CEO接班與公司國際化程度改變之研究：外部環境與內部環境調節效果

Abstract

本論文強調CEO接班事件如何影響公司國際化策略，主要探討四個CEO接班過程對CEO接班後公司國際化程度（國際化深度、國際化寬度）改變的影響，四個接班過程包含外部接班、新任CEO與現任董事長的異質性、接班後高階管理團隊結構變動與接班後所有權結構改變。此外，本研究亦探討外部產業環境（產業動態性、產業豐富性、產業複雜性）與內部組織環境（組織剩餘、接班前組織績效）帶來的調節效果。 本論文以2000年至2005年台灣上市公司中187個接班事件為有效樣本進行實證分析。研究結果發現『公司國際化深度（Scale）改變』程度較大當（1）新任CEO是外部接班；（2）新任CEO與現任董事長異質性高；（3）接班後高階管理團隊結構變動高。關於外部產業環境調節效果（1）產業豐富性對外部接班與接班後國際化程度改變的關係有正向調節效果；（2）產業複雜性對外部接班與接班後國際化程度改變的關係、接班後高階管理團隊結構變化與接班後國際化程度改變的關係有正向調節效果。相對而言，接班前公司績效呈現負向調節效果，亦即接班前的績效越低，強化（1）外部接班與接班後國際化程度改變正向關係；（2）新任CEO與現任董事長異質性高與接班後國際化程度改變正向關係；（3）高階管理團隊結構變化與接班後國際化程度改變的正向關係。反觀，CEO接班過程不會立即帶來顯著的『公司國際化寬度（Scope）改變』。 整體來看，這些研究結果在實務面的貢獻在於當公司試圖改變公司的國際化程度必須仔細考量CEO接班人的選任、訓練或接班過程；另外，產業豐富性與產業複雜性，以及接班前公司績效等環境層面也不容忽視。此研究在理論面的貢獻在於結合高層理論、情境理論與公司行為理論等探討對國際企業理論中程序學派的影響，希望如此有對國際企業理論有所貢獻。

In this paper, we examined CEO succession events to explore the effects of the CEO succession process, including outside succession and new CEO/existing chairman dissimilarity, as well as examining post-succession top management team structure change and ownership structure change, where these factors were related to firm’s change in its degree of internationalization. In addition, we found that external industry environments and internal organizational environments had moderating effects. We tested hypotheses by using 2000-2005 data from 187 succession observations for the listed companies in Taiwan as a research sample. The results show that firm will opt for higher levels of change in its international scale degree when it has: (1) outside succession, (2) dissimilarity between CEO successor and existing chairman, and (3) post-succession top management team structure change. Moreover, the impact of outside succession and post-succession change in a firm’s degree of international scale is raised significantly when the firm faces a munificent or complex industry environment. Finally, we found that pre-succession performance presented a negative moderating effect in a firm’s internationalization degree change. Together, these findings highlight the need to consider CEO successor selection, training, and environmental factors for evaluating the change in a firm’s degree of internationalization. The contributions of this paper are to upper echelon issues (CEO, TMT, and ownership structure) and the international business literature.