臺灣博碩士論文加值系統

相較於先前的研究將焦點大多放在CEO的人口學特徵對公司風險承擔的影響，本研究主要利用CEO的生肖特徵及星座特徵，探討CEO的心理學特徵對公司風險承擔的影響，並同時考慮CEO的人口學特徵。本研究以2000年至2014年之BoardEx中的CEO樣本進行分析。實證結果發現，保守生肖的CEO傾向對風險採取保守態度，且喜歡較保守的公司策略：至於星座方面，保守星座的CEO喜歡保守的公司策略。額外測試更指出實證結果在高科技產業中愈發明顯。總括而言，此結果顯示CEO的個人特徵與公司風險承擔的具相關性。

Compared with prior studies mostly focus on the influences of CEO demographic characteristics on firm risk-taking, this study uses Chinese zodiac traits and constellation traits as the proxy variables for CEO psychological traits and takes into consideration demographic characteristic variables to analyze the relationship between CEO traits and firm risk-taking. My sample consists of CEOs who are covered by the BoardEx database over the period 2000-2014. The results show that CEOs with more conservative Chinese zodiacs are less risky and prefer more conservative firm policies, and CEOs with more conservative constellation signs prefer more conservative firm policies. Further analyses reveal that these findings are more pronounced among firms in the high-tech sector. Overall, my finding suggests that a CEO’s personal trait is associated with the riskiness of the firm and firm policies.

1. Introduction 1
2. Literature Review 5
2.1. CEO Traits 5
2.2. Constellation 6
2.3. Chinese Zodiac 8
2.4. Firm Risk-taking Behavior and Firm Policies 11
3. Hypotheses Development 13
4. Data and Research Design 16
4.1. Sample Selection 16
4.2. Risk Proxies and Firm Policies 18
4.3. Control Variables 20
4.4. Empirical Model 21
5. Empirical Results 24
5.1. Descriptive Statistics 24
5.2. Chinese Zodiac, Firm Risk-taking Behavior and Firm Policies 28
5.3. Constellation, Firm Risk-taking Behavior and Firm Policies 32
6. Additional Analysis 37
7. Conclusion 49
References 51
Appendix 54
Appendix 1. Variable Definitions 54
Appendix 2. Behavioral Traits Associated with the 12 Chinese Zodiacs 56
Appendix 3. Behavioral Traits Associated with the 4 Elements of Constellation 58

Adams, R., Almeida, H., & Ferreira, D. (2005). Powerful CEOs and Their Impact on Corporate Performance. The Review of Financial Studies, 18(4), 1403-1432.
Allgood, S., & Farrell, K. (2003). The Match between CEO and Firm. The Journal of Business, 76(2), 317-341.
Barker, V., & Mueller, G. (2002). CEO Characteristics and Firm R&D Spending. Management Science, 48(6), 782-801.
Beaver, W., Kettler, P., & Scholes, M. (1970). The Association between Market Determined and Accounting Determined Risk Measures. The Accounting Review, 45(4), 654-682.
Bennedsen, M., Pérez-González, F., & Wolfenzon, D. (2008). Do CEOs Matter? Working paper, Columbia University.
Bertrand, M., & Schoar, A. (2003). (2003). Managing with style: The Effect of Managers on Firm Policies. Quarterly Journal of Economics, 118(4), 1169-1208.
Boehm S. A., Dwertmann, David J. G., Bruch, H., & Shamir, B. (2015). The missing link? Investigating organizational identity strength and transformational leadership climate as mechanisms that connect CEO charisma with firm performance. The Leadership Quaterly, 26(2), 156-171.
Bolton, P., Brunnermeier, M., & Veldkamp, L. (2013).. Leadership, Coordination, and Corporate Culture. The Review of Economic Studies, 80(2 (283)), 512-537.
Brookman, J., & Thistle, P. D. (2009). CEO tenure, the risk of termination and firm value. Journal of Corporate Finance, 15(3), 331-344
Byrnes, J. P., Miller, D. C., & Schafer, W. D. (1999). Gender Differences in Risk taking: A Meta-analysis. Psychological Bulletin, 125(3), 367-383.
Calori, R., Johnson, G., & Sarnin, P. (1994). CEOs' Cognitive Maps and the Scope of the Organization. Strategic Management Journal, 15(6), 437-457.
Claessens, S., Djankov, S., & Lang, Larry H. P. (2000). The Separation of Ownership and Control in East Asian Corporation. Jounal of Financial Economics, 58(1-2), 81-112.
Colbert, A. E., Barrick, M. R., & Bradley, B. H. (2014). Personality and Leadership Composition in Top Management Teams: Implications for Organizational Effectiveness. Personnel Psychology, 67(2), 351-387.
Dechow, P. M., & Sloan R. G. (1991). Executive incentives and the horizon problem: An empirical investigation. Journal of Accounting and Economics, 14(1), 51-89.
Goel, A., & Thakor, A. (2008). Overconfidence, CEO Selection, and Corporate Governance. Jounal of Finance, 63(6), 2737-2784.
Graham, J. R., Harvey, C. R., & Puri, M. (2013). Managerial attitudes and corporate actions. Journal of Financial Economics, 109(1), 103-121.
Hambrick, D. C., & Mason, P. A. (1984). Upper Echelons: The Organization as a Reflection of Its Top Managers. The Academy of Management Reciew, 9(2), 193-206.
Hambrick, D. C., & Gregory D. S. Fukutomi. (1991). The Seasons of a CEO's Tenure. The Academy of Management Review, 16(4), 719-742.
Hambrick, D. C., Black S., & J. W. Fredrickson, J. W. (1992). Executive leadership of the high-technology firm: What's so special about it? in L. R. Gomez-Mejia, M. W. Lawless, eds. Top Management and Effective Leadership in High Technology,, JAI Press
Hambrick, D. C., Geletkanycz, M. A., & Fredirckson, J. W. (1993). Top Executive Commitment to the Status Quo: Some Tests of Its Determinants. Strategic Management Journal, 14(6), 401-418.
Heaton, J. (2002). Managerial Optimism and Corporate Finance, Financial Management, 31(2), 33-45
Heaton, S., & Odean, T. (2011). Overconfidence, Compensation Contracts, and Capital Budgeting. Jounal of Finance, 66(5), 1735-1777.
Hirshleifer, D. (1993). Managerial Reputation and Corporate Investment Decisions. Financial Management, 22(2), 145-160.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, 3(4), 305-360.
Kaplan, S. N., Klebanov M., & Sorensen, M. (2012). Which CEO Characteristics and Abilities Matter? Jounal of Finance, 67(3), 973-1007.
Kile C. O., & Phillips M. E. (2009) Using industry classification codes to sample high-technology firms: analysis and recommendations. Journal of Accounting, Auditing & Finance, 24(1), 35-58.
Li, K., Griffin, D. W., Yue, H., & Zhao, L. (2013). How does culture influence corporate risk-taking? Jounal of Corporate Finance, 23, 1-22.
Matta, E., & Beamish, P. (2008). The Accentuated CEO Career Horizon Problem: Evidence from International Acquisitions. Strategic Management Journal, 29(7), 683-700.
Miller, D. (1991). Stale in the Saddle: CEO Tenure and the Match between Organization and Environment. Management Science, 37(1), 34-52.
Mohamed, E. B., Jarboui, S., Bacaar, A., & Bouri, A. (2015). On the Effect of CEO’s Personal Characteristics in Transport Firm Value? A Stochastic Frontier Model. Case Studies on Transport Policy, 3(2), 176-181.
Pegels, C., & Yang, B.(2000). Top Management Team Impact on Strategic Assets Accumulation Capabilities. Management Decision, 38(10), 694-710.
Rajagopalan, N., & Datta, D. (1996). CEO Characteristics: Does Industry Matter? The Academy of Management Journal, 39(1), 197-215.
Rogers, M., & Glendon, A. I. (2003). Blood type and personality. Personality and Individual Differences, 34(7), 1099–1112.
Ryan, H., & Wiggins, R. (2002). The Interactions between R&D Investment Decisions and Compensation Policy. Financial Management, 31(1). 5-29
Serfling, M. (2014). CEO Age and the Riskiness of Corporate Policies. Jounal of Corporate Finance, 25, 251-273.
Thomas, A. S., Litschert, R. J., & Ramaswamy, K. (1991). The Performance Impact of Strategy-Manager Co-Alignment: An Empirical Examination. Strategic Management Journal, 12(7), 509-522.
Wu, S. (2013). Chinese Astrology: Exploring the Eastern Zodiac. Wayne, NJ: New Page Books.