績效目標偏離、董事會治理與風險承擔決策：以電子製造業之資產投資為例_

:::

詳目顯示

第 1 筆 / 總合 1 筆

/1頁

來源文獻資料
摘要
外文摘要
引文資料

題名：	績效目標偏離、董事會治理與風險承擔決策：以電子製造業之資產投資為例
書刊名：	管理與系統
作者：	曾真真／闕廷諭／連俊凱
作者(外文)：	Tseng, Jen-jen／Chueh, Ting-yu／Lien, Chun-kai
出版日期：	2016
卷期：	23:3
頁次：	頁425-449
主題關鍵詞：	風險承擔決策；董事會治理；績效偏離；自我選擇偏誤；Risk-taking decision；Board governance；Performance deviation；Self-selection bias
原始連結：	連回原系統網址
相關次數：	被引用次數:期刊(1) 博士論文(0) 專書(0) 專書論文(0) 排除自我引用:1 共同引用:8 點閱:15

本研究結合企業行為理論與代理理論之觀點，檢驗績效偏離程度與董事會治理的交互效果對風險承擔決策及後續績效的影響。由於決策存在潛在的自我選擇偏誤，因而本研究採用 Heckman 二階段模型，以第一階段所建立之Probit 模型，估算出inverse Mills ratio 修正樣本自我選擇偏誤，並透過樣本分割，於第二階段模型納入自我選擇修正因子，淨化風險承擔與後續績效之關係。實證時，以2002-2007 年間上市資訊電子業為研究對象，取得不平衡追蹤資料計 1914 個觀測值建立Probit 模型，據以檢驗董事會治理及過去績效的偏離狀況對資產投資決策之影響。實證結果顯示當企業獲利超越目標時，董事長兼總經理、董事會規模以及董事持股與企業新增投資呈負向影響。第二階段則將樣本依資產成長率分為風險承擔與風險迴避二群分別建立模型，在控制自我選擇修正因子後，企業投資與後續績效呈顯著的正向關係。

以文找文

This study combines the perspectives of agency theory and behavioral theory, and aims to examine the impact of the interaction effect between deviating performance and board governance on risk-taking decision and sequential performance. There is a potential self-selection bias in risk-taking decision. Hence, this study controls self-selection bias via Heckman’s two-stage decision model. Using the Probit model established in the first stage, this study will estimate an inverse Mills ratio to correct the self-selection bias. In the second stage, this study divides the sample into risk-taking and risk-averse companies based on asset growth rate. The self-selection correcting factor is then introduced to purify the relationship between risk-taking and sequential performance for publicly traded companies in the information-electronics industry. Empirically, using a unbalanced panel data from 2002 to 2007, 1914 observations are utilized to establish the Probit model to examine the impact of board governance and aspiration deviation of past performance on decision-making. The empirical results of the first stage find that CEO duality, board side and board ownership negatively affect the investment decision when performance is above the aspiration level. In the second stage, the empirical results indicate a positive relationship between corporate investment and sequential performance when the self-selection bias has been controlled.

以文找文

期刊論文
1.	曾真真、高子荃(20110100)。持續成長或中斷成長：考慮剩餘資源與自我選擇偏誤的影響。管理與系統，18(1)，71-91。延伸查詢
2.	Abel, A. B.、Eberly, J. C.(1999)。The Effects of Irreversibility and Uncertainty on Capital Accumulation。Journal of Monetary Economics，44(3)，339-377。
3.	Adner, R.、Helfat, C. E.(2003)。Corporate Effects and Dynamic Managerial Capabilities。Strategic Management Journal，24(10)，1011-1025。
4.	Apadore, K.、Zainol, S. S. B.(2014)。Determinants of Corporate Governance and Corporate Performance among Consumer Product Industry in Malaysia: A Theoretical Model。International Journal of Academic Research in Accounting, Finance and Management Sciences，4(2)，159-165。
5.	Audia, P. G.、Greve, H. R.(2006)。Less Likely to Fail: Low Performance, Firm Size, and Factor Expansion in the Shipbuilding Industry。Management Science，52(1)，83-94。
6.	Barkema, H. G.、Shvyrkov, O.(2007)。Does Top Management Team Diversity Promote or Hamper Foreign Expansion?。Strategic Management Journal，28(7)，663-680。
7.	Baum, J. A. C.、Dahlin, K. B.(2007)。Aspiration Performance and Railroads' Patterns of Learning from Train Wrecks and Crashes。Organization Science，18(3)，368-385。
8.	Baysinger, B. D.、Hoskisson, R. E.(1990)。Board Composition and Strategic Control: The Effect on Corporate Strategy。Academy of Management Review，15(1)，72-87。
9.	Blettner, D. P.、He, Z.-L.、Hu, S.、Bettis, R. A.(2014)。Adaptive Aspirations and Performance Heterogeneity: Attention Allocation among Multiple Reference Points。Strategic Management Journal，36(7)，987-1005。
10.	Booth, J. R.、Cornett, M. M.、Tehranian, H.(2002)。Boards of Directors, Ownership, and Regulation。Journal of Banking and Finance，26(10)，1973-1996。
11.	Carpenter, R. E.、Petersen, B. C.(2002)。Is the Growth of Small Firms Constrained by Internal Finance?。Review of Economics and Statistics，84(2)，298-309。
12.	Chuang, Y. T.、Baum, J. A. C.(2003)。It's All in the Name: Failure-induced Learning by Multiunit Chains。Administrative Science Quarterly，48(1)，33-60。
13.	Clapham, S. E.、Schwenk, C. R.(1991)。Self-serving Attributions, Managerial Cognition, and Company Performance。Strategic Management Journal，12(3)，219-229。
14.	Combs, J. G.、Ketchen, D. J.、Perryman, A. A.、Donahue, M. S.(2007)。The Moderating Effect of CEO Power on the Board Composition-firm Performance Relationship。Journal of Management Studies，44(8)，1299-1323。
15.	Conner, T.(2007)。A Consideration of Strategic Assets and the Organizational Sources of Competitiveness。Strategic Change，16(3)，127-136。
16.	Daboub, A. J.、Rasheed, A. M.、Priem, R. L.、Gray, A.(1995)。Top Management Team Characteristics and Corporate Illegal Activity。Academy of Management Review，20(1)，138-170。
17.	de Miguel, Alberto、Pindado, Julio、de la Torre, Chabela(2004)。Ownership Structure and Firm Value: New Evidence from Spain。Strategic Management Journal，25(12)，1199-1207。
18.	Donaldson, L.、Davis, J. H.(1991)。Stewardship Theory of Agency Theory: CEO Governance and Shareholder Returns。Australian Journal of Management，16(1)，49-64。
19.	Doukas, J. A.、Mcknight, P. J.、Pantzalis, C.(2005)。Security Analysis, Agency Costs and UK Firm Characteristics。International Review of Financial Analysis，14(5)，493-507。
20.	George, E.、Chattopadhyay, P.、Sitkin, S. B.、Barden, J.(2006)。Cognitive Underpinnings of Institutional Persistence and Change: A Framing Perspective。Academy of Management Review，31(2)，347-365。
21.	Greve, H. R.(2003)。A Behavioral Theory of R&D Expenditures and Innovation: Evidence from Shipbuilding。Academy of Management Journal，46(6)，685-702。
22.	Greve, H. R.(2008)。A Behavioral Theory of Firm Growth: Sequential Attention to Size and Performance Goals。Academy of Management Journal，51(3)，476-494。
23.	Haleblian, J.、Finkelstein, S.(1999)。The Influence of Organization Acquisition Experience on Acquisition Performance: A Behavioral Learning Perspective。Administrative Science Quarterly，44(1)，29-56。
24.	Henderson, J.、Cool, K.(2003)。Corporate Governance, Investment Bandwagons and Overcapacity: An Analysis of the Worldwide Petrochemical Industry, 1915-95。Strategic Management Journal，24(4)，349-373。
25.	Ho, Chia-Ling、Lai, Gene C.、Lee, Jin-Ping(2013)。Organizational Structure, Board Composition, and Risk taking in the U.S. Property Casualty Insurance Industry。The Journal of Risk and Insurance，80(1)，169-203。
26.	Jackling, B.、Johl, S.(2009)。Board Structure and Firm Performance: Evidence from Indian's Top Companies。Corporate Governance: An International Review，17(4)，492-509。
27.	Judge, W. Q.、Zeithaml, C. P.(1992)。Institutional and Strategic Choice Perspectives on Board Involvement in the Strategic Decision Process。Academy of Management Journal，35(4)，766-794。
28.	Krause, R.、Semadeni, M.(2013)。Apprentice, Departure, and Demotion: An Examination of the Three Types of CEO-board Chair Separation。Academy of Management Journal，56(3)，805-826。
29.	Krause, R.、Whitler, K. A.、Semadeni, M.(2014)。Power to the Principals! An Experimental Look at Shareholder Say-on-pay Voting。Academy of Management Journal，57(1)，94-115。
30.	Kroll, M.、Walters, B. A.、Wright, P.(2008)。Board Vigilance, Director Experience, and Corporate Outcomes。Strategic Management Journal，29(4)，363-382。
31.	Nadkarni, S.、Narayanan, V. K.(2007)。Strategy Frames, Strategic Flexibility and Organizational Performance: The Moderating Role of Industry Velocity。Strategic Management Journal，28(3)，243-270。
32.	Palich, L. E.、Cardinal, L. B.、Miller, C. C.(2000)。Curvilinearity in the Diversification-performance Linkage: An Examination of Over Three Decades of Research。Strategic Management Journal，21(2)，155-174。
33.	Schwenk, C. R.(1984)。Cognitive Simplification Processes in Strategic Decision-making。Strategic Management Journal，5(2)，111-128。
34.	Shimizu, K.、Hitt, M. A.(2005)。What Constraints or Facilitates Divestitures of Formerly Acquired Firms? The effects of organizational inertia。Journal of Management，31(1)，50-69。
35.	Shukeri, S. N.、Shin, O. W.、Shaari, M. S.(2012)。Does Board of Director's Characteristics Affect Firm Performance? Evidence from Malaysian Public Listed Companies。International Business Research，5(9)，120-127。
36.	Tuggle, C. S.、Schnatterly, K.、Johnson, R. A.(2010)。Attention Patterns in the Boardroom: How Board Composition and Processes Affect Discussion of Entrepreneurial Issues。Academy of Management Journal，53(3)，550-571。
37.	Vafeas, N.(2003)。Length of Board Tenure and Outside Director Independence。Journal of Business Finance and Accounting，30(7)，1043-1064。
38.	Victoravich, L. M.、Xu, P.、Buslepp, W.、Grove, H.(2011)。CEO Power, Equity Incentives, and Bank Risk Taking。Banking and Finance Review，3(2)，105-120。
39.	Westphal, J. D.(1998)。Board Games: How CEO's Adapt to Increases in Structural Board Independence from Management。Administrative Science Quarterly，43(3)，511-537。
40.	Westphal, J. D.、Fredrickson, J. W.(2001)。Who Directs Strategic Change? Director Experience, the Selection of New CEOs, and Change in Corporate Strategy。Strategic Management Journal，22(12)，1113-1137。
41.	Voss, G. B.、Sirdeshmukh, D.、Voss, Z. G.(2008)。The Effects of Slack Resources and Environmental Threat on Product Exploration and Exploitation。Academy of Management Journal，51(1)，147-164。
42.	Shimizu, K.、Hitt, M. A.(2004)。Strategic Flexibility: Organizational Preparedness to Reverse Ineffective Strategic Decisions。Academy of Management Executive，18(4)，44-59。
43.	Hayward, M. L. A.(2002)。When do Firms Learn from their Acquisition Experience? Evidence from 1990-1995。Strategic Management Journal，23(1)，21-39。
44.	Mandelker, Gershon N.、Agrawal, Anup(1990)。Large Shareholders and the Monitoring of Managers: The Case of Antitakeover Charter Amendments。Journal of Financial and Quantitative Analysis，25(2)，143-161。
45.	Roll, Richard(1986)。The Hubris Hypothesis of Corporate Takeovers。Journal of Business，59(2 Part 1)，197-216。
46.	Fama, Eugene F.、Jensen, Michael C.(1983)。Separation of ownership and control。The Journal of Law & Economics，26(2)，301-325。
47.	Li, Jiatao、Tang, Yi(2010)。CEO Hubris and Firm Risk taking in China: The Moderating Role of Managerial Discretion。Academy of Management Journal，53(1)，45-68。
48.	Dalton, Dan R.、Daily, Catherine M.、Johnson, Jonathan L.、Ellstrand, Alan E.(1999)。Number of directors and financial performance: a meta-analysis。Academy of Management Journal，42(6)，674-686。
49.	曾真真、賴勇成(20111200)。期望績效回饋效果對企業投資活動的影響：臺灣電子製造業之實證研究。臺大管理論叢，22(1)，273-296。延伸查詢
50.	John, Kose、Litov, Lubomir、Yeung, Bernard(2008)。Corporate Governance and Risk-Taking。Journal of Finance，63(4)，1679-1728。
51.	Fama, Eugene F.(1980)。Agency Problems and the Theory of the Firm。Journal of Political Economy，88(2)，288-307。
52.	Heckman, James Joseph(1979)。Sample Selection Bias as a Specification Error。Econometrica: Journal of the Econometric Society，47(1)，153-162。
53.	Erkens, David H.、Hung, Mingyi、Matos, Pedro P.(2012)。Corporate governance in the 2007-2008 financial crisis: Evidence from financial institutions worldwide。Journal of Corporate Finance，18(2)，389-411。
54.	Weisbach, Michael S.(1988)。Outside directors and CEO turnover。Journal of Financial Economics，20(1/2)，431-460。
55.	Baum, Joel A. C.、Rowley, T. J.、Shipilov, A. V.、Chuang, Y.-T.(2005)。Dancing with strangers: Aspiration performance and the search for underwriting syndicate partners。Administrative Science Quarterly，50(4)，536-575。
56.	Shimizu, Katsuhiko(2007)。Prospect Theory, Behavioral Theory, and the Threat-rigidity Thesis: Combinative Effects on Organizational Decisions to Divest Formerly Acquired Units。Academy of Management Journal，50(6)，1495-1514。
57.	Daily, C. M.、Dalton, D. R.、Cannella, A. A.(2003)。Introduction to Special Topic Forum Corporate Governance: Decades of Dialogue and Data。Academy of Management Review，28(3)，371-382。
58.	Jensen, Michael C.、Meckling, William H.(1976)。Theory of the firm: Managerial behavior, agency costs and ownership structure。Journal of Financial Economics，3(4)，305-360。

圖書
1.	Cyert, R. M.、March, J. G.(1992)。A Behavioral Theory of the Firm。MA：Basil-Blackwell。
2.	Hitt, M. A.、Ireland, R. D.、Hoskisson, R. E.(2005)。Strategic Management: Competitiveness and Globalization。Ohio：South-Western Publishing College。
3.	Cyert, Richard M.、March, James G.(1963)。A Behavioral Theory of the Firm。Englewood Cliffs, NJ：Prentice-Hall。

推文
推薦
引用網址
引用嵌入語法
轉寄

top

:::

相關期刊
相關論文
相關專書
相關著作
熱門點閱

1.	績效回饋的矛盾與創新型態：以臺灣上市櫃半導體業為例
2.	行為理論及AMC模型對管理人風險承擔的影響--以臺灣電子資訊製造業赴大陸投資為例
3.	風險承擔決策的多重參考點：企業研發活動的實證
4.	國際化決策的影響因素之探討：行為理論觀點
5.	專利侵權訴訟被告廠商自願性資訊揭露之影響因素--賽局理論與資源基礎觀點
6.	破產公司對存活公司的影響：經濟衰退時期的正向競爭效應
7.	經濟衰退時期的研發承諾：董事會監督對成長機會的影響
8.	社會科學研究中使用迴歸分析的五個重要觀念
9.	期望績效回饋效果對企業投資活動的影響：臺灣電子製造業之實證研究
10.	持續成長或中斷成長：考慮剩餘資源與自我選擇偏誤的影響

無相關博士論文

無相關書籍

無相關著作

1.	營收動能生命週期
2.	審計委員會對公司績效與資訊揭露品質之影響
3.	應用工作安全分析於酒精儲槽區裝卸及調和作業
4.	探討出口市場導向之前因與後果：互依不對稱為調節變數之影響
5.	隨機性人力需求下停機線修護人力供給模式
6.	運用多準則決策模式探討臺南大眾運輸系統之組合策略
7.	顧客價值之IPA分析
8.	營運資金管理與裁決性應計數之估計
9.	臺灣會計學術單位期刊著作表現之再檢測
10.	資料探勘技術在繼續經營疑慮意見診斷模型之應用
11.	Internationalization Processes and Organizational Size: The Moderating Effects of Business Groups
12.	顧客網路代購的知覺模糊與知覺價值對購買意圖之研究
13.	高槓桿觀光業、盈餘管理與股利政策之實證研究
14.	領導型態與組織承諾關係之研究
15.	獨立董事主導之董事會有效率或無效率？

QR Code

臺灣人文及社會科學引文索引資料庫系統

詳目顯示

臺灣人文及社會科學引文索引資料庫