台灣企業董事長年齡決定因素及其對公司決策之影響

Abstract

本研究以2006年台灣上市企業為樣本，探討何種因素會影響台灣企業董事長年齡，再探討企業董事長年齡對公司決策之影響，包含投資、融資、研究發展及股利政策。實證結果顯示，企業董事長年齡隨企業成立年數、企業資產規模、資產報酬率、股價報酬率成長而上升；隨研究發展費用及企業前景上升而下降。此外，企業類別屬於傳統產業或企業控制型態為共治者，其企業董事長年齡較高。本研究亦顯示，企業董事長越年長，其企業之資產成長率越低。企業董事長年齡對於其他公司決策之影響則無顯著結果。

Using the data of the listed firms in Taiwan, this thesis studies which firm characteristics affect the age of the board chairman. It also investigates how the board chairman’s age affects corporate policies, including investment, leverage, R&D, and dividend. The empirical results in the thesis show that the age of the board chairman is increasing in firm age, total assets, return on assets, and stock return, and is decreasing in R&D expenditures and Tobin’s Q. In addition, firms in the traditional industry and firms with more than one controlling parties have older board chairmen. It is also found that firms with older board chairmen have lower asset growth. The age of the board chairman has no significant impact on other corporate policies.