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研究生:吳筱雯
研究生(外文):Hsiao-Wen Wu
論文名稱:高階管理團隊社會資本之價值攸關性-公司最終所有權結構的調節效果
論文名稱(外文):The Value Relevance of Top Management Teams' Social Capital- The Moderation Effect of Ultimate Corporate Ownership Structure
指導教授:謝佩君謝佩君引用關係楊朝旭楊朝旭引用關係
學位類別:碩士
校院名稱:國立中正大學
系所名稱:會計所
學門:商業及管理學門
學類:會計學類
論文種類:學術論文
畢業學年度:94
語文別:英文
論文頁數:53
中文關鍵詞:最終控制權所有權結構社會資本高階管理團隊價值攸關性
外文關鍵詞:Value relevanceTop management teamsSocial capitalOwnership structureUltimate control
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Prior research has suggested that top management teams’ (TMTs’) outside directorate networks would have beneficial effect on firm performance by virtue of accessing strategic resources and information from outside linked firms. However, there is evidence suggesting that when executives have lower corporate ownership, that is, firms have greater agency problems, external directorships could be harmful to firm value. The results imply that agency problems resulted from the deviation of control and cash flow rights (ownership) may moderate the relationship between TMTs’ outside directorships and firm value. The aim of this study attempts to explore the value relevance of TMTs’ social capital and examine the moderation effect of controlling shareholders’ divergence in control and cash flow rights on the relationship between TMTs’ social capital and firm value. Our results indicate that there is a positive association between TMTs’ social capital and firm value for firms without divergence in control and cash flow rights, but becomes negative for divergent firms. Our study contributes to the literature by documenting that controlling shareholders’ ownership structure serves as an important moderate variable between TMTs’ social capital and firm value-creation.
Prior research has suggested that top management teams’ (TMTs’) outside directorate networks would have beneficial effect on firm performance by virtue of accessing strategic resources and information from outside linked firms. However, there is evidence suggesting that when executives have lower corporate ownership, that is, firms have greater agency problems, external directorships could be harmful to firm value. The results imply that agency problems resulted from the deviation of control and cash flow rights (ownership) may moderate the relationship between TMTs’ outside directorships and firm value. The aim of this study attempts to explore the value relevance of TMTs’ social capital and examine the moderation effect of controlling shareholders’ divergence in control and cash flow rights on the relationship between TMTs’ social capital and firm value. Our results indicate that there is a positive association between TMTs’ social capital and firm value for firms without divergence in control and cash flow rights, but becomes negative for divergent firms. Our study contributes to the literature by documenting that controlling shareholders’ ownership structure serves as an important moderate variable between TMTs’ social capital and firm value-creation.
LIST OF TABLES...............................................................ii
LIST OF FIGURES.............................................................iii
Abstract......................................................................1
Chapter 1 Introduction........................................................2
1.1 ISSUES CONCERNED..........................................................2
1.2 EXPECTED CONTRIBUTIONS OF THIS STUDY......................................5
1.3 STRUCTURE OF THIS STUDY...................................................6
Chapter 2 Literature Review and Hypotheses Development........................7
2.1 SOCIAL CAPITAL ............................................................7
2.2 TOP MANAGEMENT TEAMS’ (TMTS’) SOCIAL NETWORKS AND FIRM VALUE...........10
2.2.1 Top management teams’ external ties...................................10
2.2.2 Board interlocks.......................................................11
2.3 POSITIVE INCENTIVE VERSUS NEGATIVE ENTRENCHMENT EFFECTS OF CONTROLLING SHAREHOLDERS.................................................................13
Chapter 3 Research Method....................................................16
3.1 REGRESSION MODEL.........................................................16
3.2 VARIABLE DEFINITION......................................................18
3.3 SAMPLE SELECTION AND DATA COLLECTION.....................................21
Chapter 4 Data Analysis and Empirical Results................................23
4.1 DESCRIPTIVE STATISTICS...................................................23
4.2 EMPIRICAL RESULTS........................................................32
Chapter 5 Conclusions........................................................36
5.1 REVIEW OF RESEARCH FINDINGS..............................................37
5.2 IMPLICATIONS FOR THEORY AND PRACTICE.....................................38
5.3 FUTURE DIRECTIONS........................................................39
Appendix A: The Computation Method of Ultimate Corporate Ownership Structure ....................................................................40
References...................................................................42
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