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研究生(外文):Yi-Kang Chang
指導教授(外文):Wei-Hsien Li
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In this paper, I investigate whether CEO’s cultural identity has impact on firm’s intangible investment decisions after controlling for firm’s cultural identity. Furthermore, I study CEO’s cultural identity that affects his/her behavior was formed during which of the three different stages of lifetime: the country of the birthplace (childhood period), the university (late adolescent period) and the last job working place (working period); and examine whether the cultural identity is time-invariant.

Utilizing cultural dimensions proposed by Hofstede and Schwartz to identify the CEO and the firm’s cultural identity, I confirm that CEO’s cultural identity does affect firm’s intangible investment decisions after controlling for firm’s cultural identity. I also find that during the childhood and the late adolescent period: uncertainty avoidance and long-term perspective are positively related to firm’s intangible investment decisions, while harmony reveals a negative relation. And hierarchy is negatively related at all three stages.

After employing instrumental variables in robustness tests, the results of uncertainty avoidance and harmony remain unchanged, and hierarchy become negative only in the work period. More importantly, I find that cultural identity formed in the late adolescent period has larger impact on firm’s intangible investment decisions. Therefore, I conclude that the cultural identity is not time-invariant, whereas it will be changed due to the change of the environment.
摘要 II
Abstract III
誌謝 IV
目錄 V
表目錄 VIII
一、 緒論 1
1-1 前言 1
1-2 研究架構 5
二、 文獻探討與假說建立 6
2-1 文化與公司決策 6
2-1-1 經理人特徵與公司無形資產投資 6
2-1-2 公司所在環境的國家文化與公司決策 6
2-2 公司無形資產投資 9
2-3 三個生涯階段 9
2-4 九種文化價值與投資無形資產決策的關係 12
2-4-1 權力距離(PDI)-負相關 13
2-4-2 不確定性規避(UAI)-正相關 13
2-4-3 個人/集體主義(IDV)-正相關 13
2-4-4 陽剛/陰柔主義(MAS)-負相關 14
2-4-5 長期/短期觀點(LTO)-正相關 14
2-4-6 縱容/抑制主義(IVR)-正相關 14
2-4-7 階級/平等主義(HIE)-負相關 15
2-4-8 保守/自主主義(EMB)-負相關 15
2-4-9 和諧/主宰主義(HAR)-負相關 15
三、 變數與樣本 17
3-1 變數 17
3-1-1 自變數 17
3-1-2 應變數 21
3-1-3 控制變數 21
3-2 樣本 23
3-3 敘述統計 23
四、 實證結果及分析 27
五、 穩健性測試 36
5-1 工具變數(IV) 36
5-1-1 個人/集體主義(IDV)-流行病史 38
5-1-2 不確定性規避(UAI)-創業家精神 40
5-1-3 階級/平等主義(HIE)-西歐語言 42
5-1-4 權力距離(PDI)-歷史人口密度 43
5-1-5 陽剛/陰柔主義(MAS)-氣候溫度 45
5-1-6 和諧/主宰主義(HAR)-英國殖民地 47
5-2 以R&D作為應變數 49
六、 結論與未來研究方向 53
七、 參考文獻 56
八、 附錄 60
附錄一 60
附錄二 63
附錄三 66
附錄四 70
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