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研究生(外文):CHEN, MIN-CHUN
論文名稱(外文):Exploring the relationship between CEO Pride and moderating effect of independent director and foreign ownership in the firm’s internationalization
指導教授(外文):LU, LIN-HUA
外文關鍵詞:CEO PrideIndependent directorForeign OwnershipInternationalization
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在適者生存的競爭環境裡,企業經營的目標不再只單純受限於國內市場,在全球化的作用下,國際擴張的策略成為許多企業增強自身競爭強度的手段之一,因此企業的國際化策略也成為熱烈討論的議題。本研究採用代理理論與高層理論探討經理人自豪對國際化之影響。以高層理論的角度而言,經理人的策略深受自身特質影響,間接影響企業的未來發展,當經理人擁有自豪特徵的情況下,相對於其他經理人會產生不同的策略模式。而從代理理論的的角度來看,企業透過設立獨立董事來減緩代理衝突的情形,由於獨立董事的功能是在企業面臨潛在危機時,能起到提醒與建議的作用,使得企業免於暴露在險境中。此外,外國投資者與被投資公司較少業務上的往來,不容易存在牢固的忠誠關係,因此在外資持股的情況下,可透過出售公司股票的能力來傳達警訊,迫使管理層發揮治理作用。本研究以台灣上市櫃公司為研究對象,樣本期間為2005年至2020年。研究結果顯示:經理人自豪與企業國際化具有正相關係; 當獨立董事比率越高,會壓抑經理人的自豪對企業的國際化程度的關係,呈現負向調節效果; 當外資持股比率越高,會壓抑經理人的自豪對企業的國際化程度的關係,呈現負向調節效果。
This study examines the effects of manager pride, independent directors, and foreign ownership on firm internationalization, using Agent Theory and Upper Echelons Theory as the theoretical basis. The sample consists of Taiwan listed and OTC companies from 2005 to 2020.
The results show that there is a positive relationship between manager pride and firm internationalization. However, the presence of independent directors has a negative moderating effect on this relationship, as it suppresses the effect of manager pride on firm internationalization. Similarly, foreign ownership also has a negative moderating effect on the relationship between manager pride and firm internationalization. Higher foreign ownership may increase foreign influence on the company, leading to greater attention to corporate governance and transparency and thereby improving the effectiveness of the supervision mechanism. These findings contribute to a better understanding of the impact of manager pride, independent directors, and foreign ownership on firm internationalization, and can provide guidance for firms and investors in their decision-making processes.

摘要 i
目錄 iii
圖目錄 v
表目錄 vi
第一章 緒論 1
1.1研究動機與目的 1
1.2研究流程 3
第二章 文獻回顧與假說 4
2.1經理人自豪 4
2.2國際化程度 9
2.3代理理論 12
2.4高層理論 15
2.5國際化程度與經理人自豪 17
2.6獨立董事比率 18
2.7外資持股比 21
第三章 研究方法 24
3.1研究架構 24
3.2資料來源與樣本期間 25
3.3操作性定義 25
3.4部分邏吉斯回歸之研究方法 29
第四章 實證結果與分析 31
4.1敘述性統計分析 31
4.2資料分析結果 33
第五章 結論與建議 37
5.1研究理論貢獻 39
5.2實務貢獻 41
5.3研究限制與建議 42
參考文獻 44

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