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http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/9537
標題: | 高階經理人撤換對競爭對手公司與上下游產業的影響 The Impact of CEO Turnover On Competitors, Suppliers and Corporate Customers |
作者: | Ching-Yi Chou 周靖怡 |
指導教授: | 陳聖賢 |
關鍵字: | 高階經理人撤換,上下游產業,競爭對手公司, CEO turnover,Supply chain,Competitors,Scapegoat,Disruptive,Rational-adaptive, |
出版年 : | 2008 |
學位: | 碩士 |
摘要: | 過去文獻探討高階經理人撤換對宣告公司財富效果的影響並無一致結論。此外,學者們對於高階經理人撤換後是否會使組織營運改善、或使營運下滑,或對營運表現無影響同樣也仍沒有定論。因此,本研究將再次檢視高階經理人撤換對宣告公司的股價影響,同時進一步探討高階經理人撤換對同產業其它競爭對手公司與其上下游產業的影響。
本研究自美國五大新聞雜誌中,篩選從1987年至2004年共1546個事件樣本, 並依據Shahrur (2005)的方法,利用美國經濟分析局所編制的「Use table」來辨別宣告公司的上下游。實證結果顯示,高階經理人員撤換不只對宣告公司有正面的股價影響,也同時對其上下游股價產生正的異常報酬。 Prior studies examining the wealth effects of a change in CEO or top management team have produced mixed results. In addition, researchers also have reported inconsistent findings with regard to whether CEO turnover improves or hurts or is irrelevant to organizational performance. In this study, we reexamine the stock price reactions of the announcing firms in the CEO turnover announcement period and further examine the impacts on the industry competitors, suppliers and corporate customers. Our sample consists of 1546 CEO turnover announcements during the period of 1987 to 2004. Following Shahrur (2005), we use the benchmark input-output accounts for the U.S. economy to identify the competitors, suppliers and corporate customers of the announcers. The result reveals that there is not only a positive effect on the share value of the announcers but also on their suppliers and customers in the announcement period. |
URI: | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/9537 |
全文授權: | 同意授權(全球公開) |
顯示於系所單位: | 財務金融學系 |
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