1. NCCU Academic Hub
  2. Publications
  3. College of Commerce
  4. Theses
  5. Item

Publications-Theses

Article View/Open

Publication Export

Google ScholarTM

NCCU Library

Citation Infomation

Related Publications in TAIR

題名 執行長為創辦人與否對購併宣告效果之影響-以美國紐約證交所上市公司為例
Announcement Effect on M&A of Founder-CEO and Non-Founder CEO-Evidence from New York Stock Exchange
作者 陳碩耘
貢獻者 吳啟銘
陳碩耘
關鍵詞 創辦人執行長
購併宣告效果
代理人問題
股票選擇權
日期 2013
上傳時間 4-Jun-2014 14:41:18 (UTC+8)
摘要 本論文採用事件研究法，以2008到2012年間美國紐約證交所上市公司共計1423個購併案件為樣本進行實證，利用累積異常報酬(CAR)的統計檢定與複迴歸分析去探討主併公司在宣告購併時，股價反應是否會因為主併公司之執行長為創辦人而有所不同。投資人會因考量到代理人問題，對於創辦人執行長做出的購併決策較具信心而使股價上揚，亦或是認為創辦人反而容易被過去成功的思維和作法所牽制而做了錯誤的購併決策，為本文討論重心。
     本研究結果共有三點，第一，創辦人執行長之主併宣告效果不顯著，但非創辦人執行長之主併宣告效果顯著為正，兩樣本間的差異則無顯著異於零。第二、由迴歸分析之結果可得知，創辦人是否為執行長之變數對於主併公司宣告效果具有顯著的影響，當執行長為創辦人時對股價之影響為負向。第三、將兩樣本分別做迴歸檢定並和總樣本之結果進行比較，發現主併公司之成立年數對創辦人執行長之宣告效果產生負影響，顯示出市場認為創辦人容易因過去的成功經驗而傾向維持既有策略，導致無法做出開創性之購併決策。此外，執行長持有的股票選擇權比率高低對於宣告效果有顯著的影響，當持有比率越高時宣告效果越好，此結果佐證股票選擇權能夠降低代理人問題、使股價有正向反應之論述。
參考文獻 Adams, R. B.; H. Almeida; and D. Ferreira., 2009. “Understanding the Relationship between Founder-CEOsand Firm Performance.”Journal of Empirical Finance, 16, 136-150.
     Agrawal, A., J.F. Jaffe, and G.N. Mandelker, 1992, “The Post-Merger Performance of Acquiring Firms: A Reexamination of an Anomaly.”Journal of Finance,47, 1605-1621.
     Anderson, R. C.; S. A. Mansi; and D. M. Reeb., 2003.“Founding Family Ownership and the Agency Cost ofDebt.”Journal of Financial Economics, 68, 263-285.
     Anusha, C., Paige, P.O., L. T., 2010. “The Value of Control in Emerging Markets.”Review of Finance Study, 23, 1741-1770.
     Beatty, C.A., 1994.“Wanted: the Perfect Tiny Acquisition.”Business Quarterly, 51-59.
     Busenitz, L., and Barney, J., 1997. “Differences Between Entrepreneurs and Managers in Large Organizations: Biases andHeuristics in Strategic Decision Making.” Journal of Business Venturing, 12, 9-30.
     Capron, Laurence and Jung-Chin Shen, 2007. “Acquisitions of Private vs. Public Firms: Private Information, Target Selection, and Acquirer Returns.”Strategic Management Journal, 28, 891-911.
     “Comeback Kings?” Jan. 2009. The Economist.
     Corhay, A. and Rad, A. T., 2000. “International Acquisitions and Shareholder Wealth Evidence form the Netherlands.”International Review of Financial Analysis, 9, 163-174.
     Daniel, P. Forbes., 2005. “Are some entrepreneurs more overconfident than others?” Journal of Business Venturing, 20, 623-640.
     Denis, D. J., Denis, D. K. and Sarin, A., 1997. “Agency Problems, Equity Ownership, and Corporate Diversification.”Journal of Finance, 52, 135-160.
     Dolley, J.C., 1933.“Characteristics and Procedure of Common Stock Split-ups.”Harvard Business Review 11, 316-326.
     Dunning, J. H. 2006.“Comment on Dragon Multinationals: New Players in 21st Century Globalization.”Asia Pacific Journal of Management, 23, 139-141.
     ElazarBerkovitch and M. P. Narayanan, 1993. “Motives for Takeovers: An Empirical Investigation.”Journal of Financial and Quantitative Analysis, 28(3), 347-362.
     Fama, E.F., 1980. “Agency Problems and Theory of the Firm.”Journal of Political Economy, 88, 288-307.
     Fama, E.F., Fisher, L., Jensen, M.C., Roll, R., 1969. “The Adjustment of Stock Prices to New Information.”International Economic Review, 10, 1-21.
      
     Gervais, S.; J.B. Heaton; and T. Odean., 2007.“Overconfidence, Investment Policy and Manager Welfare.”Working Paper, Fuqua School of Business.
     Ghosh, A.,2001. “Does Operating Performance Really Improve Following Corporate Acquisitions?”Journal of Corporate Finance, 7, 151-178.
     Gilson, S., 1989.“Management Turnover and Financial Distress.”Journal of Financial Economics, 25, 241-262.
     Guay, W., 1999. “The Sensitivity of CEO Wealth to Equity Risk: An Analysis of The Magnitude and Determinants.” Journal of Financial Economics, 53, 43-71.
     Hall, B. J., and K. J. Murhpy., 2002.“Stock Options for Undiversified Executives.”Journal of Accounting and Economics, 33, 3-42.
     Haugen, R. A., and L. W. Senbet., 1981.“Resolving the Agency Problems of External Capital through Options.”Journal of Finance, 36, 629-647.
     Healy, P., K.G. Palepu, and R.S. Ruback, 1992. “Does Corporate Performance Improve after Mergers?” Journal of Financial Economics, 31, 135-175.
     James, G. Marchand Zur Shapira., 1987.“Managerial Perspectives on Risk and Risk Taking.”Management Science, 33, 1404-1418.
     Jayaraman, N.; A. Khorana; E. Nelling; and J. Covin., 2000. “CEO Founder Status and Firm FinancialPerformance.” Strategic Management Journal, 21, 1215-1224.
     Jensen, M. C., and W. H. Meckling, 1976. “Theory of the Firm: Managerial Behavior, Agency Costand Ownership Structure.” Journal of Financial Economics, 3, 305-360.
     Kidd, B. John, 1970. “The Utilization of Subjective Probabilities in Production Planning,” ActaPsychologica Sinica, 34, 338-347.
     Koeplin J, Sarin A, Shapiro AC. 2000. “The Private Company Discount.”Journal of Applied Corporate Finance.12, 94-101.
     Kooli M, Kortas M, L’Her JF. 2003. “A new examination of the private company discount.”Journal of Private Equity, 6, 48-55.
     Lamout, O. and Polk, C., 2002. “Does Diversification Destroy Value? Evidence from Industry Shocks.”Journal of Financial Economics, 63, 51-77.
     Linn, S.C. and Switzer, J.A., 2001. “Are Cash Acquisitions Associated with Better Post-Combination Operating Performance than Stock Acquisitions?”Journal of Banking and Finance, 6, 1113-1138.
     McWilliams, A. and Siegel, D. 1999. “Issues in the Use of Event Study Methodology: A Critical Analysis of Corporate Social Responsibility Studies.”Organizational Research Method, 2, 340-365.
     Moeller, Sara B., Frederik P. Schlingemann, and René M. Stulz, 2004, “Firm Size and The Gains from Acquisitions.”Journal of Financial Economics, 73, 201-228.
     Moore,P.G.,1977. “The Manager’s Struggle with Uncertainty.”Journal of the Royal StatisticalSociety Series, 149, 129-165.
     Palia, D., and S. A. Ravid., 2003.“The Role of Founders in Large Companies: Entrenchment or ValuableHuman Capital?”Working Paper, Rutgers University.
     Petersen, M., Rajan, R. 2002.“Does distance still matter?The information revolution in small business lending.”Journal of Finance, 57, 2533-2570.
     Peterson,P., 1989. “Event Studies: A Review of Issues and Methodology.”Quarterly Journal of Business and Economics, 28, 36-67.
     Rajgopal, S. and T. Shevlin., 2002.“Empirical Evidence on the Relation between Stock Option Compensation and Risk Taking.”Journal of Accounting and Economics, 33, 145-171.
     R,Fahlenbrach., 2009. “Founder-CEOs, Investment Decisions, andStock Market Performance.”Journal of Financial and Quantitative Analysis, 44, 439-466.
     Schulman, C. T., Thomas, D. W., Sellers, K. F. and Kennedy, D. B., 1996. “Effects of Tax Integration and Capital Gains Tax on Corporate Leverage.”National Tax Journal, 49, 31-54.
     Villalonga, B., and R. Amit., 2006. “How Do Family Ownership, Control, and Management Affect FirmValue?” Journal of Financial Economics, 80, 385-417.
描述 碩士
國立政治大學
財務管理研究所
100357009
102
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0100357009
資料類型 thesis
dc.contributor.advisor 吳啟銘zh_TW
dc.contributor.author (Authors) 陳碩耘zh_TW
dc.creator (作者) 陳碩耘zh_TW
dc.date (日期) 2013en_US
dc.date.accessioned 4-Jun-2014 14:41:18 (UTC+8)-
dc.date.available 4-Jun-2014 14:41:18 (UTC+8)-
dc.date.issued (上傳時間) 4-Jun-2014 14:41:18 (UTC+8)-
dc.identifier (Other Identifiers) G0100357009en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/66464-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 財務管理研究所zh_TW
dc.description (描述) 100357009zh_TW
dc.description (描述) 102zh_TW
dc.description.abstract (摘要) 本論文採用事件研究法，以2008到2012年間美國紐約證交所上市公司共計1423個購併案件為樣本進行實證，利用累積異常報酬(CAR)的統計檢定與複迴歸分析去探討主併公司在宣告購併時，股價反應是否會因為主併公司之執行長為創辦人而有所不同。投資人會因考量到代理人問題，對於創辦人執行長做出的購併決策較具信心而使股價上揚，亦或是認為創辦人反而容易被過去成功的思維和作法所牽制而做了錯誤的購併決策，為本文討論重心。
     本研究結果共有三點，第一，創辦人執行長之主併宣告效果不顯著，但非創辦人執行長之主併宣告效果顯著為正，兩樣本間的差異則無顯著異於零。第二、由迴歸分析之結果可得知，創辦人是否為執行長之變數對於主併公司宣告效果具有顯著的影響，當執行長為創辦人時對股價之影響為負向。第三、將兩樣本分別做迴歸檢定並和總樣本之結果進行比較，發現主併公司之成立年數對創辦人執行長之宣告效果產生負影響，顯示出市場認為創辦人容易因過去的成功經驗而傾向維持既有策略，導致無法做出開創性之購併決策。此外，執行長持有的股票選擇權比率高低對於宣告效果有顯著的影響，當持有比率越高時宣告效果越好，此結果佐證股票選擇權能夠降低代理人問題、使股價有正向反應之論述。		zh_TW
dc.description.tableofcontents 第一章 緒論 1
     第一節 研究背景與動機 1
     第二節 研究問題與目的 2
     第三節 研究方法與架構 3
     第二章 文獻回顧 4
     第一節 創辦人執行長之投資決策與績效 4
     第二節 股票選擇權與代理問題 6
     第三章 研究方法 7
     第一節 樣本資料來源與選取標準 7
     第二節 宣告效果衡量與變數定義 10
     第三節 事件研究法 17
     第四節 複迴歸分析 18
     第四章 實證結果與分析 24
     第一節 敘述統計 24
     第二節 累積異常報酬率檢定 28
     第三節 複迴歸模型 30
     第五章 結論與建議 41
     第一節 研究結論 41
     第二節 研究限制 42
     第三節 後續建議 42
     參考文獻 43		zh_TW
dc.language.iso en_US-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0100357009en_US
dc.subject (關鍵詞) 創辦人執行長zh_TW
dc.subject (關鍵詞) 購併宣告效果zh_TW
dc.subject (關鍵詞) 代理人問題zh_TW
dc.subject (關鍵詞) 股票選擇權zh_TW
dc.title (題名) 執行長為創辦人與否對購併宣告效果之影響-以美國紐約證交所上市公司為例zh_TW
dc.title (題名) Announcement Effect on M&A of Founder-CEO and Non-Founder CEO-Evidence from New York Stock Exchangeen_US
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) Adams, R. B.; H. Almeida; and D. Ferreira., 2009. “Understanding the Relationship between Founder-CEOsand Firm Performance.”Journal of Empirical Finance, 16, 136-150.
     Agrawal, A., J.F. Jaffe, and G.N. Mandelker, 1992, “The Post-Merger Performance of Acquiring Firms: A Reexamination of an Anomaly.”Journal of Finance,47, 1605-1621.
     Anderson, R. C.; S. A. Mansi; and D. M. Reeb., 2003.“Founding Family Ownership and the Agency Cost ofDebt.”Journal of Financial Economics, 68, 263-285.
     Anusha, C., Paige, P.O., L. T., 2010. “The Value of Control in Emerging Markets.”Review of Finance Study, 23, 1741-1770.
     Beatty, C.A., 1994.“Wanted: the Perfect Tiny Acquisition.”Business Quarterly, 51-59.
     Busenitz, L., and Barney, J., 1997. “Differences Between Entrepreneurs and Managers in Large Organizations: Biases andHeuristics in Strategic Decision Making.” Journal of Business Venturing, 12, 9-30.
     Capron, Laurence and Jung-Chin Shen, 2007. “Acquisitions of Private vs. Public Firms: Private Information, Target Selection, and Acquirer Returns.”Strategic Management Journal, 28, 891-911.
     “Comeback Kings?” Jan. 2009. The Economist.
     Corhay, A. and Rad, A. T., 2000. “International Acquisitions and Shareholder Wealth Evidence form the Netherlands.”International Review of Financial Analysis, 9, 163-174.
     Daniel, P. Forbes., 2005. “Are some entrepreneurs more overconfident than others?” Journal of Business Venturing, 20, 623-640.
     Denis, D. J., Denis, D. K. and Sarin, A., 1997. “Agency Problems, Equity Ownership, and Corporate Diversification.”Journal of Finance, 52, 135-160.
     Dolley, J.C., 1933.“Characteristics and Procedure of Common Stock Split-ups.”Harvard Business Review 11, 316-326.
     Dunning, J. H. 2006.“Comment on Dragon Multinationals: New Players in 21st Century Globalization.”Asia Pacific Journal of Management, 23, 139-141.
     ElazarBerkovitch and M. P. Narayanan, 1993. “Motives for Takeovers: An Empirical Investigation.”Journal of Financial and Quantitative Analysis, 28(3), 347-362.
     Fama, E.F., 1980. “Agency Problems and Theory of the Firm.”Journal of Political Economy, 88, 288-307.
     Fama, E.F., Fisher, L., Jensen, M.C., Roll, R., 1969. “The Adjustment of Stock Prices to New Information.”International Economic Review, 10, 1-21.
      
     Gervais, S.; J.B. Heaton; and T. Odean., 2007.“Overconfidence, Investment Policy and Manager Welfare.”Working Paper, Fuqua School of Business.
     Ghosh, A.,2001. “Does Operating Performance Really Improve Following Corporate Acquisitions?”Journal of Corporate Finance, 7, 151-178.
     Gilson, S., 1989.“Management Turnover and Financial Distress.”Journal of Financial Economics, 25, 241-262.
     Guay, W., 1999. “The Sensitivity of CEO Wealth to Equity Risk: An Analysis of The Magnitude and Determinants.” Journal of Financial Economics, 53, 43-71.
     Hall, B. J., and K. J. Murhpy., 2002.“Stock Options for Undiversified Executives.”Journal of Accounting and Economics, 33, 3-42.
     Haugen, R. A., and L. W. Senbet., 1981.“Resolving the Agency Problems of External Capital through Options.”Journal of Finance, 36, 629-647.
     Healy, P., K.G. Palepu, and R.S. Ruback, 1992. “Does Corporate Performance Improve after Mergers?” Journal of Financial Economics, 31, 135-175.
     James, G. Marchand Zur Shapira., 1987.“Managerial Perspectives on Risk and Risk Taking.”Management Science, 33, 1404-1418.
     Jayaraman, N.; A. Khorana; E. Nelling; and J. Covin., 2000. “CEO Founder Status and Firm FinancialPerformance.” Strategic Management Journal, 21, 1215-1224.
     Jensen, M. C., and W. H. Meckling, 1976. “Theory of the Firm: Managerial Behavior, Agency Costand Ownership Structure.” Journal of Financial Economics, 3, 305-360.
     Kidd, B. John, 1970. “The Utilization of Subjective Probabilities in Production Planning,” ActaPsychologica Sinica, 34, 338-347.
     Koeplin J, Sarin A, Shapiro AC. 2000. “The Private Company Discount.”Journal of Applied Corporate Finance.12, 94-101.
     Kooli M, Kortas M, L’Her JF. 2003. “A new examination of the private company discount.”Journal of Private Equity, 6, 48-55.
     Lamout, O. and Polk, C., 2002. “Does Diversification Destroy Value? Evidence from Industry Shocks.”Journal of Financial Economics, 63, 51-77.
     Linn, S.C. and Switzer, J.A., 2001. “Are Cash Acquisitions Associated with Better Post-Combination Operating Performance than Stock Acquisitions?”Journal of Banking and Finance, 6, 1113-1138.
     McWilliams, A. and Siegel, D. 1999. “Issues in the Use of Event Study Methodology: A Critical Analysis of Corporate Social Responsibility Studies.”Organizational Research Method, 2, 340-365.
     Moeller, Sara B., Frederik P. Schlingemann, and René M. Stulz, 2004, “Firm Size and The Gains from Acquisitions.”Journal of Financial Economics, 73, 201-228.
     Moore,P.G.,1977. “The Manager’s Struggle with Uncertainty.”Journal of the Royal StatisticalSociety Series, 149, 129-165.
     Palia, D., and S. A. Ravid., 2003.“The Role of Founders in Large Companies: Entrenchment or ValuableHuman Capital?”Working Paper, Rutgers University.
     Petersen, M., Rajan, R. 2002.“Does distance still matter?The information revolution in small business lending.”Journal of Finance, 57, 2533-2570.
     Peterson,P., 1989. “Event Studies: A Review of Issues and Methodology.”Quarterly Journal of Business and Economics, 28, 36-67.
     Rajgopal, S. and T. Shevlin., 2002.“Empirical Evidence on the Relation between Stock Option Compensation and Risk Taking.”Journal of Accounting and Economics, 33, 145-171.
     R,Fahlenbrach., 2009. “Founder-CEOs, Investment Decisions, andStock Market Performance.”Journal of Financial and Quantitative Analysis, 44, 439-466.
     Schulman, C. T., Thomas, D. W., Sellers, K. F. and Kennedy, D. B., 1996. “Effects of Tax Integration and Capital Gains Tax on Corporate Leverage.”National Tax Journal, 49, 31-54.
     Villalonga, B., and R. Amit., 2006. “How Do Family Ownership, Control, and Management Affect FirmValue?” Journal of Financial Economics, 80, 385-417.		zh_TW