臺灣博碩士論文加值系統

過去不少學者提出一些會影響新產品上市的成功因素，其中來自管理層面的因素包括：高階管理者的支持及有效領導、最高管理階層的承諾及最高管理團隊的特徵等等，但卻很少自經理人的名聲來探討之。此外，新產品上市具有高度的不確定性及某種程度的資訊不對性，使得資本市場無法正確去評估新產品上市的價值。基於經理人名聲所具備的認證效果，亦即名聲較佳的經理人所隱含的公司價值，對外部投資人而言是可信賴的，因此，本研究想探討：外部投資人是否會自經理人的名聲去評價公司新產品上市活動的市場價值。故本研究的假設為:公司若有較好的經理人名聲，則公司宣告新產品上市會有正的財富效果。此外，我們尚欲探討公司資訊不對稱的程度是否會加強經理人名聲對於公司宣告新產品上市的正向影響。
本研究自Wall Street Journal (WSJ)及LexisNexis兩個資料庫中，收集1994年至2004年公司宣告新產品上市的樣本，並採用事件研究法去檢測新產品上市的財富效果。本研究實證結果發現，經理人名聲對於公司宣告新產品上市具有正向的財富效果之影響。亦即，在資訊不對稱之下，外界投資人會依賴經理人的名聲去評價公司的新產品上市宣告的價值。然而，資訊不對稱的程度並沒有正向加強這樣的關係。

There are some scholars had examined the success factors of new product introduction (NPI) such as the senior management support, effective leadership, top management commitment and team characteristics. However, nearly no study linked manager reputation and NPI. Additionally, considering the high uncertainty and information asymmetry of NPI, it is hard for investors to evaluate a firm’s NPI announcement. Since manager reputation has a certifying effect on firm value, a reputable manager can convey the value of their firm more credibly to outsiders. Therefore, we want to investigate whether investors will assess NPI by the indicator of manager reputation. Our first hypothesis is: firms with greater CEO reputation will have positive wealth effect of new product introduction. Besides, we also want to examine whether the degree of information asymmetry positively moderates the effect of CEO reputation on the market reactions to NPI announcements.
We collect data from the Wall Street Journal (WSJ) and LexisNexis databases in public-traded sample firms which had announced new product introductions. The sample period is from 1994 to 2004. Our finding suggests that firms with greater CEO reputation will have positive wealth effect of NPI announcements. In other word, under an information asymmetry environment, outsiders will rely on manager reputation to measure of firm’s announcements of NPI. However, our finding does not support the hypothesis about the effect of the degree of information asymmetry has significantly positively influence on the effect of CEO reputation on the market reactions to NPI announcements.

Content
Chapter 1 Introduction 1
1.1 Research Background 1
1.2 Research Motivation 2
1.3 Research Objectives 4
Chapter 2 Literature review and Hypothesis development 5
2.1 New Product Introduction 5
2.2 Role of manager reputation 12
2.3 Hypothesis Development 21
Chapter 3 Methodology 24
3.1 Data source and Sample selection 24
3.2 Variables Definition 26
3.3 Methodology 29
3.4 The prediction of results 36
Chapter 4 Empirical Results 37
4.1 Empirical Results of Abnormal Return 37
4.2 Empirical Results of Regression Models 40
Chapter 5 Conclusion 49
5.1 Conclusion 49
5.2 Contributions and Research Limitations 50
5.3 Suggestions for Future Research 50
Reference 52

Tables
Table 1 Overview of prior empirical CEO characteristics researches 18
Table 2 Distribution of New Product Introductions by Year 25
Table 3 Distribution of New Product Introductions by Industry 25
Table 4 The prediction of results on all variables 36
Table 5 Abnormal Return of Announcing Firm 38
Table 6 Cumulative Abnormal Return of Announcing Firm 39
Table 7 Summary statistics of variables 40
Table 8 Correlation Matrix of Variables 41
Table 9 Cross-Sectional Regression Analysis 45
Table 10 Interaction Effects of three proxies of manager reputation with control variables 47

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