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題名 台灣上市公司總經理特性對總經理更換 宣告效果影響
The Announcement Effect of CEO Characteristics to Turnover of Listed Companies in Taiwan
作者 李季格
貢獻者 吳啟銘
李季格
關鍵詞 宣告效果
總經理特性
事件研究法
總經理更換
日期 2015
上傳時間 3-Aug-2015 13:15:25 (UTC+8)
摘要 本研究希望能藉由股票市場對於公司宣告總經理更換之反應，了解市場對台灣上市公司更換總經理之總經理特性看法是否能反映出總經理適任與否。
本研究以2005年至2014年於證交所公開資訊觀測站之重大訊息公告專區宣告更換總經理之台灣上市公司為研究樣本，結合台灣經濟新報TEJ+自公司年報與發布消息所彙整出與總經理特性之相關資訊，再透過事件研究法計算個別公司更換總經理的宣告效果。
本研究首先探討市場對公司更換總經理之整體看法為何，再透過複迴歸分析進一步探討更換總經理之新任總經理是否由董事長兼任、總經理是否由內部最終控制者成員出任、卸任總經理之在位期間長短、卸任總經理是否離開公司、卸任總經理之選任時持股百分比等因素對宣告效果的影響。
實證結果有以下發現：(一)更換總經理前經營績效表現良好之公司，而新任總經理之職雖然非由董事長出面兼任，但公司之新任總經理仍是由內部最終控制成員中進行選派時，會帶給市場顯著負面宣告效果(二)當新任總經理由董事長兼任，且公司過去經營績效表現良好時，若卸任總經理離開公司，會對公司造成負面宣告效果，這顯示市場認為公司過去經營績效表現良好與總經理之良好管理能力有關，故當新任總經理由董事長兼任使得經營權與所有權合一時，不但會影響董事會監控之獨立性又無法將卸任總經理之優秀才能保留延續，故卸任總經理又離開公司對公司來說是個壞消息。
參考文獻 1. Abe, Y. (1996). Chief executive turnover and firm performance in Japan. Journal of The Japanese and International Economies, 11, 2–26.
2. Alderson, M. J., Bansal, N. and Betker, B. L. (2014). CEO turnover and the reduction of price sensitivity. Journal of Corporate Finance, 25, 376-386.
3. Allgood, S. and Farrell, K. A. (2000). The effect of CEO tenure on the relation between firm performance and turnover. Journal of Financial Research, 23(3), 373-390.
4. Armutage, S. (1995). Event study methods and evidence on their performance. Journal of Economic Survey, 8(4), 25-28.
5. Beatty R.P., and E.J. Zajac, 1987, “CEO change and firm performance in large corporations: Succession effects and manager effects”, Strategic Management Journal, 8(4), pp.305-317
6. Berry T.K., J.M. Bizjak, M.L. Lemmon, and L. Naveen, (2000). CEO turnover and firm diversification, Working paper, Texas A&M University
7. Bonnier, K. A. and Bruner, R. F. (1989). An analysis of stock price reaction to management change in distressed firms. Journal of Accounting and Economics, 11, 95-106.
8. Booth, J. R., M. M. Cornett and H. Tehranian, 2002, Boards of Directors, Ownership, and Regulation. Journal of Banking and Finance, Vol.26, p.1973-1996.
9. Brown, L. D. and Caylor, M. L. (2006). Corporate governance and firm operating performance. Review of Quantitative Finance and Accounting, 32, 129-144.
10. Choi, K.W., Chen, X., Wright, S. and Wu, H.(2014). Analysts’ forecasts following forced CEO changes. (ABACUS) A Journal of Accounting, Finance and Business Studies, 50, No2.
11. Coles, J. L., Daniel, N.D. and Naveen, L.(2015). Co-opted Boards. The Reiview of Financial Studies, 27 (6): 1751-1796.
12. Conelly, B.L., Gangloff, K.A., and Shook, C.L.(2014). Of Scapegoats and Signals: Investor Reactions to CEO Succession in the Aftermath of Wrongdoing. Journal of Management.
13. Cosh, A., Hughes, A. (1997). Executive remuneration, executive dismissal and institutional shareholdings. International Journal of Industrial Organization, 15, 469-492.
14. Clayton, M. J.,J. C. Hartzell,J. Rosenberg (2005).The impact of CEO turnover on equity volatility.The Journal of Business,78,1779-1808.
15. Dahya, J., McConnell, J. J. and Travlos, N. G. (2002). The Cadbury committee, corporate performance, and top management turnover. The Journal of Finance, 1, 461-483.
16. Daily C.M. and Kesner, I.F. (1985). Organizational performance as an antecedent of inside/outside chief executive succession: an empirical assessment. Academy of Management Journal, 28(4), pp.749-762
17. Dalton, D.R. and Kesner, I.F. (1983). Inside/outside succession and organizational size: The pragmatics of executive replacement. Academy of Management Journal, 26, 736-742.
18. Dalton, D.R. and Kesner, I.F. (1987). Composition and CEO Duality in Boards of Directors: An International Perspective. Journal of International Business Studies, 18, 33-42.
19. Davidson W.N., Worrell, D.L. and Cheng, L. (1990). Key executive succession and stockholder wealth: The influence of successorys origin, position, and age. Journal of Management, 16(3),pp.647-664
20. Eisfeldt, A. L. and Kuhnen, C. M.(2013). CEO turnover in a competitive assignment framework. Journal of Financial Economics, 109(2), pp.351-372
21. Engel, E., Hayes, R.M., Want, X. (2003). CEO turnover and properties of accounting information. Journal of Accounting and Economics, 36, pp. 1-3.
22. Farell, K.A. and Whidbee, D.A. (2003). The impact of firm performance expectations on CEO turnover and replacement decisions. Journal of Accounting and Economics, 36, pp.1-3.
23. Fisman, R. J., Khurana, R., Rhodes-Kropf, M. And Yim, S.(2014). Governance and CEO Turnover: Do Something or Do the Right Thing? Management Science, 60(2), pp. 319-337
24. Flanagan, W. (1982). Board and room. Forbes, 219-297.
25. Goyal, V. K. and Park, C. W. (2001). Board leadership structure and CEO turnover. Journal of Corporate Finance, 8, 49-66.
26. Grusky, O. (1963). Managerial succession and organizational effectiveness. American Journal of Sociology, 69(1), 21-31.
27. Guest, R. H. (1962). Managerial succession in complex organizations. American Journal of Sociology, 68(1), 47-56.
28. Harrison, J. R., Torres, D. L. and Kukalis, S. (1988). The changing of the guard: turnover and structural change in the top-management positions. Administrative Science Quarterly, 33(2), 211-232.
29. Helmich, D. L. (1974). Organizational growth and succession patterns. The Academy of Management Journal, 17(4), 771-775.
30. Holmstrom, B. (1979). Moral hazard and observability. The Bell Journal of Economics, 10(1), 74-91.
31. Huson, M. R., Parrino, R. and Starks, L. T. (2001). Internal monitoring mechanisms and CEO turnover: a long-term Perspective. The Journal of Finance, 56(6), 2265-2297.
32. Hutchinson, M. R. and Russell, M. (2013). Is CEO human capital related to firm performance? In EAA 2013 : European Accounting Association 36th Annual Conference, 2-5.
33. Jensen, M. C. and Meckling, W. H. (1976). Theory of the firm: managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 4, 305-360.
34. Jensen, M. and Ruback, R. S. (1983). The Market for Corporate Control: Empirical Evidence. Journal of Financial Economics, 11, pp.24-29.
35. Kato, T. and Long, C. (2006). CEO turnover, firm performance, and enterprise reform in China: evidence from micro data. Journal of Comparative Economics, 34, 96-817.
36. Kini, O., Kracaw, W. and Mian, S.(2004). The nature of discipline by corporate takeovers. The Journal of Finance, 59(4), 1511-1552.
37. Khurana, R., and Nohria, N. (2000). The performance consequences of CEO turnover. Unpublished Manuscript, Massachusetts Institute of Technology, Cambridge
38. Lausten, M. (2002). CEO turnover, firm performance and corporate governance: empirical evidence on Danish firms. International Journal of Industrial Organization, 20, 391-414.
39. MacAvoy, P.W., Cantor, S., Dana, J., and Peck, S. (1983), AL1 proposals for increased control of the corporation by the board of directors: An economic analysis, in: Statement of the Business Roundtable on the American Law Institute’s proposed principles of corporate governance and structure: Restatement and recommendations (Business Roundtable New York).
40. Masculis, R. W. and Mobbs, S.(2014). Independent director incentives: Where do talented directors spend their limited time and energy? Journal of Financial Economics, 111, pp.406-429.
41. Parrino (1997). CEO Turnover and Outside Succession A Cross-Sectional Analysis. Journal of Financial Economics, 46, pp.165-197
42. Peterson, P. P. (1989). Event study: a review of issues and methodology. Quarterly Journal of Business of and Economics, 28, 36-67.
43. Puffer, S.M. and Weintrop, J.B. (1991). Corporate performance and CEO turnover: the role of performance expectations. Administration Science Quarterly, 36, 1-19.
44. Reinganum, M. R. (1985). The effect of executive succession on stockholder wealth. Administrative Science Quarterly, 30, 46-60.
45. Shen, W. and Cannella, A. A. Jr. (2002). Revisiting the performance consequences of CEO succession: the impacts of successor type, postsuccession senior executive turnover, and departing CEO tenure. The Academy of Management Journal, 45(4), 717-733.
46. Smith, J. E., Carson, K. P. and Alexander, R. A. (1984). Leadership: it can make a difference. The Academy of Management Journal, 27(4), 765-776.
47. Vance, S. (1983). Corporate leadership. New York: McGraw-Hill.
48. Warner, J. B., Watts, R. L. and Wruck, K. H. (1988). Stock prices and top management changes. Journal f Financial Economics, 20, 461-462.
49. Weisbach, M. S. (1988). Outside directors and CEO turnover. Journal of Financial Economic, 20, 431-460.
50. 李欣柔(2010)。實證替換高階經理人之績效，高雄大學金融管理學系研究所碩士論文。
51. 黃旭輝(2005)。經理人異動與股東財富效果，管理評論，第25卷，第1期，23-45頁。
52. 簡金成、鄭雅云(2004)。獎酬制度對董監事獨立性之影響，行政院國家科學委員會專題研究計畫 成果報告。
描述 碩士
國立政治大學
企業管理研究所
102363078
資料來源 http://thesis.lib.nccu.edu.tw/record/#G1023630781
資料類型 thesis
dc.contributor.advisor 吳啟銘zh_TW
dc.contributor.author (Authors) 李季格zh_TW
dc.creator (作者) 李季格zh_TW
dc.date (日期) 2015en_US
dc.date.accessioned 3-Aug-2015 13:15:25 (UTC+8)-
dc.date.available 3-Aug-2015 13:15:25 (UTC+8)-
dc.date.issued (上傳時間) 3-Aug-2015 13:15:25 (UTC+8)-
dc.identifier (Other Identifiers) G1023630781en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/77141-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 企業管理研究所zh_TW
dc.description (描述) 102363078zh_TW
dc.description.abstract (摘要) 本研究希望能藉由股票市場對於公司宣告總經理更換之反應，了解市場對台灣上市公司更換總經理之總經理特性看法是否能反映出總經理適任與否。
本研究以2005年至2014年於證交所公開資訊觀測站之重大訊息公告專區宣告更換總經理之台灣上市公司為研究樣本，結合台灣經濟新報TEJ+自公司年報與發布消息所彙整出與總經理特性之相關資訊，再透過事件研究法計算個別公司更換總經理的宣告效果。
本研究首先探討市場對公司更換總經理之整體看法為何，再透過複迴歸分析進一步探討更換總經理之新任總經理是否由董事長兼任、總經理是否由內部最終控制者成員出任、卸任總經理之在位期間長短、卸任總經理是否離開公司、卸任總經理之選任時持股百分比等因素對宣告效果的影響。
實證結果有以下發現：(一)更換總經理前經營績效表現良好之公司，而新任總經理之職雖然非由董事長出面兼任，但公司之新任總經理仍是由內部最終控制成員中進行選派時，會帶給市場顯著負面宣告效果(二)當新任總經理由董事長兼任，且公司過去經營績效表現良好時，若卸任總經理離開公司，會對公司造成負面宣告效果，這顯示市場認為公司過去經營績效表現良好與總經理之良好管理能力有關，故當新任總經理由董事長兼任使得經營權與所有權合一時，不但會影響董事會監控之獨立性又無法將卸任總經理之優秀才能保留延續，故卸任總經理又離開公司對公司來說是個壞消息。		zh_TW
dc.description.tableofcontents 第一章 緒論 8
第一節 研究背景與動機 8
第二節 研究目的 9
第三節 研究架構 10
第二章 文獻回顧與假說發展 12
第一節 文獻回顧 12
第二節 假說發展 16
第三章 研究方法 19
第一節 資料來源與樣本蒐集 19
第二節 樣本分類與分布 20
第三節 事件研究法 26
第四節 複迴歸分析之模型 32
第四章 實證結果分析 43
第一節 累積異常報酬率檢定分析 43
第二節 複迴歸分析 49
第五章 結論與建議 60
第一節 研究結論 60
第二節 研究限制與建議 61
參考文獻 63		zh_TW
dc.format.extent 731753 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G1023630781en_US
dc.subject (關鍵詞) 宣告效果zh_TW
dc.subject (關鍵詞) 總經理特性zh_TW
dc.subject (關鍵詞) 事件研究法zh_TW
dc.subject (關鍵詞) 總經理更換zh_TW
dc.title (題名) 台灣上市公司總經理特性對總經理更換 宣告效果影響zh_TW
dc.title (題名) The Announcement Effect of CEO Characteristics to Turnover of Listed Companies in Taiwanen_US
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) 1. Abe, Y. (1996). Chief executive turnover and firm performance in Japan. Journal of The Japanese and International Economies, 11, 2–26.
2. Alderson, M. J., Bansal, N. and Betker, B. L. (2014). CEO turnover and the reduction of price sensitivity. Journal of Corporate Finance, 25, 376-386.
3. Allgood, S. and Farrell, K. A. (2000). The effect of CEO tenure on the relation between firm performance and turnover. Journal of Financial Research, 23(3), 373-390.
4. Armutage, S. (1995). Event study methods and evidence on their performance. Journal of Economic Survey, 8(4), 25-28.
5. Beatty R.P., and E.J. Zajac, 1987, “CEO change and firm performance in large corporations: Succession effects and manager effects”, Strategic Management Journal, 8(4), pp.305-317
6. Berry T.K., J.M. Bizjak, M.L. Lemmon, and L. Naveen, (2000). CEO turnover and firm diversification, Working paper, Texas A&M University
7. Bonnier, K. A. and Bruner, R. F. (1989). An analysis of stock price reaction to management change in distressed firms. Journal of Accounting and Economics, 11, 95-106.
8. Booth, J. R., M. M. Cornett and H. Tehranian, 2002, Boards of Directors, Ownership, and Regulation. Journal of Banking and Finance, Vol.26, p.1973-1996.
9. Brown, L. D. and Caylor, M. L. (2006). Corporate governance and firm operating performance. Review of Quantitative Finance and Accounting, 32, 129-144.
10. Choi, K.W., Chen, X., Wright, S. and Wu, H.(2014). Analysts’ forecasts following forced CEO changes. (ABACUS) A Journal of Accounting, Finance and Business Studies, 50, No2.
11. Coles, J. L., Daniel, N.D. and Naveen, L.(2015). Co-opted Boards. The Reiview of Financial Studies, 27 (6): 1751-1796.
12. Conelly, B.L., Gangloff, K.A., and Shook, C.L.(2014). Of Scapegoats and Signals: Investor Reactions to CEO Succession in the Aftermath of Wrongdoing. Journal of Management.
13. Cosh, A., Hughes, A. (1997). Executive remuneration, executive dismissal and institutional shareholdings. International Journal of Industrial Organization, 15, 469-492.
14. Clayton, M. J.,J. C. Hartzell,J. Rosenberg (2005).The impact of CEO turnover on equity volatility.The Journal of Business,78,1779-1808.
15. Dahya, J., McConnell, J. J. and Travlos, N. G. (2002). The Cadbury committee, corporate performance, and top management turnover. The Journal of Finance, 1, 461-483.
16. Daily C.M. and Kesner, I.F. (1985). Organizational performance as an antecedent of inside/outside chief executive succession: an empirical assessment. Academy of Management Journal, 28(4), pp.749-762
17. Dalton, D.R. and Kesner, I.F. (1983). Inside/outside succession and organizational size: The pragmatics of executive replacement. Academy of Management Journal, 26, 736-742.
18. Dalton, D.R. and Kesner, I.F. (1987). Composition and CEO Duality in Boards of Directors: An International Perspective. Journal of International Business Studies, 18, 33-42.
19. Davidson W.N., Worrell, D.L. and Cheng, L. (1990). Key executive succession and stockholder wealth: The influence of successorys origin, position, and age. Journal of Management, 16(3),pp.647-664
20. Eisfeldt, A. L. and Kuhnen, C. M.(2013). CEO turnover in a competitive assignment framework. Journal of Financial Economics, 109(2), pp.351-372
21. Engel, E., Hayes, R.M., Want, X. (2003). CEO turnover and properties of accounting information. Journal of Accounting and Economics, 36, pp. 1-3.
22. Farell, K.A. and Whidbee, D.A. (2003). The impact of firm performance expectations on CEO turnover and replacement decisions. Journal of Accounting and Economics, 36, pp.1-3.
23. Fisman, R. J., Khurana, R., Rhodes-Kropf, M. And Yim, S.(2014). Governance and CEO Turnover: Do Something or Do the Right Thing? Management Science, 60(2), pp. 319-337
24. Flanagan, W. (1982). Board and room. Forbes, 219-297.
25. Goyal, V. K. and Park, C. W. (2001). Board leadership structure and CEO turnover. Journal of Corporate Finance, 8, 49-66.
26. Grusky, O. (1963). Managerial succession and organizational effectiveness. American Journal of Sociology, 69(1), 21-31.
27. Guest, R. H. (1962). Managerial succession in complex organizations. American Journal of Sociology, 68(1), 47-56.
28. Harrison, J. R., Torres, D. L. and Kukalis, S. (1988). The changing of the guard: turnover and structural change in the top-management positions. Administrative Science Quarterly, 33(2), 211-232.
29. Helmich, D. L. (1974). Organizational growth and succession patterns. The Academy of Management Journal, 17(4), 771-775.
30. Holmstrom, B. (1979). Moral hazard and observability. The Bell Journal of Economics, 10(1), 74-91.
31. Huson, M. R., Parrino, R. and Starks, L. T. (2001). Internal monitoring mechanisms and CEO turnover: a long-term Perspective. The Journal of Finance, 56(6), 2265-2297.
32. Hutchinson, M. R. and Russell, M. (2013). Is CEO human capital related to firm performance? In EAA 2013 : European Accounting Association 36th Annual Conference, 2-5.
33. Jensen, M. C. and Meckling, W. H. (1976). Theory of the firm: managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 4, 305-360.
34. Jensen, M. and Ruback, R. S. (1983). The Market for Corporate Control: Empirical Evidence. Journal of Financial Economics, 11, pp.24-29.
35. Kato, T. and Long, C. (2006). CEO turnover, firm performance, and enterprise reform in China: evidence from micro data. Journal of Comparative Economics, 34, 96-817.
36. Kini, O., Kracaw, W. and Mian, S.(2004). The nature of discipline by corporate takeovers. The Journal of Finance, 59(4), 1511-1552.
37. Khurana, R., and Nohria, N. (2000). The performance consequences of CEO turnover. Unpublished Manuscript, Massachusetts Institute of Technology, Cambridge
38. Lausten, M. (2002). CEO turnover, firm performance and corporate governance: empirical evidence on Danish firms. International Journal of Industrial Organization, 20, 391-414.
39. MacAvoy, P.W., Cantor, S., Dana, J., and Peck, S. (1983), AL1 proposals for increased control of the corporation by the board of directors: An economic analysis, in: Statement of the Business Roundtable on the American Law Institute’s proposed principles of corporate governance and structure: Restatement and recommendations (Business Roundtable New York).
40. Masculis, R. W. and Mobbs, S.(2014). Independent director incentives: Where do talented directors spend their limited time and energy? Journal of Financial Economics, 111, pp.406-429.
41. Parrino (1997). CEO Turnover and Outside Succession A Cross-Sectional Analysis. Journal of Financial Economics, 46, pp.165-197
42. Peterson, P. P. (1989). Event study: a review of issues and methodology. Quarterly Journal of Business of and Economics, 28, 36-67.
43. Puffer, S.M. and Weintrop, J.B. (1991). Corporate performance and CEO turnover: the role of performance expectations. Administration Science Quarterly, 36, 1-19.
44. Reinganum, M. R. (1985). The effect of executive succession on stockholder wealth. Administrative Science Quarterly, 30, 46-60.
45. Shen, W. and Cannella, A. A. Jr. (2002). Revisiting the performance consequences of CEO succession: the impacts of successor type, postsuccession senior executive turnover, and departing CEO tenure. The Academy of Management Journal, 45(4), 717-733.
46. Smith, J. E., Carson, K. P. and Alexander, R. A. (1984). Leadership: it can make a difference. The Academy of Management Journal, 27(4), 765-776.
47. Vance, S. (1983). Corporate leadership. New York: McGraw-Hill.
48. Warner, J. B., Watts, R. L. and Wruck, K. H. (1988). Stock prices and top management changes. Journal f Financial Economics, 20, 461-462.
49. Weisbach, M. S. (1988). Outside directors and CEO turnover. Journal of Financial Economic, 20, 431-460.
50. 李欣柔(2010)。實證替換高階經理人之績效，高雄大學金融管理學系研究所碩士論文。
51. 黃旭輝(2005)。經理人異動與股東財富效果，管理評論，第25卷，第1期，23-45頁。
52. 簡金成、鄭雅云(2004)。獎酬制度對董監事獨立性之影響，行政院國家科學委員會專題研究計畫 成果報告。		zh_TW