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    政大典藏 > College of Commerce > Department of Finance > Theses >  Item 140.119/146286


    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/146286


    Title: 經理人能力對企業違約風險影響
    The Impact of Managerial Ability on Default Risk
    Authors: 林祐民
    Lin, Yu-Min
    Contributors: 湛可南
    Chan, Ko-Nan
    林祐民
    Lin, Yu-Min
    Keywords: 經理人能力
    違約風險
    研發強度
    經理人雙元性
    企業社會責任
    Managerial Ability
    Default Risk
    R&D Intensity
    CEO Duality
    CSR Engagement
    Date: 2023
    Issue Date: 2023-08-02 12:59:36 (UTC+8)
    Abstract: 本研究利用美國上市公司 2001~2020 年資料，探討經理人能力對於公司違約風險之影響。實證結果發現經理人能力會降低公司的違約風險，由於經理人能力與違約風險存在嚴重的內生性問題，本研究透過兩階段最小平方法與差異中的差異法消除潛在的內生性問題，在解決內生性後，實證結論不變。最後，本文透過通道分析研究研發強度、經理人雙元性、及企業社會責任三種通道，探討經理人能力對違約風險之影響，本文發現研發強度會增強經理人能力與違約風險之負相關性，而經理人雙元性及企業社會責任則會減弱經理人能力與違約風險之負相關性。
    We examine the impact of managerial ability on corporate default risk based on US companies from 2001 to 2020. Our results show that managerial ability can lower corporate default risk. However, there might exist severe endogeneity between managerial ability and default risk. To mitigate potential endogeneity concern, we conduct two stage least squares regressions and difference-in-difference analyses, and our results remain unchanged. We further investigate the effect of R&D intensity, CEO duality, and CSR engagement on our baseline result. We find that R&D intensity would strengthen the negative impact of managerial ability on default risk, while CEO duality and CSR engagement would weaken the negative impact of managerial ability on default risk.
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    Description: 碩士
    國立政治大學
    財務管理學系
    110357024
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0110357024
    Data Type: thesis
    Appears in Collections:[Department of Finance] Theses

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