臺灣博碩士論文加值系統

本研究是探討企業所在區域宗教文化對企業避險決策的關係。使用2000年到2015年S&P1500非金融與非公共事業為研究樣本，檢驗區域宗教信仰對企業避險意願與程度的影響。實證結果發現，當企業總部位於高宗教信仰的區域會相對有較低的避險意願，且避險程度也會較低。此區域信仰程度與企業避險活動的顯著負向關係在不同的避險目的下，與控制特定區域、州、宗教調查年度、內生性問題以及自我選擇偏誤等問題下都維持穩健。將樣本區分為金融風暴與非金融風暴期間，發現宗教信仰對企業避險意願的負向影響主要顯著存在於非金融風暴期間。此外，比較2008年金融風暴前後，可以發現不論金融風暴前後，區域信仰程度與企業避險意願或活動皆呈顯著負向關係，但在金融風暴之後，負向影響略為減弱。最後，探討不同宗教的影響幅度是否有所差異，發現新教相對於天主教而言，會對避險意願與程度有較強烈的負向效果。

This is the study to bridge the relationship between religion and corporate hedging. Using the S&P 1500 non-financial and non-public utility firms over the period from 2000 to 2015, this study examines the impacts of regional religion on corporate hedging behavior, including hedging willingness and hedging extent. The findings show that firms headquarters located in high religion areas tend to have significant lower hedging willingness and hedging extent. The significant negative relationship between local religion and corporate hedging is robustness under different hedging objectives, after controlling specific region, states, religious survey years, endogeneity problems and self-selection bias. When the sample is divided into financial crisis and non-financial crisis period, it is found that the negative impact of religion on corporate hedging is mainly exist in non-financial crisis period. Additionally, when sample is separated into before and after financial crisis, it is found that the negative relationship between local religion and corporate hedging keeps both before and after financial crisis period. Finally, we further explore whether the impact of regional religion on corporate hedging keep the same in different religions, and find that Protestant have stronger negative effect on corporate hedging willingness and extent than Catholic.

目次

致謝辭……………………………………………………………………………………i
摘要……………………………………………………………………………………ii
Abstract……………………………………………………………………………..…iii
目次…………………………………………………………………………………..iv
表目次……………………………………………………………………….………..…v
第一章 緒論 ········ 1
第一節 研究動機 ·········· 1
第二節 研究目的 ·································· 2
第三節 研究架構 ······················ 2
第二章 文獻回顧與研究假說 ························· 3
第一節 個體面的區域信仰與風險態度 ······························ 3
第二節 個體區域信仰與企業行為 ················· 4
第三節 企業避險決策 ·························· 5
第四節 研究假說 ························· 6
第三章 研究方法 ······················· 8
第一節 樣本選擇及資料來源 ···························· 8
第二節 變數衡量 ···························· 9
第三節 實證模型 ····························· 12
第四章 實證結果········································ 13
第一節 基本統計分析 ·································· 13
第二節 單變量分析 ···························· 14
第三節 多變量迴歸分析 ··································15
第五章 結論····················· 25
參考文獻·········· 27

表目次

Table 1 Sample Distribution..............34
Table 2 Summary Statistics.................36
Table 3 Correlation Matrix.................37
Table 4 Difference Tests.....................39
Table 5 The impact of religiosity on corporate hedging.................40
Table 6 The impact of religiosity on different type of corporate hedging ………….... 43
Table 7 The impact of religiosity on corporate hedging by financial crisis period………………………………….………………………………………44
Table 8 The impact of religiosity on corporate hedging in survey year……………....46
Table 9 The impact of religiosity on corporate hedging excluding top five religiosity state……………………………………………………………………………47
Table 10 The impact of religiosity on corporate hedging excluding the least five religiosity state………………………………………………………………48
Table 11 The impact of religiosity on corporate hedging excluding California and New York states…………………………………………………………………….49
Table 12 The impact of religiosity on corporate hedging in different areas of the US……………………………………………………………………………...50
Table 13 Two-stage regressions for endogeneity problem……………………………53
Table 14 Heckman regression for controlling selection bias…………………………54
Table 15 The impact of religiosity on corporate hedging of different religious groups.......55

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