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| Title: | 高階經理人星座與投資效率之關聯性
Managerial Characteristics and Investment Efficiency: Evidence from CEO’s Zodiac |
| Authors: | 李婉綺
Lee, Wan-Chi |
| Contributors: | 潘健民
李婉綺
Lee, Wan-Chi |
| Keywords: | 投資效率
高階經理人
星座
Investment efficiency
Top managers
Zodiac |
| Date: | 2022 |
| Issue Date: | 2022-07-01 16:03:18 (UTC+8) |
| Abstract: | Hambrick and Mason (1984)提出高層理論，認為高階管理團隊的人口統計特徵，反映其認知及價值觀等心理因素，進而影響企業策略和績效結果。本研究以過去文獻中未關注的星座，探討高階經理人的星座如何影響企業投資效率。
本研究以 2005 年至 2021 年在東京證券交易所上市的公司為樣本。實證結果說明，僅高階經理人為處女座、天蠍座時對企業投資效率有 10% 顯著影響，但星座與過度投資或投資不足皆無關聯。在過度投資的樣本中，牡羊座、雙子座的高階經理人所領導的企業過度投資的程度較低；在投資不足的樣本中，射手座的高階經理人所領導的企業投資不足的程度較低。然而大多數星座與投資效率之間並無顯著關聯，與過度投資或投資不足亦然，因此本研究無法證實高階經理人星座對於企業投資效率的影響。
Hambrick and Mason (1984) propose the upper echelons theory and argue that managerial characteristics of the top management team have consequences on corporate strategies and outcomes. This study examines how CEO zodiac signs affect the corporate investment efficiency using data from firms listed on the Tokyo Stock Exchange from 2005 to 2021.
The empirical results show that only CEOs whose zodiac is Virgos or Scorpios have a slightly significant association with investment efficiency. In the sample of over-investment, the companies led by the CEO of Aries and Gemini are less overinvested. In the sample of under-investment, the companies led by the CEO of Sagittarius are less underinvested. However, there is no significant association between most zodiac signs and investment efficiency. Overall, the results find no association between CEO zodiac signs and corporate investment efficiency. |
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| Description: | 碩士
國立政治大學
會計學系
109353008 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0109353008 |
| Data Type: | thesis |
| DOI: | 10.6814/NCCU202200595 |
| Appears in Collections: | [Department of Accounting] Theses
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