簡易檢索 / 詳目顯示

研究生: 李芝妮
Li, Jhih-Ni
論文名稱: 企業社會責任、經理人過度自信與能力對併購中主併公司股東財富效果的影響
The Effects of CSR, Managerial Overconfidence and Ability on the Acquiring Firms' Shareholder Wealth
指導教授: 王澤世
Wang, Tse-Shih
學位類別: 碩士
Master
系所名稱: 管理學院 - 財務金融研究所
Graduate Institute of Finance
論文出版年: 2021
畢業學年度: 109
語文別: 中文
論文頁數: 48
中文關鍵詞: 企業社會責任併購過度自信能力
外文關鍵詞: Corporate social responsibility, Mergers and acquisition, Overconfidence, Ability
相關次數: 點閱:181下載:0
分享至:
查詢本校圖書館目錄 查詢臺灣博碩士論文知識加值系統 勘誤回報
  • 摘要 I Abstract II 目錄 VI 表目錄 VII 圖目錄 VII 第一章 緒論 1 第二章 文獻探討與假說 4 第一節 併購相關文獻 4 第二節 CSR與併購相關文獻 5 第三節 經理人特質與併購相關文獻 7 第三章 研究方法 9 第一節 樣本選取 9 第二節 研究方法與模型 9 第三節 變數定義 12 第四章 實證結果與分析 20 第一節 敘述性統計分析 20 第二節 相關係數檢定分析 23 第三節 短期股東財富效果實證分析 25 第四節 長期股東財富效果實證分析 29 第五章 穩健性分析 32 第一節 短期股東財富效果 32 第二節 長期股東財富效果 35 第三節 Tobin's Q×CASH與股東財富迴歸結果 37 第六章 結論與建議 41 第一節 研究結論 41 第二節 研究限制 42 參考文獻 43

    吳依正、吳尚澄 (2019)。企業購併宣告效果、溢價與績效之研究-以台灣金融業為例。環境與管理研究,21,49-80。
    呂佳玲、林基煌 (2008)。家族企業公司治理、併購策略與績效之探討。亞太經濟管理評論,11,107-134。
    汪瑞芝、李佳駿 (2019)。企業社會責任對避稅行為之影響。Review of Securities and Futures Markets,31,47-86。
    翁鶯娟、張紹基 (2017)。併購與策略聯盟在公司理財文獻之回顧與展望:亞洲市場之研究。臺大管理論叢,27,163-214。
    蘇迺惠、陳雲英、黃勝華 (2017)。經理人過度自信與盈餘品質之關係。台灣管理學刊,17,1-22。
    Aktasa, N., Bodtb, E., & Cousin, J., G. (2011). Do financial markets care about SRI? Evidence from mergers and acquisitions. Journal of Banking & Finance, 35, 1753-1761.
    Asquith, P., Bruner, R., F., & Mullins, D., W. (1983). The gains to bidding firms from merger. Journal of Financial Economics, 11, 121-139.
    Aupperle, K., E., Carroll, A., B., & Hatfield, J., D. (1985). An empirical examination of the relationship between corporate social responsibility and profitability. Academy of Management Journal, 28, 446-463.
    Barnea, A., & Rubin, A. (2010). Corporate social responsibility as a conflict between shareholders. Journal of Business Ethics, 97, 71-86.
    Bekier, M., Bogardus, A., & Oldham, T. (2001). Why mergers fail? McKinsey Quarterly, 4, 6-9.
    Bertrand, M., & Schoar, A. (2003). Managing with style: The effect of managers on firm policies. The Quarterly Journal of Economics, 118, 1169-1208.
    Bradley, M., Desai, A., & Kim, E., H. (1988). Synergistic gains from corporate acquisitions and their division between the stockholders of target and acquiring firms. Journal of Financial Economics, 21, 3-40.
    Chen, S., & Lin, C. (2018). Managerial ability and acquirer returns. The Quarterly Review of Economics and Finance, 68, 171-182.
    Cui, H., & Leung, S., C. (2020). The long-run performance of acquiring firms in mergers and acquisitions: Does managerial ability matter? Journal of Contemporary Accounting & Economics, 16, 100-185.
    Deng, X., Kang, J., K., & Low, B., S. (2013). Corporate social responsibility and stakeholder value maximization: Evidence from mergers. Journal of Financial Economics, 110, 87-109.
    Deshmukh, S., Goel, A., M., & Howe, K., M. (2013). CEO overconfidence and dividend policy. Journal of Financial Intermediation, 22, 440-463.
    Díaz, K., B., D., Azofra, S., S., & Gutiérrez, C., L. (2009). Are M&A premiums too high? Analysis of a quadratic relationship between premiums and returns. Quarterly Journal of Finance and Accounting, 48, 5-21.
    Dong, M., Hirshleifer, D., Richardson, S., & Teoh, S., H. (2002). Does investor misvaluation drive the takeover market? The Journal of Finance, 61, 725-762.
    Duso, T., Gugler, K., & Yurtoglu, B. (2010). Is the event study methodology useful for merger analysis? A comparison of stock market and accounting data. International Review of Law and Economics, 30, 186-192.
    Dutta, S., & Jog, V. (2009). The long-term performance of acquiring firms: A re-examination of an anomaly. Journal of Banking & Finance, 33, 1400-1412.
    Edmans, A., & Gabaix, X. (2009). Is CEO pay really inefficient? A survey of new optimal contracting theories. European Financial Management, 15, 486-96.
    Edmans, A., Gabaix, X., & Landier, A. (2009). A multiplicative model of optimal CEO incentives in market equilibrium. Review of Financial Studies, 22, 4881-4917.
    Ferris, S., P., Jayaraman, N., & Sabherwal, S. (2013). CEO overconfidence and international merger and acquisition activity. Journal of Financial and Quantitative Analysis, 48, 137-164.
    Frydman, C., & Jenter, D. (2010). CEO compensation. Annual Review of Financial Economics, 2, 75-102.
    Fuller, K., Netter, N., & Stegemoller, M. (2002). What do returns to acquiring firms tell us? Evidence from firms that make many acquisitions. The Journal of Finance, 57, 1763-1793.
    Ge, W., & Liu, M. (2015). Corporate social responsibility and the cost of corporate bonds. Journal of Accounting and Public Policy, 34, 597-624.
    Godfrey, P., C., Merrill, C., B., & Ansen, J., M. (2009). The relationship between corporate social responsibility and shareholder value: An empirical test of the risk management hypothesis. Strategic Management Journal, 30, 425-445.
    Graham, J., R., Li, L., & Qiu, J. (2012). Managerial attributes and executive compensation. The Review of Financial Studies, 25, 144-186.
    Guiral, A., Moon, D., Tan, H., & Yu, Y. (2020). What drives investor response to CSR performance reports? Contemporary Accounting Research, 37, 101-130.
    Hambrick, D., C., & Mason, P., A. (1984). Upper echelons: The organization as a reflection of its top managers. The Academy of Management Review, 9, 193-206.
    Harrison, J., S., Hart, M., & Oler, D., K. (2013). Leverage and acquisition performance. Review of Quantitative Finance and Accounting, 43, 571-603.
    Hayward, M., L., A., & Hambrick, D., C. (1997). Explaining the premiums paid for large acquisitions: Evidence of CEO hubris. Administrative Science Quarterly, 42, 103-127.
    Healy, P., M., & Palepu, K., G. (2001). Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature. Journal of Accounting and Economics, 31, 405-440.
    Heaton, J., B. (2002). Managerial optimism and corporate finance. Financial Management, 31, 33-45.
    Jones, T., M. (1995). Instrumental stakeholder theory: a synthesis of ethics and economics. Academy of Management Review, 20, 404-437.
    Keown, A., J., & Pinkerton, J., M. (1981). Merger announcements and insider trading activity: An empirical investigation. The Journal of Finance, 36, 855-869.
    King, D., G., Slotegraaf, R., J., & Kesner, I. (2008). Performance implications of firm resource interactions in the acquisition of R&D-intensive firms. Organization Science, 19, 327-340.
    Lang, L., H., P., Stulz, R., M., & Walkling, R., A. (1991). A test of the free cash flow hypothesis. Journal of Financial Economics, 29, 315-335.
    Lee, C., Wang, C., Chiu, W., & Tien, T. (2018). Managerial ability and corporate investment opportunity. International Review of Financial Analysis, 57, 65-76.
    Lu, Q., & Wu, J. (2019). Pay for being responsible: The effect of target firm’s corporate social responsibility on cross-border acquisition premiums. Sustainability, 11, 1291.
    Malmendier, U., & Tate, G. (2005). CEO overconfidence and corporate investment. The Journal of finance, 60, 2661-2700.
    Malmendier, U., & Tate, G. (2008). Who makes acquisitions? CEO overconfidence and the market’s reaction. Journal of Financial Economics, 89, 20-43.
    Masulis, R., Wang, C., & Xie, F. (2007). Corporate governance and acquirer returns. Journal of Finance, 62, 1851-1889.
    McWilliams, A., & Siegel, D. (2001). Corporate social responsibility: A theory of the firm perspective. The Academy of Management Review, 26, 117-127.
    Moeller, S., B., Schlingemann, F., P., & Stulz, R., M. (2004). Firm size and the gains from acquisitions. Journal of Financial Economics, 73, 201-228.
    Morck, R., Shleifer, A., & Vishny, R., W. (1988). Management ownership and market valuation. Journal of Financial Economics, 20, 293-315.
    Peters, R., & Mullen, M., R. (2009). Some evidence of the cumulative effects of corporate social responsibility on financial performance. The Journal of Global Business Issue, 3, 1-14.
    Preston, L., E., & O’Bannon, D., P. (1997). The corporate social-financial performance relationship. Business and Society, 36, 419-429.
    Prior, D., Surroca, J., & Tribó, J., A. (2008). Are socially responsible managers really ethical? Exploring the relationship between earnings management and corporate social responsibility. Corporate Governance: An International Review, 16, 160-177.
    Renneboog, L., Horst, J., T., & Zhang, C. (2008). Socially responsible investments: Institutional aspects, performance, and investor behavior. Journal of Banking & Finance, 32, 1723-1742.
    Roll, R. (1986). The hubris hypothesis of corporate takeovers. The Journal of Business, 59, 197-216.
    Rosen, S. (1981). The economics of superstars. American Economic Review, 71, 845-858.
    Schijven, M., & Hitt, M., A. (2012). The vicarious wisdom of crowds: Toward a behavioral perspective on investor reactions to acquisition announcements. Strategic Management Journal, 33, 1247-1268.
    Schwert, G., W. (1996). Markup pricing in mergers and acquisitions. Journal of Financial. Economics, 41, 153-192.
    Shu, P., Yeh, Y., Chiou, C., & Wang, W. (2013). Managerial overconfidence, the odds of completing a merger, and post-merger performance. Review of Securities and Futures Markets, 25, 129-160.
    Sudarsanam, S., Holl, P., & Salami, A. (1996). Shareholder wealth gains in mergers: Effect of synergy & ownership structure. Journal of Business Finance & Accounting, 23, 673-698.
    Suk, D., Y., & Sung, H., M. (2005). The effects of the method of payment and the type of offer on target returns in mergers and tender offers. The Financial Review, 32, 591-607.
    Sun, W., Zhao, C., & Cho, C., H. (2019). Institutional transitions and the role of financial performance in CSR reporting. Corporate Social Responsibility and Environmental Management, 26, 367-376.
    Walters, B., A., Kroll, M., J., & Wright, P. (2007). CEO tenure, boards of directors, and acquisition performance. Journal of Business Research, 60, 331-338.

    無法下載圖示 校內:2026-06-29公開
    校外:2026-06-29公開
    電子論文尚未授權公開,紙本請查館藏目錄
    QR CODE