政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/30153

政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/30153

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政大典藏 > College of Commerce > Department of Accounting > Theses > Item 140.119/30153

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/30153

Title:	經理人異動與董事會特性關聯性之研究
Authors:	陳慧玲
Contributors:	汪泱若陳慧玲
Keywords:	總經理異動最終控制者獨立董事 CEO turnover ultimate controller independent directors
Date:	2003
Issue Date:	2009-09-11 17:21:14 (UTC+8)
Abstract:	本研究將總經理之異動分為自願性與非自願異動二種，主要探討董事會之特性與、控制股東與總經理發生非自願性異動間之關聯性，並且強調從董事會獨立性及最終控制者對董事會之控制力觀點，探討董事會解除總經理職務之決策行為。除此之外，本研究尚探討總經理異動後影響董事會選任繼任總經理之決策行為，主要從董事會之獨立性與異動前績效兩項觀點。研究樣本為民國八十八年至九十二年之台灣上市公司，探用Logit model來檢驗假說。在總經理發生非自願性異動方面，實證結果顯示，當前期的績效愈差時，總經理發生非自願性異動的機率愈高，本研究並將董事會特性分為股權結構及董事會獨立性兩種，並加入最終控制者觀點，實證結果顯示，獨立董事的比率愈高，總經理發生非自願性異動的機率愈高，惟其結果不具統計上的重大性。總經理之持股比率佔董事全體持股比率較高時，愈容易發生總經理非自願性異動，但不具有統計上的重大性。當董事長與總經理為同一人時，較不易發生總經理非自願性異動。此外，在最終控制者方面，實證結果顯示，當控制股東席次控制權愈高時，總經理發生非自願性異動的機率愈低，控制股東的盈餘分配權與席次控制權的偏離程度愈大時，總經理發生非自願性異動的機率愈低，但不具統計上的重大性。在繼任總經理特性與董事會特性關聯性方面，實證結果顯示，當異動前績效愈差時，董事會愈傾向於選用外部繼任者，但不具有統計上的重大性。獨立董事比率愈高，董事會愈傾向於選用外部繼任者。　　整體而言，績效是影響我國上市公司總經理發生非自願性異動的重要原因之一，除此之外，董事長兼任總經理之情形，讓董事長有能力去阻止他們被撤換，進而降低總經理非自願性的離職機率。由於我國上市公司特殊的股權結構，使得控制股東掌控了董事會並且積極參與公司經營，造成董事會流於形式，無形中降低了董事會的監督職能，而設置獨立董事是提高董事會職能發揮的重要機制之一，在本研究中，雖未發現獨立董事的設置對於董事會的監督職能之顯著助益，但發現設置獨立董事在決定繼任者方面，能提出專業建言，使得董事會選任繼任總經理能有更廣泛的人選，而非侷限於公司內部。 This research CEO turnover will divide into voluntary turnover and non- voluntary turnover. This research discusses the relationship among corporate performance, characteristics of board of the directors, non- voluntary CEO turnover and controlling shareholders. This research emphasizes the board of directors independence and the controlling shareholders’ controlling force over the board of directors and discusses the board of directors’ policy-making behavior of firing CEO.In addition, this research also discusses how does the board of directors appoint succeed CEO.The sample consists of all public companies listed on Taiwan Stock Exchange Corporation over the four-year period 2000-2003.According to previous studies, the characteristics of the board of directors are ownership structure and independence. This research also considerate the controlling shareholders. This research provides evidence on the relationship between non- voluntary CEO turnover and corporate performance. The likelihood of non- voluntary CEO turnover is significantly negatively related to the pre-performance. Non- voluntary CEO turnover rate is low when the chairman of the board and CEO are the same person. In addition, this research provides evidence on the relationship between the board of directors independence and the characteristics of the succeed CEO.When the fraction of outside directors is high, the board of directors comparatively possibly appoints the outsider successor.
Reference:	[中文部分） 1.黃鈺光，1993，我國上市公司董事會特性與經營績效之研究，國立台灣　大學會計學系未出版碩士論文 2.許崇源、李怡宗、林宛瑩、鄭桂蕙，2003，控制權與盈餘分配權偏離之　衡量（上），貨幣觀測與信用評等（月）：15-31 3.許崇源、李怡宗、林宛瑩、鄭桂蕙，2003，控制權與盈餘分配權偏離之　衡量（下），貨幣觀測與信用評等（9月）：11-26 4.沈中華、吳孟紋，銀行治理、銀行失敗與銀行績效，2001，Working 　　Paper 5.楊善富，2000，台灣上市公司高階主管持股比例、績效與離職關係之實　證研究，國立中正大學會計系未出版碩士論文 6.翁淑育，2000，台灣上市公司股權結構、核心代理問題與與公司價值之　研究，輔仁大學金融系未出版碩士論文 7.林明謙，2001，股權結構、董事組成對大股東介入股市行為影響之研　　究，輔仁大學金融系未出版碩士論文 8.林玉霞，2002，台灣上市公司代理問題、公司治理與股東價值之研究，　中原大學會計系未出版碩士論文 9.洪晨桓，2003，以附加經濟價值探討公司績效與高階主管替換之關係，　國立東華大學企管系未出版碩士論文 10.陳彥霓，2002，經理人異動對公司策略及績效影響之資訊意涵，國立　政治大學財務管理系未出版碩士論文 11.陳從聖，2002，公司治理、高階管理者更迭與企業價值關係之研究，　國立中正大學會計系未出版碩士論文 12.陳慧慧，2003，公司治理、總經理更換與公司績效關聯性之研究，國　立嘉義大學管理研究所未出版碩士論文參考文獻：(英文部分) 1.Allgood, S. and Farrell, K. A.2003.The match between CEO and 　firm. The Journal of Business 76,2 (Apr):317-341 2.Boeker, W., and J. Goodstein. 1993 Performance and successor 　choice:the moderating effects of governance and ownership. 　　Academy of Management Journal 36(Feb):172-186 3.Boomer W. H., and Ellstrand A. E,. 1996 CEO Successor 　　choice,its antecedents and influence on subsequent firm 　　performance. Group & Organization Management 21（Mar）:105-121 4.Borokhovich, K., R.Parrino and T.Trapani. 1996 Outside 　　directors and CEO selection. Journal of Financial and 　　Quantitative analysis 31(Sep):337-355 5.Claessens, S.,S ,Djankov and L. P. H. Lang, .2000 The 　　separation of ownership and control in East Asian 　　corporation. Journal of Financial Economics 57 （Dec）:2741-　　2771 6.Dahya, J., A. A. Lonie, and D.M. Power. 1998 .Ownership 　structure, firm performance and top executive change:an 　analysis of UK firms. Journal of Business Finance & Accounting　(Dec):1089-1118 7.Dalton, D.,and Kesner, I.1985. Organizational performance as 　an antecedent of inside/outside chief exective succession :an 　empirical assessment.Academy of Management Journal 28:749-762 8.Denis, D. K. and Mcconnell 2003. International corporate 　　governance.Journal of Financial and Quantitative Analysis 38　（Mar）:1-36 9.Dyhya, J.J., McConnell,and N. G. Travlos. 2002.the Cadbury 　　Committee, corporate performance, and top management 　　turnover. the Journal of Finance 1(Feb):461-483. 10.Fama, E.F., and M.C.Jensen, agency problems and residual 　　claims, Journal of law and economics,26:327-350 11.Friedman, S. D. and Singh H. 1989. CEO succession and 　　stockholder reaction :the influence of organizational context 　and event content. Academy of Management Journal 4. 718-744 12.Huson, M., R.Parrino and J.Starks. 2001.Internal monitoring 　mechanisms and CEO turnover: a long-term perspective.the 　　Journal of Finance 6(Dec):2265-2297 13.Jensen, M. C., and W. H. Meckling. 1976.Theory of the Firm：　Managerial Behavior, Agency Costs and Ownership Structure. 　　Journal of Financial Economics 3:305-360. 14.Jun-Koo Kang and Anil Shivdasani. 1995 Firm 　　performance,corporate governance, and top executive turnover 　in Japan. Journal of Financial Economics38（July）:29-58 15.La Porta, R., F. Lopez-De-Silanes, and A. Shleifer. 　　1999.Corporate Ownership Around the World. Journal of 　　Finance. Vol. 54:471-517 16.Scherrer, P. S. 2003. Directors’reponsibility and 　　participation in the strategic decision making process. 　　Corporate Governance 3,1:86-90 17.Shleifer, A., and R. Vishny. 1997. A Survey of Corporate 　　Governance. Journal of Finance 5.52:737-783. 18.Warner, J.B., R. L. Watts, and K. H. Wruck. 1988.Stock price 　and top management changes. Journal of Financial Economics 20　(Oct) :461-492. 19.Weisbach, M.S.,1998 Outside directors and CEO turnover, 　　Journal of financial economics,20:431-460
Description:	國立政治大學會計研究所 91353035 92
Source URI:	http://thesis.lib.nccu.edu.tw/record/#G0091353035
Data Type:	thesis
Appears in Collections:	[Department of Accounting] Theses

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