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題名：董事政治關聯及政治獻金影響企業價值嗎？
書刊名：選舉研究
作者：張琬喻 引用關係／張凱雯
作者(外文)：Jang, Woan-yuh／Chang, Kai-wen
出版日期：2011
卷期：18:1
頁次：頁139-174
主題關鍵詞：總統選舉；政商關係；董事政治關聯；政治獻金；事件研究法；President election；Political relationships；Directorate political connections；Political donations；Event study methodology
原始連結：連回原系統網址new window
相關次數：
  • 被引用次數被引用次數:期刊(9) 博士論文(0) 專書(0) 專書論文(0)
  • 排除自我引用排除自我引用:9
  • 共同引用共同引用:253
  • 點閱點閱:128
本文摘要 本研究以台灣上市公司為研究樣本，依公司董事個人政治色彩將所有公司歸類為泛藍派、泛綠派或其他類，分別以「2008 總統大選」與「公司聘任具政治背景董事之宣告」為研究事件，探討不同政治色彩之政商網絡關係對企業價值的影響，並同時考慮政治獻金的因素。實證結果發現，當藍營贏得總統大選時，泛藍派公司具有勝選行情，在股票市場上產生顯著正向累積異常報酬；而敗選的綠營，則使得泛綠派公司呈現落選行情，對公司之股價異常報酬率產生負向影響。在政治獻金方面，藍營與綠營皆有捐贈之公司累積異常報酬顯著大於僅捐給藍營之公司。在具政治背景董事進入董事會之宣告效果部分，結果顯示當公司宣布聘任泛藍派董事消息時，公司股價出現顯著正向累積異常報酬；而公司聘任泛綠派董事之宣告，在股價反映上則沒有顯著的異常報酬發生，但兩者之差異並不顯著。
Abstract The research uses the hand-gathered data that details the political background of all directors on the boards of companies listed in the Taiwan Stock Exchange (TSE). The companies are divided into three groups: companies connected to the Pan-Blue Coalition, companies connected to the Pan-Green Coalition, and the others. This article looks at two different events. The first is the 2008 president election on March 22 incorporating the factor of political donations, and the second is the announcement of politically connected director appointment. The study examines the effects of political network linkages on firm value. The analysis shows that companies connected to the Pan-Blue Coalition exhibit a positive and significant cumulative abnormal return when the Pan-Blue Coalition wins the 2008 president election. Conversely, companies connected to the Pan-Green Coalition suffer a negative cumulative abnormal return. In addition, the companies which donate to both Pan-Blue and Pan-Green Coalitions experience a cumulative abnormal return significantly greater than those only to the Pan-Blue Coalition. This article also demonstrates that the stock market displays a positive response following the announcement of the appointment of directors connected to the Pan-Blue Coalition. However, there is no significant abnormal return on the stock market when news of directors connected to the Pan-Green Coalition entering the boards is announced. Furthermore, the difference between the two groups fails to be significant.
期刊論文
1.王鼎銘(20071100)。臺灣政治獻金法及參選人政治獻金資料之實證研究。選舉研究，14(2)，121-144。new window  延伸查詢new window
2.Goldman, Eitan、Rocholl, Jörg、So, Jongil(2009)。Do politically connected boards affect firm value?。The Review of Financial Studies，22(6)，2331-2360。  new window
3.Knight, Brian(2006)。Are Policy Platforms Capitalized into Equity Prices? Evidence from the Bush/Gore 2000 Presidential Election。Journal of Public Economics，90(4/5)，751-773。  new window
4.Leuz, Christian、Oberholzer-Gee, Felix(2006)。Political relationships, global financing, and corporate transparency: Evidence from Indonesia。Journal of Financial Economics，81(2)，411-439。  new window
5.Faccio, Mara(2006)。Politically-Connected Firms: Can They Squeeze the State?。American Economic Review，96(1)，369-386。  new window
6.Zucker, Lynne G.(1987)。Institutional Theories of Organization。Annual Review of Sociology，13(1)，443-464。  new window
7.Hillman, A. J.、Hitt, M. A.(1999)。Corporate political strategy formulation: A model of approach, participation, and strategy decisions。Academy of Management Review，24(4)，825-842。  new window
8.Keim, G.、Baysinger, B.(1998)。The Efficacy of Business Political Activity: Competitive Considerations in a Principal-Agent Context。Journal of Management，14，163-180。  new window
9.朱雲漢(19950110)。如何面對民主時代政商關係的挑戰。國家政策雙周刊，103，12-14。  延伸查詢new window
10.劉阿榮(19960500)。戰後臺灣政商關係之演變--理論架構與經驗意涵。社會文化學報，3，1-41。  延伸查詢new window
11.Adhikari, A.、Derashid, C.、Zhang, H.(2006)。Public Policy, Political Connections, and Effective Tax Rates: Longitudinal Evidence From Malaysia。Journal of Accounting and Public Policy，25(5)，574-595。  new window
12.李宗榮(20070600)。在國家權力與家族主義之間：企業控制與臺灣大型企業間網絡再探。臺灣社會學，13，173-242。new window  延伸查詢new window
13.張琬喻(20050400)。政商網絡的建立必然使企業獲利嗎？。管理學報，22(2)，155-172。new window  延伸查詢new window
14.Cooper, Michael J.、Gulen, Huseyin、Ovtchinnikov, Alexei V.(2010)。Corporate Political Contributions and Stock Returns。Journal of Finance，65(2)，687-724。  new window
15.Daniel, Kent、Titman, Sheridan(1997)。Evidence on the characteristics of cross sectional variation in stock returns。Journal of Finance，52(1)，1-33。  new window
16.Kotter, John P.(1979)。Managing External Dependence。Academy of Management Review，4(1)，87-92。  new window
17.Roberts, Brian E.(1990)。A Dead Senator Tells No Lies: Seniority and the Distribution of Federal Benefits。American Journal of Political Science，34(1)，31-58。  new window
18.Stigler, George J.(1971)。The Theory of Economic Regulation。The Bell Journal of Economics and Management Science，2(1)，1-21。  new window
19.Meyer, J. W.、Rowan, B.(1977)。Institutional organizations: Formal structure as myth and ceremony。American Journal of Sociology，83(2)，340-363。  new window
20.DiMaggio, Paul J.、Powell, Walter W.(1983)。The Iron Cage Revisited: Institutional Isomorphism and Collective Rationality in Organizational Fields。American Sociological Review，48(2)，147-160。  new window
21.陳東升、周素卿(19930500)。國家結構、政商關係與空間形構。國立臺灣大學社會學刊，22，149-183。new window  延伸查詢new window
22.Smith, Clifford W. Jr.、Watts, Ross L.(1992)。The Investment Opportunity Set and Corporate Financing, Dividend, and Compensation Policies。Journal of Financial Economics，32(3)，263-292。  new window
23.Faccio, Mara、Masulis, Ronald W.、McConnell, John J.(2006)。Political connections and corporate bailouts。Journal of Finance，61(6)，2597-2635。  new window
24.Fisman, Raymond(2001)。Estimating the Value of Political Connections。The American Economic Review，91(4)，1095-1102。  new window
25.Carhart, Mark M.(1997)。On persistence in mutual fund performance。The Journal of Finance，52(1)，57-82。  new window
26.Fama, Eugene F.、French, Kenneth R.(1993)。Common risk factors in the returns on stocks and bonds。Journal of Financial Economics，33(1)，3-56。  new window
27.Krueger, Anne O.(1974)。The Political Economy of the Rent-Seeking Society。American Economic Review，64(3)，291-303。  new window
28.Collins, D. W.、Kothari, S. P.(1989)。An Analysis of Intertemporal and Cross-sectional Determinants of Earnings Response Coefficients。Journal of Accounting and Economics，11(2/3)，143-181。  new window
29.Jegadeesh, Narasimhan、Titman, Sheridan(1993)。Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency。The Journal of Finance，48(1)，65-91。  new window
30.Chou, Yang-sun(1988)。民主化、自由化與威權轉型：國際經驗的比較。中山學術論叢，8，79-93。  延伸查詢new window
31.Kuo, Cheng-tian(2009)。後現代政治經濟學與新制度論。社會科學論叢，3(2)，2-30。new window  延伸查詢new window
32.Chen, Ming-tong(1992)。臺灣地區政商關係之演變。國家政策雙週刊，37，3-5。  延伸查詢new window
33.Ball, Ray、Watts, Ross.(1979)。Some Additional Evidence on Survival Biases。Journal of Finance，34(1)，197-206。  new window
34.Baysinger, Barry D.(1984)。Domain Maintenance as an Objective of Business Political Activity: An Expanded Typology。The Academy of Management Review，9(2)，248-258。  new window
35.Oliver, Christine.(1991)。Strategic Response to Institutional Processes。Academy of Management Review，16(1)，145-179。  new window
36.Schuler, Douglas A.、Rehbein, Kathleen.(1997)。The Filtering Role of the Firm in Corporate Political Involvement。Business and Society，36(2)，116-139。  new window
37.Getz, Kathleen A.(2002)。Public Affairs and Political Strategy: Theoretical Foundations。Journal of Public Affairs，1(4)，305-329。  new window
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會議論文
1.Chang, Yue-shan、Lee, Roy Chun(2001)。全球化、自由化與公共事業的再管制架構：以電業為例。台北。  延伸查詢new window
研究報告
1.Hawang, Shiow-duan(1998)。金權政治和立法院的財政、經濟與交通委員會。台北。  延伸查詢new window
2.張清溪(2001)。黨營事業之研究 (計畫編號：NSC89-2415-H-002-017)。台北。  延伸查詢new window
3.Goldman, Eitan、Rocholl, Jörg、So, Jongil.(2009)。Political Connections and the Allocation of Procurement Contracts。  new window
學位論文
1.周明徹(2005)。政商關係對企業價值的影響(碩士論文)。國立清華大學。  延伸查詢new window
2.Jao, Fang-ling(2000)。我國集團企業進入特許行業合作關係之分析。中山大學。  延伸查詢new window
3.Tsao, Yn-huah(2008)。探討政商關係與公司績效、治理及獲取利益之關係。中山大學。  延伸查詢new window
4.Chen, Chia-ping(2002)。董事會之政治角色：以100家上市公司為例。中山大學。  延伸查詢new window
圖書
1.徐瑞希(1991)。政商關係解讀：臺灣企業實用政治學入門。臺北市：遠流出版社。  延伸查詢new window
2.De Jouvenel, Bertrand(1957)。Sovereignty: An Inquiry into the Political Good。Chicago：The University of Chicago Press。  new window
3.陳東升(19950000)。金權城市：地方派系、財團與臺北都會發展的社會學分析。臺北：巨流。new window  延伸查詢new window
4.Shiau, Chyuan-jeng(1995)。政治與經濟的整合。高雄。  延伸查詢new window
5.de Montchrétien, Antoine(1615)。Treatise on Political Economy。Paris。  new window
6.Getz, Kathleen A.(1993)。Corporate Political Tactics in a Principal-Agent Context: An Investigation in Ozone Protection Policy。Research in Corporate Social Performance and Policy。Greenwich, CT。  new window
7.Getz, Kathleen A.(1993)。Selecting Corporate Political Tactics。Corporate Political Agency: The Construction of Competition in Public Affairs。Newbury Park, CA。  new window
8.Suchman, Mark C.(1995)。Localism and Globalism in Institutional Analysis: The Emergence of Contractual Norms in Venture Finance。The Institutional Construction of Organizations。Thousand Oaks, CA。  new window
圖書論文
1.Tullock, Gordon(1980)。Efficient Rent-Seeking。Toward a Theory of the Rent-Seeking Society。Texas A&M University Press。  new window
2.陳錦輝(1991)。編輯室報告。政商關係解讀。台北：遠流出版社。  延伸查詢new window
 
 
 
 
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