董事會成員的飛航經驗對於企業投資決策之影響

Abstract

我們經實證研究發現，董事會成員中具飛航經驗的董事數量與比率，皆與企業不效率的投資行為呈現顯著的負相關性，亦即飛行員董事成員的數量或佔比愈高時，則企業愈少發生過度投資或投資不足的情形。本論文以飛行員的性格特徵作為衡量具飛航執照之董事的風險態度指標；縱然飛航經驗意味著勇於挑戰、追求冒險的態度，但作為董事會成員進行投資決策時，最終係以飛行員董事嚴謹、循規的人格特質影響大過於對風險的追求，而選擇避免過度投資。

We find empirical evidence that directors with the experience of flying airplanes are associated with keeping firms from inefficient investment, including overinvestment and underinvestment. This thesis proposes using pilot status as a measure of directors’ personality that captures both audacity and prudence. Our results show that pilot directors’ cautiousness and careful planning may be more powerful than sensation seeking in making corporate resolutions. This finding is additionally supported by robustness tests.