, J., & Servaes, H. (2003). International corporate governance and corporate cash holdings, Journal of Financial and Quantitative Analysis 38, 111–133. Dittmar, A., & Mahrt-Smith, J. (2007). Corporate governance and the value of cash holdings. Journal of Financial Economics 83, 599–634. Focke, F., Maug, E., & Niessen-Ruenzi, A. (2017). The impact of firm prestige on executive compensation. Journal of Financial Economics, 123(2), 313-336. Fombrun, C. J., & Gardberg, N. A. (2000). Who's tops in corporate reputation? Corporate Reputation Review, 3(1), 13-17. Han, S., & Qiu, J. (2007). Corporate precautionary cash holdings. Journal of Corporate Finance, 13(1), 43-57. Hasan, M. M., Habib, A., & Zhao, R. (2022). Corporate reputation risk and cash holdings. Accounting & Finance, 62(1), 667-707. Herremans, I. M., Akers, M. D., & McInnes, M. (1993). Reputation and Financial Performance. Journal of Business Ethics, 12(5), 383-401. Hogarth, K., M. Hutchinson, & W. Scaife, (2018). Corporate philanthropy, reputation risk management and shareholder value: a study of Australian corporate giving, Journal of Business Ethics, 151, 375–390. Hsieh, T. S., Chang, M., & Huang, C. W. (2014). Reputation Risk and Stock Prices. Journal of Financial Markets, 20, 291-315. Huaman-Ñope, A. G., Serrato-Cherres, A. G., Ramos-Cavero, M. J., & Cordova- Buiza, F. (2023). Reputational risk and stock price: A corporate management analysis. Managerial Finance, 49(7), 1113-1130. Im, J., Park, K., & Zhao, X. (2017). Uncertainty and Corporate Cash Holdings. Journal of Corporate Finance, 44, 78-97. Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. American Economic Review, 76(2), 323-329. Jiménez, G., Lopez, J. A., & Saurina, J. (2009). Empirical analysis of corporate credit lines. The Review of Financial Studies, 22(12), 5067-5098. Karamanis, K., & Kouretas, G. P. (2016). Corporate Reputation Risk Management. Journal of Risk Management, 37(4), 189-217. Kölbel, J.F., Busch, T., & Jancso, L.M. (2017). How media coverage of corporate social irresponsibility increases financial risk. Strategic Management Journal 38, 2266–2284. Locorotondo, R., Dewaelheyns, N., & Van Hulle, C. (2014). Cash holdings and business group membership. Journal of Business Research, 67(3), 316-323. Opler, T., Pinkowitz, L., Stulz, R., & Williamson, R. (1999). The determinants and Implications of Corporate Cash Holdings. Journal of Financial Economics, 52(1), 3-46. Pearsons, D. (2014). Reputation During Economic Downturns. Journal of Corporate Finance, 27, 215-239. Phan, H. V., Nguyen, T. H., Nguyen, H. T., & Hegde, S. (2019). Policy uncertainty and firm cash holdings. Journal of Business Research, 95, 71-82. Puri, M., & Lyer, R. (2012). Motives for Corporate Cash Holdings. Journal of Financial Economics, 108(3), 60-84. Roberts, P. W., & Dowling, G. R. (2002). Corporate Reputation and Sustained Superior Financial Performance. Strategic Management Journal, 23(12), 1077-1093 Sufi, A. (2009). Bank lines of credit in corporate finance: An empirical analysis. The Review of Financial Studies, 22(3), 1057-1088. Sum, V. (2012). Most ethical companies and stock performance: empirical evidence. International Research Journal of Applied Finance, 3(8), 1286-1292. Weng, P.-S., & Chen, W.-Y. (2017). Doing good or choosing well? Corporate reputation, CEO reputation, and corporate financial performance. The North American Journal of Economics and Finance, 39, 223-240. Wong, J. B., & Zhang, Q. (2024). ESG reputation risks, cash holdings, and payout. policies. Finance Research Letters, 59, Article 104695. Xu, X., Mu, Y., & Wang, J. (2023). Corporate risk and financial asset holdings. Pacific-Basin Finance Journal, 81, 102121. Zaheer, A., & Venkatraman, N. (1995). Relational governance as an interorganizational strategy: an empirical test of the role of trust in economic exchange. Strategic Management Journal 16, 373–392. Zhang, H., Wang, J., & Jiang, G. (2015). Reputation Risk and Corporate Performance. Journal of Management Studies, 52(2), 234-261. Zhang, R., & Rezaee, Z. (2009). Do credible firms perform better in emerging markets? Evidence from China. Journal of Business Ethics, 90(2), 221-237.
描述 碩士
國立政治大學
財務管理學系
111357040
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0111357040
資料類型 thesis
dc.contributor.advisor 張元晨zh_TW
dc.contributor.author (Authors) 陳紫綾zh_TW
dc.creator (作者) 陳紫綾zh_TW
dc.date (日期) 2024en_US
dc.date.accessioned 3-Mar-2025 14:40:18 (UTC+8)-
dc.date.available 3-Mar-2025 14:40:18 (UTC+8)-
dc.date.issued (上傳時間) 3-Mar-2025 14:40:18 (UTC+8)-
dc.identifier (Other Identifiers) G0111357040en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/156014-
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) 111357040zh_TW
dc.description.abstract (摘要) 本研究探討企業聲譽對公司現金持有及財務績效之影響，實證方法以被納入美國最受青睞公司（America’s Most Admired Firms）排名做為衡量企業聲譽的指標，探討美國企業被納入指標後公司現金持有及財務績效的變化。實證結果顯示企業聲譽與現金持有呈現負向關係，顯示聲譽較佳的企業傾向在帳上持有較少的現金。由於企業信貸額度的資料樣本較少，企業聲譽對於信貸額度的影響較不顯著。本研究也分析企業聲譽對於財務績效的影響，實證結果發現被納入美國最受青睞公司名單中, 企業的資產報酬率有顯著的提升, 但是企業的權益報酬率確有顯著的下跌, 可能原因為這些企業採取較為保守的財務策略維持營運，因此降低了權益報酬率表現。zh_TW
dc.description.tableofcontents 第一章 緒論 7 第一節 研究背景與機 7 第二節 研究目的 9 第三節 研究架構 10 第二章 文獻回顧 12 第一節 美國最受青睞公司(America’s Most Admired Firms)排名 12 第二節 聲譽風險 14 第三節 企業現金持有 18 第四節 信貸額度 20 第五節 研究假說 22 第三章 研究方法 26 第一節 研究樣本與資料來源 26 第二節 變數定義 26 第三節 實證模型 29 第四章 實證結果 35 第一節 敘述性統計分析 35 第二節 回歸結果分析 37 第五章 結論與建議 55 第一節 研究結論 55 第二節 研究限制與未來研究建議 57 第六章 參考文獻 59zh_TW
dc.format.extent 1102213 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0111357040en_US
dc.subject (關鍵詞) 企業聲譽zh_TW
dc.subject (關鍵詞) 現金持有zh_TW
dc.subject (關鍵詞) 財務績效zh_TW
dc.subject (關鍵詞) 信貸額度zh_TW
dc.subject (關鍵詞) 資本決策zh_TW
dc.subject (關鍵詞) Corporate reputationen_US
dc.subject (關鍵詞) Cash holdingsen_US
dc.subject (關鍵詞) Financial performanceen_US
dc.subject (關鍵詞) Credit linesen_US
dc.subject (關鍵詞) Capital decisionsen_US
dc.title (題名) 企業聲譽對現金持有以及財務績效之影響zh_TW
dc.title (題名) The Impact of Corporate Reputation on Cash Holdings and Financial Performanceen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) Acharya, V. V., Almeida, H., & Campello, M. (2013). Aggregate risk and the choice between cash and lines of credit. Journal of Finance, 68(5), 2059-2116. Amess, K., Banerji, S., & Lampousis, A. (2015). Corporate cash holdings: Causes and consequences. International Review of Financial Analysis, 42, 421-433. Anginer, D., Fisher, K. L., & Statman, M. (2007). Stocks of admired companies and despised ones. SSRN. Barnett, M. L., Jermier, J. M., & Lafferty, B. A. (2006). Corporate reputation: the definitional landscape. Corporate Reputation Review 9, 26–38. Burke, J. J., Hoitash, R., & Hoitash, U. (2019). Auditor response to negative media coverage of client environmental, social, and governance practices. Accounting Horizons 33, 1–23. Caliskan, E. N., Icke, B. T., & Ayturk, Y. (2011). Corporate reputation and financial performance: Evidence from Turkey. International Journal of Business and Management, 6(3), 123-135. Cheng, Y., Liu, B., McConnell, J. J., & Rosenblum, A. (2017). When is good news bad and vice versa? The Fortune rankings of America’s most admired companies. Journal of Corporate Finance, 43, 378-396. Christensen, C. M., & Raynor, M. E. (2003). Why hard-nosed executives should care about management theory. Harvard Business Review, 81(9), 67-74. Dittmar, A., Mahrt-Smith, J., & Servaes, H. (2003). International corporate governance and corporate cash holdings, Journal of Financial and Quantitative Analysis 38, 111–133. Dittmar, A., & Mahrt-Smith, J. (2007). Corporate governance and the value of cash holdings. Journal of Financial Economics 83, 599–634. Focke, F., Maug, E., & Niessen-Ruenzi, A. (2017). The impact of firm prestige on executive compensation. Journal of Financial Economics, 123(2), 313-336. Fombrun, C. J., & Gardberg, N. A. (2000). Who's tops in corporate reputation? Corporate Reputation Review, 3(1), 13-17. Han, S., & Qiu, J. (2007). Corporate precautionary cash holdings. Journal of Corporate Finance, 13(1), 43-57. Hasan, M. M., Habib, A., & Zhao, R. (2022). Corporate reputation risk and cash holdings. Accounting & Finance, 62(1), 667-707. Herremans, I. M., Akers, M. D., & McInnes, M. (1993). Reputation and Financial Performance. Journal of Business Ethics, 12(5), 383-401. Hogarth, K., M. Hutchinson, & W. Scaife, (2018). Corporate philanthropy, reputation risk management and shareholder value: a study of Australian corporate giving, Journal of Business Ethics, 151, 375–390. Hsieh, T. S., Chang, M., & Huang, C. W. (2014). Reputation Risk and Stock Prices. Journal of Financial Markets, 20, 291-315. Huaman-Ñope, A. G., Serrato-Cherres, A. G., Ramos-Cavero, M. J., & Cordova- Buiza, F. (2023). Reputational risk and stock price: A corporate management analysis. Managerial Finance, 49(7), 1113-1130. Im, J., Park, K., & Zhao, X. (2017). Uncertainty and Corporate Cash Holdings. Journal of Corporate Finance, 44, 78-97. Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. American Economic Review, 76(2), 323-329. Jiménez, G., Lopez, J. A., & Saurina, J. (2009). Empirical analysis of corporate credit lines. The Review of Financial Studies, 22(12), 5067-5098. Karamanis, K., & Kouretas, G. P. (2016). Corporate Reputation Risk Management. Journal of Risk Management, 37(4), 189-217. Kölbel, J.F., Busch, T., & Jancso, L.M. (2017). How media coverage of corporate social irresponsibility increases financial risk. Strategic Management Journal 38, 2266–2284. Locorotondo, R., Dewaelheyns, N., & Van Hulle, C. (2014). Cash holdings and business group membership. Journal of Business Research, 67(3), 316-323. Opler, T., Pinkowitz, L., Stulz, R., & Williamson, R. (1999). The determinants and Implications of Corporate Cash Holdings. Journal of Financial Economics, 52(1), 3-46. Pearsons, D. (2014). Reputation During Economic Downturns. Journal of Corporate Finance, 27, 215-239. Phan, H. V., Nguyen, T. H., Nguyen, H. T., & Hegde, S. (2019). Policy uncertainty and firm cash holdings. Journal of Business Research, 95, 71-82. Puri, M., & Lyer, R. (2012). Motives for Corporate Cash Holdings. Journal of Financial Economics, 108(3), 60-84. Roberts, P. W., & Dowling, G. R. (2002). Corporate Reputation and Sustained Superior Financial Performance. Strategic Management Journal, 23(12), 1077-1093 Sufi, A. (2009). Bank lines of credit in corporate finance: An empirical analysis. The Review of Financial Studies, 22(3), 1057-1088. Sum, V. (2012). Most ethical companies and stock performance: empirical evidence. International Research Journal of Applied Finance, 3(8), 1286-1292. Weng, P.-S., & Chen, W.-Y. (2017). Doing good or choosing well? Corporate reputation, CEO reputation, and corporate financial performance. The North American Journal of Economics and Finance, 39, 223-240. Wong, J. B., & Zhang, Q. (2024). ESG reputation risks, cash holdings, and payout. policies. Finance Research Letters, 59, Article 104695. Xu, X., Mu, Y., & Wang, J. (2023). Corporate risk and financial asset holdings. Pacific-Basin Finance Journal, 81, 102121. Zaheer, A., & Venkatraman, N. (1995). Relational governance as an interorganizational strategy: an empirical test of the role of trust in economic exchange. Strategic Management Journal 16, 373–392. Zhang, H., Wang, J., & Jiang, G. (2015). Reputation Risk and Corporate Performance. Journal of Management Studies, 52(2), 234-261. Zhang, R., & Rezaee, Z. (2009). Do credible firms perform better in emerging markets? Evidence from China. Journal of Business Ethics, 90(2), 221-237.zh_TW