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| Title: | 董事會成員年齡與投資效率的關聯性
The Association Between Investment Efficiency and Board Age |
| Authors: | 周侑蓁
Chou, Yu-Chen |
| Contributors: | 潘健民
Pan, Jian-Min
周侑蓁
Chou, Yu-Chen |
| Keywords: | 投資效率
董事會成員
年齡
Investment efficiency
Board members
Age |
| Date: | 2022 |
| Issue Date: | 2022-07-01 16:02:51 (UTC+8) |
| Abstract: | 企業在投資時會審慎評估後續的風險與效益，過去文獻指出影響企業投資的因素眾多，其中管理團隊本身特質也會對投資造成影響。因此，本研究採用高層理論的理論框架作為分析基礎，以日本資料進行實證，董事會年齡作為變數，探討高階管理團隊的人口統計特徵與投資效率的關聯性。研究對象為2005年至2021年東京證券交易所的上市公司，分別探究董事會平均年齡和董事會成員年齡多元性如何影響企業的投資效率。
研究結果顯示，董事會年齡與投資效率具有關聯性。首先，董事會平均年齡與投資效率為負相關，當董事會平均年齡越大，企業投資更穩定，有更好的投資效率。次之，董事會成員年齡多元性與投資效率為正相關。當董事會成員年齡更具多元性，衝突的發生，使企業有更差的投資效率。以上結果皆不存在於過度投資樣本中，表示企業過度投資的後果與董事會年齡沒有關係。
Prior studies suggest that there are many factors affecting corporate investment decisions, and the characteristics of the top management team also have impact on investments. According to the upper echelons theory, this study examines the association between board age and corporate investment efficiency. Using data from firms listed on the Tokyo Stock Exchange from 2005 to 2021, this study tests how board age affect investment efficiency.
The empirical results show a negative association between board age and investment efficiency. When change the board age measure from mean age to diversity of board members age, this study finds a positive association between board age and investment efficiency. When the sample is restricted to overinvestment sample, there is no association between board age and investment efficiency, indicating that the consequences of corporate overinvestment are not related to board age. |
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| Description: | 碩士
國立政治大學
會計學系
109353001 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0109353001 |
| Data Type: | thesis |
| DOI: | 10.6814/NCCU202200593 |
| Appears in Collections: | [會計學系] 學位論文
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