(3.239.56.184) 您好!臺灣時間:2021/05/13 11:42
字體大小: 字級放大   字級縮小   預設字形  
回查詢結果

詳目顯示:::

我願授權國圖
: 
twitterline
研究生:李奕潤
研究生(外文):LEE,YI-RUN
論文名稱:金融海嘯後高階主管異動的股東財富效果
論文名稱(外文):The wealth effect of CEO turnover: Post-crisis evidence
指導教授:黃一祥黃一祥引用關係王功亮王功亮引用關係
指導教授(外文):HUANG,I-HSIANGWang,David K
口試委員:黃旭輝闕河士
口試委員(外文):HUANG,HSU-HUEICHUEH,Horace
口試日期:2017-06-16
學位類別:碩士
校院名稱:國立高雄大學
系所名稱:金融管理學系碩士班
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:2017
畢業學年度:105
語文別:中文
論文頁數:45
中文關鍵詞:經理人異動股東財富異動原因常識理論
外文關鍵詞:CEO turnovershareholders’ wealththe reason of turnovercommon sense theory
相關次數:
  • 被引用被引用:0
  • 點閱點閱:83
  • 評分評分:系統版面圖檔系統版面圖檔系統版面圖檔系統版面圖檔系統版面圖檔
  • 下載下載:0
  • 收藏至我的研究室書目清單書目收藏:0
本文主要探討總經理或董事長的更換宣告對公司股東財富之影響,採用事件研究法、市場模型與三因子模型檢視異常報酬與事件宣告之間的關係,並進一步討論異動原因的不同是否會有不一樣的股價財富效果。與以往研究不同,本篇著重在金融海嘯後時期,探討臺灣2010年至2012年有宣告更換經營者的上市公司。實證結果發現總經理或董事長的異動宣告對於公司股東財富是有正面影響,符合常識理論,而且不論異動原因為自願性或是強迫性,異動的事件宣告對公司股東財富皆會有所影響,隱含在金融海嘯的危機期間,被撤換的總經理或是董事長大多屬於本身能力較差或是對於危機處理較弱之人,所以才會遭到董事會的更換。
This study examines the impact of CEO turnover on shareholders’ wealth. We use even-study approach, market model, and three-factor model to calculate abnormal return around announcements, and examine whether various turnover factors would lead to different wealth effect on share price. This study is the first study to examine Taiwan public firms which have announced CEO turnovers during 2010-2012 in the post-subprime period. The empirical results show that CEO turnover announcements have positive impact on shareholders’ wealth, regardless of whether the turnover factors are voluntary or mandatory, consistent with common sense theory. The implications are that, during the subprime period, those CEOs who had unsatisfactory job performance or risk management skills would likely get laid off.
中文摘要 …………………………………………………………………… Ⅱ
英文摘要 …………………………………………………………………… Ⅲ
圖目錄 …………………………………………………………………… Ⅴ
表目錄 …………………………………………………………………… Ⅵ
第壹章 緒論……………………………………………………………… 1
第一節 研究背景………………………………………………………… 1
第二節 研究動機與目的………………………………………………… 2
第三節 研究架構與流程………………………………………………… 4
第貳章 文獻探討與回顧………………………………………………… 6
第一節 經理人異動與績效衡量相關文獻……………………………… 6
第二節 經理人異動原因與績效相關文獻……………………………… 8
第三節 管理者特質與經理人異動相關文獻…………………………… 10
第四節 公司治理與經理人異動相關文獻……………………………… 11
第參章 研究方法與資料………………………………………………… 14
第一節 研究架構………………………………………………………… 14
第二節 樣本與資料來源………………………………………………… 14
第三節 研究方法………………………………………………………… 14
第四節 樣本描述………………………………………………………… 18
第肆章 實證結果與分析………………………………………………… 20
第一節 事件研究法分析………………………………………………… 20
第二節 市場模型分析…………………………………………………… 28
第三節 三因子模型分析………………………………………………… 30
第伍章 結論與限制……………………………………………………… 31
參考文獻 …………………………………………………………………… 33

王曉雯與吳明政,2011,「替換類型與市場競爭對總經理異動宣告股東財富之影響」,人文及社會科學集刊,第23卷第2期,1–35。
李佳玲、葉穎蓉與何晉滄,2005,「績效、公司治理與高階管理者離職關係之實證研究」,中山管理評論,第13卷第1期,75–106。
李馨蘋與劉清明,2007,「從公司治理與企業績效之觀點看高階主管異動之因素」,真理財經學報,第16期,1–22。
林有志、邱炳雲與高茂峰,2008,「更換經理人對公司經營績效之影響」,會計與公司治理,第5卷第2期,1–28。
林穎芬、祝道松與洪晨桓,2006,「經濟附加價值與總經理更替之探討」,當代會計,第7卷第1期,103–134。
張力、林翠蓉、侯啟娉與馬文利,2010,「所有權型態、經理人行為與總經理異動關係之實證研究」,台灣管理學刊,第10卷第2期,149–169。
黃旭輝,2006,「經理人異動與股東財富效果」,管理評論,第25 卷第1 期,23–45。
楊朝旭與蔡柳卿,2003,「總經理更換與相對績效評估」,人力資源管理學報,第3卷第1期,63–80。
廖秀梅、李建然與吳祥華,2006,「董事會結構特性與公司績效關係之研究-兼論台灣家族企業因素的影響」,東吳經濟商學學報,第54期,117–160。
歐陽豪與莊雙喜,2007,「公司治理、相對績效與高階管理者離職關係之實證研究」,亞太經濟管理評論,第11卷第1期,53–86。
戴錦周與郭佩文,2006,「高階管理者更迭的因素及其對公司績效的影響」,台中技術學院學報,第2卷第7期,47–68。
Adams, R.B., Ferreira, D., 2007. “A theory of friendly boards”. Journal of Finance 62, 217–250.
Bacon, J., 1973, “Corporate Directorship Practices: Membership and Committees of The Board”. New York: The Conference Board.
Bendeck, Y.M., Waller, E.R., 1999. “The Wealth Effects of Non-Senior Management Departures from Investment Banks”. Journal of Business Research 46, 95–105.
Bertrand, M., Mullainathan, S., 2001. “Are CEOs Rewarded for Luck? The Ones Without Principals Are”. Quarterly Journal of Economics 116, 901–932.
Bonnier, K.A., Bruner, R.F., 1989. “An analysis of stock price reaction to management change in distressed firms”. Journal of Accounting and Economics 11, 95–106.
Brunello, G., Graziano, C., Parigi, B.M., 2003. “CEO turnover in insider-dominated boards: The Italian case”. Journal of Banking & Finance 27, 1027–1051.
Clayton, M.C., Hartzell, J.C., Rosenberg, J., 2005. “The impact of CEO turnover on equity volatility”. The Journal of Business 78, 1779–1808.
Cosh, A., Hughes, A., 1997. “ Executive remuneration, executive dismissal and institutional shareholdings”. International Journal of Industrial Organization 15, 469–492.
Dalton, D.R., Kesner, I.F., 1987. “Composition and CEO Duality in Boards of Directors: An International Perspective”. Journal of International Business Studies 18, 33–42.
Davidson, W.N., Worrell, D.L., Cheng, L., 1990. “Key Executive Succession and Stockholder Wealth: The Influence of Successorys Origin, Position, and Age”. Journal of Management 16, 647–664.
Defond, M.L., Park, C.W., 1999. “The effect of competition on CEO turnover”. Journal of Accounting and Economics 27, 35–56.
Denis, D.J., Denis, D.K., 1995. “Performance changes following top management dismissals”. Journal of Finance 50, 1029–1057.
Denis, D.J., Denis, D.K., Sarin, A., 1997. “Ownership structure and top executive turnover”. Journal of Financial Economics 45, 193–221.
Doukas, J.A., Petmezas, D., 2007. “Acquisitions, overconfident managers and self-attribution bias”. European Financial Management 13, 531–577.
Eisenberg, T., Sundgren, S., Wells, M.T., 1998. “Larger board size and decreasing firm value in small firms”. Journal of Financial Economics 48, 35–54.
Fisman, R., Khurana, R., Rhodes-Kropf, M., Yim, S., 2014. “Governance and CEO Turnover: Do Something or Do the Right Thing? ”. Management Science 60, 319–337.
Gibson, M.S., 2003. “Is Corporate Governance Ineffective in Emerging Markets? ”. The Journal of Financial and Quantitative Analysis 38, 231–250.
Goel, A.M., Thakor A.V., 2008. “Overconfidence, CEO selection, and corporate governance”. Journal of Finance 63, 2737–2784.
Goyal, V.K., Park, C.W., 2002. “Board leadership structure and CEO turnover”. Journal of Corporate Finance 8, 49–66.
Hazarika, S., Karpoff, J.M., Nahata, R., 2012. “Internal corporate governance, CEO turnover, and earnings management”. Journal of Financial Economics 104, 44–69.
Hermalin, B.E., Weisbach, M.S., 1998. “Endogenously chosen boards of directors and their monitoring of the CEO”. American Economic Review 88, 96–118.
Hermalin, B.E., 2005. “Trends in corporate governance”. Journal of Finance 60, 2351–2384.
Hirshleifer, D., Thakor, A.V., 1998. “Corporate control through board dismissals and takeovers”. Journal of Economics & Management Strategy 7, 489–520.
Holmstrom, B., 1982. “Moral Hazard in Teams”. The Bell Journal of Economics 13, 324–340.
Huang, H.-H., Chan, M.-L., 2009. “The Influence of Corporate Governance on Corporate Performance and Value after Changing the CEO: Evidence from Taiwan”. Asia-Pacific Journal of Financial Studies 38, 915–950.
Huson, M.R., Parrino, R., Starks, L.T., 2001. “Internal monitoring mechanisms and CEO turnover: A long-term perspective”. Journal of Finance 56, 2265–2297.
Huson, M.R., Malastesta, P.H., Parrino, R., 2004. “Managerial succession and firm performance”. Journal of Financial Economics 74, 237–275.
Indjejikian, R., 1999. “Performance Evaluation and Compensation Research: an Agency Perspective”. Accounting Horizons 13, 47–157.
Jensen, M.C., Meckling, W.H., 1976. “Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure”. Journal of Financial Economics 3, 305–360.
Jenter, D., Kanaan, F., 2015. “CEO Turnover and Relative Performance Evaluation”. Journal of Finance 70, 2155–2184.
Kang, J.K., Shivdasani, A., 1995. “Firm performance, corporate governance, and top executive turnover in Japan”. Journal of Financial Economics 38, 29–58.
Kaplan, S.N., Minton, B., 2012. “How has CEO turnover changed? Increasingly performance sensitive boards and increasingly uneasy CEOs”. International Review of Finance 12, 57–87.
Khanna, N., Poulsen, A.B., 1995. “Managers of financial distressed firms: Villains or scapegoats? ”. Journal of Finance 50, 919–940.
Kim, Y., 1996. “Long-term firm performance and chief executive turnover: An empirical study of the dynamics”. Journal of Law, Economics, and Organization 12, 480–496.
Knezevic, L., Pahor, M., 2004. “The Influence of Management Turnover on Enterprise Performance and Corporate Governance: The Case of Slovenia,” Economic and Business Review for Central and South-Eastern Europe 6, 297–324.
Lipton, M., Lorsch, J.W., 1992. “A modest proposal for improved corporate governance”. Business Lawyer 48, 59–77.
March, J.G., Shapira, Z., 1987. “Managerial perspectives on risk and risk taking”. Management Science 33, 1404–1418.
Morck, R., Shleifer, A., Vishny, R.W., 1989. “Alternative mechanisms for corporate control”. American Economic Review 79, 842–852.
Muravyev, A., 2003. “Turnover of Senior Managers in Russian Privatised Firms”. Comparative Economic Studies 45, 148–172.
Murphy, K.J., Zimmerman, J.L., 1993. “Financial performance surrounding CEO turnover”. Journal of Accounting & Economics 16, 273–315.
Nelson, J., 2005. “Corporate governance practices, CEO characteristics and firm performance”. Journal of Corporate Finance 11, 197–228.
Neumann, R., Voetmann, T., 2005. “Top Executive Turnovers: Separating Decision and Control Rights”. Managerial and Decision Economics 26, 25–37.
Pound, J., 1988. “Proxy contests and the efficiency of shareholder oversight”. Journal of Financial Economics 20, 237–265.
Shleifer, A., Vishny, R.W., 1997. “A Survey of Corporate Governance”. Journal of Finance 52, 737–783.
Suchard, J.A., Singh, M., Barr, R., 2001. “The market effects of CEO turnover in Australian firms”. Pacific-Basin Finance Journal 9, 1–27.
Vancil, R.F., 1987. “Passing the baton: Managing the process of CEOs succession”. Harvard Business School Press, Boston, USA.
Warner, J.B., Watts, R.L., Wruck, K.H., 1988. “Stock prices and top management changes”. Journal of Financial Economics 20, 461–492.
Weiner, N., Mahoney, T.A., 1981. “A Model of Corporate Performance as a Function of Environmental, Organizational, and Leadership Influences”. The Academy of Management Journal 24, 453–470.
Weisbach, M.S., 1988. “Outside directors and CEO turnover”. Journal of Financial Economics 20, 431–460.
Zahra, S.A., Pearce, J.A., 1989. “Boards of directors and corporate financial performance: A review and integrative model”. Journal of Management 15, 291–334.

電子全文 電子全文(網際網路公開日期:20220705)
QRCODE
 
 
 
 
 
                                                                                                                                                                                                                                                                                                                                                                                                               
第一頁 上一頁 下一頁 最後一頁 top
系統版面圖檔 系統版面圖檔