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研究生:黃柏翔
研究生(外文):Bo-Shiang Huang
論文名稱:董事會獨立性與CEO汰換率
論文名稱(外文):Board Independence and CEO Turnover
指導教授:夏侯欣榮夏侯欣榮引用關係
學位類別:碩士
校院名稱:元智大學
系所名稱:財務金融學系
學門:商業及管理學門
學類:財務金融學類
論文種類:學術論文
論文出版年:2009
畢業學年度:97
語文別:英文
論文頁數:31
中文關鍵詞:CEO汰換率董事會獨立性
外文關鍵詞:CEO turnoverboard independence
相關次數:
  • 被引用被引用:1
  • 點閱點閱:224
  • 評分評分:
  • 下載下載:0
  • 收藏至我的研究室書目清單書目收藏:0
我們利用2001至2006年間將近7000筆公司會計年度觀察值去檢驗是否CEO的汰換率與公司董事會獨立性有所關聯,並且查看決定CEO汰換率的重要因子。過去許多研究指出,CEO汰換率與公司內部董事會的獨立性有關,當董事會愈具獨立性時,愈能夠監督CEO並且適時地汰換之。故本篇研究主要探討的是公司董事會若愈具獨立性,則董事會是否能夠真正發揮監督的機制進而汰換表現不佳的CEO。結果發現董事會獨立性並不是真正具有監督能力的內部機制,與CEO汰換率無顯著相關性。此外,我們發現當CEO同時為董事會主席時、公司有較多保護經理條款、CEO持有公司的股權,和CEO本身年紀是影響CEO汰換率的主要決定因子。
Using a comprehensive sample of nearly 7000 firm-year observations from 2001 to 2006, I examine the relation between the replacement of CEOs and board independence, and determinants of CEO turnover. The CEO is assumed to have private information of the firm, which the board needs in order to advise or replace him. Guided by previous researches recently, I find evidence that board independence is insignificantly related to CEO turnover. Furthermore, the status of chairman of the board, firms with more management entrenchments, ownership of the company, and CEO age, for the most part, are the certain determinants of CEO turnover.
Content
1. Introduction 1
2. Related Literature 3
2.1. Influence from corporate governance 4
2.2. Characteristics of the CEO 5
2.3. Ownership incentives 6
2.4. Management entrenchment 7
3. Research design 8
3.1. Data 8
3.2. Control variables 9
3.3. Descriptive statistics 11
4. Methodology 12
5. Results 14
5.1. Univariate analysis of board independence and CEO turnover 14
5.2. CEO turnover and board independence sensitivities 15
5.3. Multivariate analysis 16
5.4. Classification by Industries and Performance 19
6. Conclusion 20
7. References 22
7.References

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