臺灣博碩士論文加值系統

Taylor (2010) 指出執行長能力差異及公司對執行長的了解程度會影響公司替換執行長的時機早晚，本研究則將此影響延伸至公司信用風險。本文以2001年至2010年北美地區公司的資料，研究企業的違約風險與執行長的能力差異之關聯，並探討公司了解執行長能力與否是否同樣影響公司的違約風險。我們發現，此兩項因素都會影響企業的信用風險。實證結果顯示同產業執行長的能力差異越大，公司的違約機率越小。而公司識才能力越好對公司越有利，除了可淘汰不適任的執行長外，也有利於尋找更有才能的人選來經營公司。

Taylor (2010) displays that CEO ability and the capability of the board in understanding CEO ability affect the timing of replacing CEO. This study investigates their effects on firm credit risk. We use North America bond data to investigate the relationship between firm credit risk, CEO ability and the board capability in understanding management ability. We find that both affect a firm’s credit risk. The higher CEO ability heterogeneity of a firm’s industry is, the lower is the firm’s credit risk. Higher recruiting ability also enhances firm credit quality. The results are robust when controlling well known yield spread determinant variables and firm credit ratings.

Contents
口試委員會審定書 i
致謝 ii
摘要 iii
Abstract iv
Contents v
I. Introduction 1
II. Hypotheses 5
II.1. Credit risk and CEO ability heterogeneity 5
II.1. Hypothesis 1 5
II.2. Credit risk and Firm’s recruiting ability 6
II.2. Hypothesis 2 6
III. Data and Methodology 7
III.1. Sample selection 7
III.1.1 The tenure of CEO is above 3 years 7
III.1.2. Firms are not the only company in the industry 7
III.1.3. Firms are with board information 8
III.1.4. Firms are publicly traded 8
III.2. Ability of CEO 8
III.3. Firm’s recruiting ability 9
III.3.1. Inside board 9
III.3.2. Busy board 10
III.3.3. Directors’ stock ownership 10
III.3.4. Same industry director ratio 10
III.4. Credit risk and control variables 11
III.4.1. Financial leverage (LEV) 12
III.4.2. Equity volatility (VOL) 12
III.4.3. Life to Final Date (LFFL) 12
III.4.4. Amount Issued (Lnamt) and bond age (Bage) 13
III.4.5. Coupon rate (Coupon) 13
III.4.6. Credit rating (RAT) 13
III.4.7. Firm Size (Firm size) 14
III.4.8. Firm Age (Firm age) 14
III.4.9. Firm-specific profit volatility (Firm Vol) 14
III.5. Summary statistics 15
IV. Empirical Results 18
IV.1.1. CEO Ability Heterogeneity and Credit Risk 18
IV.1.2. Firm’s Recruiting Ability and Credit Risk 19
IV.2. Robustness 20
V. Conclusions 21
References 22
Table 1. Sample Distribution of Bond 24
Table 2. Summary Statistics of Major Variables 25
Table 3. Summary Statistics of Major Variables 2001-2006 26
Table 4. Summary Statistics of Major Variables 2007-2010 27
Table 5. Correlation Coefficient Matrix among CEO ability heterogeneity, Firm’s recruiting ability, Credit Risk and Other Control Variables 28
Table 6. Regressions of Bond Yield Spread on CEO Ability Heterogeneity 29
Table 7-1. Regressions of Bond Yield Spread on Firm’s Recruiting Ability 30
Table 7-2. Regressions of Bond Yield Spread on Firm’s Recruiting Ability 31
Appendix 32
Table A1. Regressions of Bond Yield Spread on CEO Ability Heterogeneity before Financial Tsunami (2001-2006) 32
Table A2-1. Regressions of Bond Yield Spread on Firm’s Recruiting Ability before Financial Tsunami (2001-2006) 33
Table A2-2. Regressions of Bond Yield Spread on Firm’s Recruiting Ability before Financial Tsunami (2001-2006) 34
Table A3. Regressions of Bond Yield Spread on CEO Ability Heterogeneity after Financial Tsunami (2007-2010) 35
Table A4-1. Regressions of Bond Yield Spread on Firm’s Recruiting Ability after Financial Tsunami (2007-2010) 36
Table A4-2. Regressions of Bond Yield Spread on Firm’s Recruiting Ability after Financial Tsunami (2007-2010) 37
Table A5-1. Regressions of Bond Yield Spread on CEO Ability Heterogeneity (2001-2010) 38
Table A5-2. Regressions of Bond Yield Spread on CEO Ability Heterogeneity before Financial Tsunami (2001-2006) 39
Table A5-3. Regressions of Bond Yield Spread on CEO Ability Heterogeneity after Financial Tsunami (2007-2010) 40

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