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執行長為創辦人與否對購併宣告效果之影響-以美國紐約證交所上市公司為例 / Announcement Effect on M&A of Founder-CEO and Non-Founder CEO-Evidence from New York Stock Exchange陳碩耘 Unknown Date (has links)
本論文採用事件研究法,以2008到2012年間美國紐約證交所上市公司共計1423個購併案件為樣本進行實證,利用累積異常報酬(CAR)的統計檢定與複迴歸分析去探討主併公司在宣告購併時,股價反應是否會因為主併公司之執行長為創辦人而有所不同。投資人會因考量到代理人問題,對於創辦人執行長做出的購併決策較具信心而使股價上揚,亦或是認為創辦人反而容易被過去成功的思維和作法所牽制而做了錯誤的購併決策,為本文討論重心。
本研究結果共有三點,第一,創辦人執行長之主併宣告效果不顯著,但非創辦人執行長之主併宣告效果顯著為正,兩樣本間的差異則無顯著異於零。第二、由迴歸分析之結果可得知,創辦人是否為執行長之變數對於主併公司宣告效果具有顯著的影響,當執行長為創辦人時對股價之影響為負向。第三、將兩樣本分別做迴歸檢定並和總樣本之結果進行比較,發現主併公司之成立年數對創辦人執行長之宣告效果產生負影響,顯示出市場認為創辦人容易因過去的成功經驗而傾向維持既有策略,導致無法做出開創性之購併決策。此外,執行長持有的股票選擇權比率高低對於宣告效果有顯著的影響,當持有比率越高時宣告效果越好,此結果佐證股票選擇權能夠降低代理人問題、使股價有正向反應之論述。
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科技業公益活動的適配組合:公益活動類型、公益活動地點、企業執行長形象、消費者生活型態 / The optimal composition of philanthropy in technology industry: type of philanthropy, location of cause, CEO image and consumer lifestyles張令乙, Chang, Ling Yi Unknown Date (has links)
近年來企業社會責任蓬勃發展,落實企業社會責任的企業更具競爭優勢,因此越來越多企業投入企業社會責任領域。其中,公益活動是覆蓋CSR範圍最廣、企業參與程度最高的,即將企業社會責任視為企業的機會,從中創造與利害關係人的共享價值。
網路時代,常在新聞和社交媒體曝光的科技業的CEO,幾乎可以說是企業形象的代言人。本研究認為讓科技業CEO親自代言企業公益活動,應該更具說服力。同時,台灣的高科技產業,不僅是最早開始重視社會責任概念,也是表現最佳的產業。本研究選擇科技業的公益活動組合為研究主體,以了解消費者對於「何種類型的企業公益活動、於何地舉辦、由何種形象的企業執行長代言」所組成的公益活動適配組合之偏好程度。以及,何種公益適配組合對於不同的消費者來說是最有效的。藉由上述研究,獲得一個一般性的公益活動組合原則。
本研究主要使用聯合分析法進行分析,搭配單因子變異數分析和人口統計變數。最後,獲得以下結論:
1.對整體消費者而言,最重視的屬性依序為「公益活動地點」、「公益活動類型」、「企業執行長形象」。上述三個受測體最喜愛的水準分別為「台灣」、「環境保育-實踐綠色生產」和「守信細心的臉書-馬克·祖克柏」。
2.將消費者依生活型態分為四群:社交創新、流行時髦、務實進取及居家樂活。對不同生活型態的消費者而言,在公益活動類型的選擇上明顯各有所好;對企業執行長形象的偏好有略有差異性,但是在公益地點的偏好相同,皆最喜歡自身所在的台灣,最不喜歡距離遙遠的北歐。其中,社交創新集群,最重視企業執行長形象、公益活動類型和生活型態的一致性,視郭台銘和創新加速器為最適配的組合;流行時髦、務實進取及居家樂活集群,則喜歡「守信細心的臉書-馬克·祖克柏」,搭配較傳統的公益活動-實踐綠色生產及社區關懷。 / Recently, corporate social responsibility has become so flourish, in that implementation of corporate social responsibility embedded enterprises with more competitive advantage. And CSR is regarded as opportunities for enterprises, from which to create and share the value of stakeholders. That’s why more and more companies steps into the field of corporate social responsibility. Among all CSR activities, corporate philanthropies are the most extensive ones, for it involving the highest degree of business participation.
In the age of Internet, we can often see the exposure of CEOs of the technology industry in news and social media, so they are sometimes be seen as the corporate image. Therefore, this research assumes that CEO could be a convincing spokesman for corporate philanthropies. Furthermore, Taiwan's high-tech industry is not only the first to pay attention to social responsibility, but also the best practice benchmark among all sectors. Therefore, this study attempt to find out an optimal combination of corporate philanthropies in the technology industry - "what type of corporate philanthropies, where, by what kind of image of the executive CEO endorsement," attracting customers most. And what kind of corporate philanthropies combination is the most efficient fit for consumers with different lifestyles? Through the research above, this study tries to establish general principles for compositions of corporate philanthropies.
To analyze the preferences of consumers with different lifestyles, the researcher uses the conjoint analysis mainly, with ANOVA analysis and demographic variables. In conclusion, we obtain the best optimal compositions as follows:
1. For consumers as a whole, the most important attributes are "location of a cause ," type of philanthropy "and "CEO image" in descending order. The personal levels of each attribute are "Taiwan," "Environmental Conservation - Green Production" and "Careful- Mark Zuckerberg."
2. Consumers are divided into four groups according to lifestyles:
(1)Innovative group: Taiwan, Star-ups accelerator, and Terry Gou.
(2)Fashionable group, pragmatic group and contented group: Taiwan, Green production, and Mark Zuckerberg.
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具會計專長之執行長與投資人、會計師及分析師之反應 / Chief Executive Officer with Accounting Expertise and Reactions of Investors, Auditors and Analysts陳嬿如, Chen, Yen Ju Unknown Date (has links)
本研究以1980年至2015年美國及加拿大上市公司為研究對象,探討具有會計專長之執行長(CEO)與外界反應的關係。在探討外界反應之前,本文先檢視具有會計專長之CEO對於盈餘品質的影響,透過此結果,推論專業人士(包含會計師與分析師)與市場投資人之反應。本研究預期,當CEO具有會計專長時,會使盈餘品質降低,故審計風險隨之提高,導致審計公費增加,且分析師的追隨意願降低,同時也將影響市場投資人的反應。
研究結果發現,具會計專長CEO與盈餘管理、審計公費、公司累積異常報酬呈現顯著正相關,與分析師追隨數則為顯著負相關,顯示當CEO具有會計專長時,因有盈餘操控的情況,所以審計公費提高、分析師追隨數減少;但市場投資人或許無法體認盈餘操控的事實,故仍相信具有會計專長之CEO,有可能為公司帶來正面的影響。 / This study investigates the relationship between CEOs with accounting expertise and external reactions of investors, auditors and analysts. The sample firms used in this study are all the stock-listed companies in America and Canada during 1980-2015.
Before examining such external reactions, this paper explores the association between CEOs with accounting expertise and earnings quality, which help us to obtain an explanation why auditors, analysts and investors have such reactions.
The empirical results show that CEOs with accounting expertise manage earnings more aggressively than CEOs without such expertise. As a consequence, the firms with such CEOs will be charged higher audit fees and have less analyst following. However, investors might not recognize this fact; they still believe that CEOs with accounting expertise will have a positive influence on firms. Our findings could offer a reference for a company looking for a CEO that could bring accounting quality.
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高階行政人員核心能力之分析-五國的經驗與啟示劉宜靜, Liu, Yi-Ching Unknown Date (has links)
本論文採文獻分析,亦於理論中釐清組織層面的核心能力與個人層面的核心能力。多數學者認為組織的核心能力為替組織創造競爭優勢的特殊技能或科技,創造利益,也塑造企業文化與價值觀。核心能力的確為具體化組織願景的工具,其運用乃將具備適當技能的適當的人,置其於適當的職位。而落實至個人層次則涵括了個人的基本特質,包括知識、態度、技能和價值,於其工作情境中的超卓表現。而且有效工作表現的模型必須是個人能力、工作需求與組織環境三者的交集區間。然應用在公部高階行政人員的甄補與訓練中,則以美、加、英、澳、紐五國的實施作為探討的對象,依高階行政人員、實施背景、甄補過程、與核心能力內容等四個主要面向作介紹,於最後一章歸結為數種相同的能力,以及給予我國的啟示與建議。 / Fist part of this thesis is separated into two dimensions--organizational core competency and individual core competency. we have to clarify the difference between two, though core competency does realize the vision of organization. The significance of core competency is arrange the right person with right competencies on the right position. Only those in the range of individual competencies, job needs, and organizational environment are core competencies, and do make superior performance. And then introduce the application in the recruitment and training in senior service in 5 countries-United States, Canada, United Kingdom, Australia, and New Zealand. In these two chapters, we discuss them from the definitions, backgrounds, recruitment procedures, and contents. And the final of this thesis sum up those profiles, suggests to our government.
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