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研究生:蔡亞璇
研究生(外文):Ya-Hsuan Tsai
論文名稱:CEO性別與股利政策
論文名稱(外文):CEO Gender and Payout Policy
指導教授:黃嘉威黃嘉威引用關係
指導教授(外文):Chia-Wei Huang
口試委員:沈仰斌盧秋玲
口試委員(外文):Yang-Pin ShenChiu-Ling Lu
口試日期:2015-06-29
學位類別:碩士
校院名稱:元智大學
系所名稱:財務金融暨會計碩士班(財務金融學程)
學門:商業及管理學門
學類:一般商業學類
論文種類:學術論文
畢業學年度:103
語文別:英文
論文頁數:39
中文關鍵詞:CEO性別股利政策現金股利股票購回
外文關鍵詞:CEO GenderPayout policyDividendsStock repurchases
相關次數:
  • 被引用被引用:1
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本篇論文主要探討CEO的性別對於股利政策的影響。先前文獻皆未探討風險對於股利政策影響,本論文重點在於CEO性別對於風險態度是否影響公司的股利政策。根據相關文獻指出,女性CEO相對於男性CEO投資較為保守且為風險趨避,相對會減少投資支出及增加現金持有,但現金持有增加會造成代理成本與現金流量問題,為了防止上述問題,女性CEO會選擇發放較高的股利。在風險方面,比較公司進行股票購回或發放現金股利帶來的風險,進而探討CEO性別差異是否會影響股利政策的選擇。結論發現女性CEO公司發放股利明顯比男性CEO公司高。而且女性CEO會偏好選擇發放現金股利而非股票購回。
This paper investigates the relation between CEO gender and the payout policy. Previous literatures did not discuss about how the risks affect the payout policy. This paper focus on whether the CEO risk attitude will affect the payout policy. Based on the previous studies, female CEOs are more conservative and risk averse than male CEOs, they would payout more than male CEOs. On the risk side, compare the risk for share repurchases and cash dividends, and discuss whether the CEO gender affects the payout policy choice. We find strong positive relationship between female CEOs and total payout, and positive relation between female CEOs and dividends payout. The result suggests that female CEOs would payout more than male CEOs and they payout through dividends payout rather than repurchases payout.
Title Page……………………………………………………………………………….i
Letter of Approval………………..………………………………………………..…..ii
Letter of Authority……………………………………………………...…………….iii
Abstract in Chinese………………………………..………………………………….vi
Abstract vii
Acknowledgements viii
Contents ix
Contents of Table x
1. Introduction 1
2. Literature Review and Hypothesis Development 6
2.1 CEO gender and total payout 6
2.2 CEO gender and payout risk 8
2.2.1 Risk for repurchases payout 8
2.2.2 Risk for dividends payout 10
3. Data and Methodology 12
3.1 Data 12
3.2 Variables measure 13
3.3 Methodology 14
4. Empirical Results 16
4.1 Summary statistics 16
4.2 Correlation between female and all control variables 18
4.3 CEO gender and total payout 19
4.4 Dividend payout and repurchase payout 20
4.5 CEO ownership and payout 21
4.6 CEO transition and Payout Change 22
4.6.1 CEO transition events 22
4.6.2 Test on CEO transition events 24
5. Conclusion 26
Reference 28
Appendix: Variable Definitions 31
Table 1 Summary Statistics 32
Table 2 Pearson’s Correlation 33
Table 3 Gender and Total Payout 34
Table 4 Gender and Payout Policy 35
Table 5 Gender, CEO ownership and Payout Policy 37
Table 6 CEO Transition and Payout 38
Table 7 Test on CEO Transition Events 39


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