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研究生:曹祐綜
研究生(外文):Yu-Tsung Tsao
論文名稱:經理人能力對企業創新成功之影響
論文名稱(外文):The Impact of Managerial Ability on Corporate Innovative Success
指導教授:蘇迺惠蘇迺惠引用關係
口試委員:林月能許明峰
口試日期:2017-06-16
學位類別:碩士
校院名稱:國立中興大學
系所名稱:高階經理人碩士在職專班
學門:商業及管理學門
學類:其他商業及管理學類
論文種類:學術論文
論文出版年:2017
畢業學年度:105
語文別:中文
論文頁數:49
中文關鍵詞:經理人能力R&D支出專利權資料包絡法
外文關鍵詞:Managerial abilityR&D expendituresPatentsData Envelopment Analysis (DEA)Agency theory
相關次數:
  • 被引用被引用:2
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企業為求永續經營,必須不斷追求創新成長。根據高層梯隊理論,高階經理人之特質會影響公司決策與決策成果,公司研發投資係屬重大資本支出決策,故研發創新活動深受經理人內在特質影響。在代理理論觀點下,經理人基於職位鞏固、管理防禦之考量,可能放棄從事具高度風險的研發創新投資,以獲取私人利益。由於研發投資為電子工業創新成長的重大決策,本研究以2010年至2016年我國上市櫃電子工業公司為樣本,探討經理人能力與公司研發投資、研發創新之關係,藉以驗證經理人特質對公司重大決策與決策成果之影響。

本研究實證發現,公司當期研發支出、次一期研發支出與經理人能力呈顯著負相關;公司未來一、二、三年累積產出之專利權數量與經理人能力亦呈顯著負相關,表示經理人能力愈高,研發支出愈少;經理人能力愈高,研發創新成功愈少。此外,本研究發現公司未來一、二、三年累積專利權產出數量與公司內在特質(如公司規模、市場占有率、自由現金流量、公司年齡、部門集中度、營運複雜度)呈顯著正相關,代表公司創新成功主要是與其特有的優勢條件與經營特性有關,而非來自於經理人能力之影響。本研究發現公司研發成功與否與公司本身具備的特質、經營優勢條件有關,經理人能力並非是公司研發投資與研發成功的關鍵正向因素。
第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 3
第三節 研究貢獻 4
第四節 研究架構及流程 4
第二章 文獻探討 7
第一節 經理人特質與公司決策 7
第二節 經理人能力與創新之關係 9
第三章 研究方法 12
第一節 研究假說 12
第二節 經理人能力之衡量 13
第三節 企業創新活動之衡量 17
第四節 模型與變數定義 18
第四章 實證分析 20
第一節 樣本選取與資料來源 20
第二節 實證結果 23
第五章 敏感性分析 38
第六章 結論與建議 42
第一節 研究結論 42
第二節 研究限制與建議 43
參考文獻 44
1.中文部份
(1)期刊論文
黃政仁與詹佳樺,2013,創新能力,創新效率與公司價值:以台灣電子資訊業為例,商略學報,5(1): 001-017。

黃政仁與闕伶倫,2014,企業創新能力與國際化程度對創新績效及企業績效之影響:以台灣電子資訊業為例,會計評論,59: 107-147。

黃政仁與林秉孝,2016,創新之價值創造結構分析:臺灣電子業之證據,會計評論 ,62: 1-31.

楊志海與陳忠榮,2002,研究發展、專利與生產力-台灣製造業的實證研究,經濟論文叢刊,30(1): 27-48.

(2)其他
林惠玲與陳正倉,2002,研究發展、專利權與經濟效益:台灣 1996-2000 年追蹤資料之驗證. 行政院國家科學委員會專題研究成果報告。(編號:NSC 90-2415-H-002-021-SSS),未出版。

2.西文部份
(1)Books
Ebersberger, B. 2005. The impact of public R&D funding. Princeton, VTT technology Studies:588.

(2)Journal Articles
Adams, R. B., Almeida, H., and Ferreira, D. 2005. Powerful CEOs and their impact on corporate performance, Review of financial Studies, 18(4): 1403-1432.

Aghion, P., Bloom, N., Blundell, R., Griffith, R. and Howitt, P. 2005. Competition and Innovation: An Inverted-U relationship, The Quarterly Journal of Economics, 120(2):701-728

Aghion, P., Van Reenan, J., Zingales, L., 2013. Innovation and institutional ownership. American Economic Review, 103(1): 277–304.

Albuquerque, A. M., De Franco, G., and Verdi, R. S., 2013. Peer choice in CEO compensation. Journal of Financial Economics, 108(1): 160-181.

Aly, H. Y., Grabowski, R., Pasurka, C., and Rangan, N. 1990. Technical, scale, and allocative efficiencies in US banking: An empirical investigation. The Review of Economics and Statistics, 211-218.

Attig, N., and Cleary, S., 2014. Organizational capital and investment‐cash flow sensitivity: The effect of management quality practices. Financial Management, 43(3): 473-504.

Baik, B., Farber, D., Lee, S. 2011. CEO ability and management earnings forecast. Contemporary Accounting Research, 28(5): 1645–1668.

Banker, R. D., Charnes, A., and Cooper, W. W. 1984. Some models for estimating technical and scale inefficiencies in data envelopment analysis. Management science, 30(9): 1078-1092.

Bertrand, M., A. Schoar., 2003. Managing with style: The effect of managers on firm policies. The Quarterly Journal of Economics, 118(4): 1169–1208.

Chang, X., Fu, K., Low, A., Zhang, W. 2015. Non-executive employee stock options and corporate innovation. Journal of Financial Economics, 115(1): 168–188.

Chang, Y. C. 2003. Benefits of co-operation on innovative performance: evidence from integrated circuits and biotechnology firms in the UK and Taiwan. R&D Management, 33(4): 425-437.

Chen, Y., Podolski, E. J., Rhee, S. G., and Veeraraghavan, M. 2014. Local gambling preferences and corporate innovative success. Journal of Financial and Quantitative Analysis, 49(1): 77-106.

Chen, Y., Podolski, E. J., and Veeraraghavan, M. 2015. Does managerial ability facilitate corporate innovative success? Journal of Empirical Finance, 34: 313-326.

Czarnitzki, D., and Licht, G. 2006. Additionality of public R&D grants in a transition economy. Economics of Transition, 14(1): 101-131.

Demerjian, P., Lev, B., and McVay S. 2012. Quantifying managerial ability: A new measure and validity tests. Management Science, 58(7): 1229-1248.

Demerjian, P., Lev, B., Lewis, M., and McVay, S. 2013. Managerial ability and earnings quality. The Account. Review, 88(2): 463–498.

Graham, J. R. Harvey, C. R., and Puri, M. 2013. Managerial attitudes and corporate actions. Journal of Financial Economics, 109(1): 103-121.

Griliches, Z. 1981. Market value, R&D, and patents. Economics letters, 7(2):183-187.

Hagedoorn, J., and Cloodt, M. 2003. Measuring innovative performance: is there an advantage in using multiple indicators? Research policy, 32(8): 1365-1379.

Hall, B. 2002. The financing of research and development. Oxford review of economic policy, 18(1): 35–51.

Hall, B. H., Jaffe, A. B., and Trajtenberg, M. 2001. The NBER patent citation data file: Lessons, insights and methodological tools (No. w8498). Centre for Economic Policy Research, 3094.

Hambrick, D. C. and Mason, P. A. 1984. Upper echelons: The organization as a reflection of its top managers. Academy of management review, 9(2): 193-206.

Hayward, M. L., and Hambrick, D. C. 1997. Explaining the premiums paid for large acquisitions: Evidence of CEO hubris. Administrative Science Quarterly, 42(1): 103-127.

He, J. J., and Tian, X. 2013. The dark side of analyst coverage: the case of innovation. Journal of Financial Economics, 109(3): 856–878

Heaton, J. B. 2002. Managerial optimism and corporate finance. Financial Management, 31(2): 33–45.

Hiller, N. J., & Hambrick, D. C. 2005. Conceptualizing executive hubris: the role of (hyper-) core self-evaluations in strategic decision-making. Strategic Management Journal, 26(4): 297-319.

Hirshleifer, D., Low, A., and Teoh, S. H. 2012. Are overconfident CEOs better innovators? The Journal of Finance, 67(4): 1457-1498.
Holmstrom, B. 1989. Agency costs and innovation. Journal of Economic Behavior and Organization, 12(3): 305-327.

Hsieh, T. J., Yeh, R. S., and Chen, Y. J. 2010. Business group characteristics and affiliated firm innovation: The case of Taiwan. Industrial Marketing Management, 39(4): 560-570.

Jensen, M. C., and Meckling, W. H. 1976. Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of financial economics, 3(4): 305-360.

Krishnan, G. V., and Wang, C. 2014. The relation between managerial ability and audit fees and going concern opinions. Auditing: A Journal of Practice & Theory, 34(3): 139-160.

Lall, S. 1992. Technological capabilities and industrialisation. World Development, 20(2): 165-186

Lev, B., and Sougiannis, T. 1996. The capitalization, amortization, and value-relevance of R&D. Journal of accounting and economics, 21(1): 107-138.

Liu, Y., Lin, W. T., and Cheng, K. Y. 2011. Family ownership and the international involvement of Taiwan''s high-technology firms: The moderating effect of high-discretion organizational slack. Management and Organization Review, 7(2): 201-222.

Malmendier, U., and Tate, G. 2005. CEO overconfidence and corporate investment. The journal of finance, 60(6): 2661-2700.

Murphy, K. J., and Zabojnik, J. 2004. CEO pay and appointments: A market-based explanation for recent trends. The American Economic Review, 94(2): 192-196.

Narayanan, M. 1985. Managerial incentives for short-term results. The Journal of Finance, 40(5): 1469-1484.

Rosen, S. 1981. The economics of superstars. The American Economic Review, 71(5): 845–858.

Rothaermel, F. T., and Alexandre, M. T. 2009. Ambidexterity in technology sourcing: The moderating role of absorptive capacity. Organization science, 20(4): 759-780.

Simon M., and Houghton S. 2003. The relationship between overconfidence and the introduction of risky products: Evidence from a field study. Academy of Management Journal, 46(2): 139–149.

Tang, Y., Li, J., and Yang, H. 2015. What I See, what I Do how executive hubris affects firm innovation. Journal of Management, 41(6): 1698-1723.

Trueman, B. 1986. Why do managers voluntarily release earnings forecasts? Journal of Accounting and Economics, 8 (1): 53–71.

Tang, Y., Qian, C., Chen, G., and Shen, R. 2015. How CEO hubris affects corporate social (ir) responsibility. Strategic Management Journal, 36(9): 1338-1357.

Tsai, K. H. 2009. Collaborative networks and product innovation performance: Toward a contingency perspective. Research policy, 38(5): 765-778.

Tsai, K. H., and Wang, J. C. 2009. External technology sourcing and innovation performance in LMT sectors: An analysis based on the Taiwanese technological innovation survey. Research Policy, 38(3): 518-526.

Tseng, C. Y. 2008. Internal R&D effort, external imported technology and economic value added: Empirical study of Taiwan''s electronic industry. Applied Economics, 40(8): 1073-1082.

Tseng, C. Y., and James Goo, Y. J. 2005. Intellectual capital and corporate value in an emerging economy: Empirical study of Taiwanese manufacturers. R&D Management, 35(2): 187-201.

Yang, Y. J., Chen, J., Kweh, Q. L., and Chen, H. C. 2013. Ownership structure and efficiency in Taiwanese electronics firms. Review of Accounting and Finance, 12(4): 351-368.

(3)Electronic Resources
Chen, C., Chen, Y., Podolski, E. 2015. Employee satisfaction and corporate innovation. Working Paper

Koester, A., Shevlin, T. J., and Wangerin, D. 2016. The role of managerial ability in corporate tax avoidance. Management Science, (online).
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