請用此 Handle URI 來引用此文件：
http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/8333完整後設資料紀錄
| DC 欄位 | 值 | 語言 |
|---|---|---|
| dc.contributor.advisor | 張景宏(Ching-Hung Chang) | |
| dc.contributor.author | Chia-Hsuan Li | en |
| dc.contributor.author | 李嘉軒 | zh_TW |
| dc.date.accessioned | 2021-05-20T00:52:15Z | - |
| dc.date.available | 2021-02-19 | |
| dc.date.available | 2021-05-20T00:52:15Z | - |
| dc.date.copyright | 2021-02-19 | |
| dc.date.issued | 2020 | |
| dc.date.submitted | 2021-02-09 | |
| dc.identifier.citation | [1] Adams, R. B., Ferreira, D. (2007). A theory of friendly boards. The journal of finance, 62(1), 217-250. [2] Callister, J. D., King, R. E., Retzlaff, P. D., Marsh, R. W. (1999). Revised NEO personality inventory profiles of male and female US Air Force pilots. Military Medicine, 164(12), 885-890. [3] Carretta, T. R., Ree, M. J. (1994). Pilot-candidate selection method: Sources of validity. The International Journal of Aviation Psychology, 4(2), 103-117. [4] Chen, Y. R., Ho, K. Y., Yeh, C. W. (2020). CEO overconfidence and corporate cash holdings. Journal of Corporate Finance, forthcoming. [5] Chi, H. Y., Weng, T. C., Liao, C. H., Huang, H. Y. (2017). Political Connection and Firm Performance. NTU management review, 27(2), 1-33. [6] Damos, D. L. (1996). Pilot selection batteries: Shortcomings and perspectives. The international journal of aviation psychology, 6(2), 199-209. [7] Forbes, D. P., Milliken, F. J. (1999). Cognition and corporate governance: Understanding boards of directors as strategic decision-making groups. Academy of management review, 24(3), 489-505. [8] Fu, F. (2010). Overinvestment and the operating performance of SEO firms. Financial Management, 39(1), 249-272. [9] Gosman, M. L. (1973). Characteristics of firms making accounting changes. The Accounting Review, 48(1), 1-11. [10] He, J. J., Tian, X. (2013). The dark side of analyst coverage: The case of innovation. Journal of Financial Economics, 109(3), 856-878. [11] Hormann, H. J., Maschke, P. (1996). On the relation between personality and job performance of airline pilots. The international journal of aviation psychology, 6(2), 171-178. [12] Jiang, X. (2016). Over-Investment of Free Cash Flow during CEO’s Tenure. Technology and Investment, 7(3), 51-58. [13] Khémiri, W., Noubbigh, H. (2020). Does sub-Saharan Africa overinvest? Evidence from a panel of non-financial firms. The Quarterly Review of Economics and Finance, 77, 118-130. [14] King, R. E. (2014). Personality (and psychopathology) assessment in the selection of pilots. The International Journal of Aviation Psychology, 24(1), 61-73. [15] Lavenberg, S. S., Welch, P. D. (1981). A perspective on the use of control variables to increase the efficiency of Monte Carlo simulations. Management Science, 27(3), 322-335. [16] Li, H., Meng, L., Wang, Q., Zhou, L. A. (2008). Political connections, financing and firm performance: Evidence from Chinese private firms. Journal of development economics, 87(2), 283-299. [17] Malmendier, U., Tate, G. (2005). CEO overconfidence and corporate investment. The journal of finance, 60(6), 2661-2700. [18] Martinussen, M., Hunter, D. R. (2017). Aviation psychology and human factors. CRC Press. [19] Officer, M. S. (2011). Overinvestment, corporate governance, and dividend initiations. Journal of Corporate Finance, 17(3), 710-724. [20] Retzlaff, P. D., Gibertini, M. (1987). Air force pilot personality: Hard data on the' right stuff'. Multivariate Behavioral Research, 22(4), 383-399. [21] Stumpf, S. A., Dunbar, R. L. (1991). The effects of personality type on choices made in strategic decision situations. Decision Sciences, 22(5), 1047-1072. [22] Sunder, J., Sunder, S. V., Zhang, J. (2017). Pilot CEOs and corporate innovation. Journal of Financial Economics, 123(1), 209-224. [23] Wojahn, O. W. (2012). Why does the airline industry over-invest?. Journal of Air Transport Management, 19, 1-8. [24] Zahra, S. A., Pearce, J. A. (1989). Boards of directors and corporate financial performance: A review and integrative model. Journal of management, 15(2), 291-334. | |
| dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/8333 | - |
| dc.description.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。 | zh_TW |
| dc.description.abstract | 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. | en |
| dc.description.provenance | Made available in DSpace on 2021-05-20T00:52:15Z (GMT). No. of bitstreams: 1 U0001-0502202114555900.pdf: 1710549 bytes, checksum: 54c32e31c3189c711365f254b0badbe9 (MD5) Previous issue date: 2020 | en |
| dc.description.tableofcontents | 口試委員會審定書 # 誌謝 i 中文摘要 ii ABSTRACT iii CONTENTS iv Chapter 1 Introduction 1 1.1 Backgrounds and Motivations 1 1.2 Literature Reviews 2 1.3 Contributions 5 Chapter 2 Sample Construction and Summary Statistics 6 2.1 Sample Construction 6 2.2 Variable Measurement 8 2.2.1 Measuring Overinvestment 8 2.2.2 Measuring Pilot Directors and Other Control Variables 8 2.3 Summary Statistics 12 Chapter 3 Empirical Results 15 3.1 Difference in Means 15 3.2 OLS Regressions 17 Chapter 4 Robustness Tests 22 Chapter 5 Discussion and Conclusion 30 REFERENCE 31 | |
| dc.language.iso | en | |
| dc.title | 董事會成員的飛航經驗對於企業投資決策之影響 | zh_TW |
| dc.title | Pilot Directors and Corporate Investment | en |
| dc.type | Thesis | |
| dc.date.schoolyear | 109-1 | |
| dc.description.degree | 碩士 | |
| dc.contributor.author-orcid | 0000-0002-4345-2811 | |
| dc.contributor.oralexamcommittee | 劉心才(Hsin-Tsai Liu),戚永苓(Yung-Ling Chi) | |
| dc.subject.keyword | 飛行員,董事,投資決策,過度投資,人格特質, | zh_TW |
| dc.subject.keyword | Pilot,Director,Investment,Overinvestment,Personality, | en |
| dc.relation.page | 33 | |
| dc.identifier.doi | 10.6342/NTU202100590 | |
| dc.rights.note | 同意授權(全球公開) | |
| dc.date.accepted | 2021-02-14 | |
| dc.contributor.author-college | 管理學院 | zh_TW |
| dc.contributor.author-dept | 財務金融學研究所 | zh_TW |
| 顯示於系所單位： | 財務金融學系 | |
文件中的檔案：
| 檔案 | 大小 | 格式 | |
|---|---|---|---|
| U0001-0502202114555900.pdf | 1.67 MB | Adobe PDF | 檢視/開啟 |
系統中的文件，除了特別指名其著作權條款之外，均受到著作權保護，並且保留所有的權利。