The Impact of Business Groups' Structural Features on Risk Attitudes: Prospect Theory Explanations

集團企業結構特徵對風險態度之影響－展望理論之應用

邱臙珍(Yen-Chen Chiu)

《財務金融學刊》 25卷1期 (2017/03) Pp. 115-170

https://doi.org/10.6545/JFS.2017.25(1).4

摘要

This study discusses and analyzes the risk attitudes of decision makers in business groups and the influence of business groups’ structural features on risk attitudes by applying the prospect theory. Empirical results indicate that the risk attitudes of decision makers in Taiwanese business groups above the reference point tend to be risk-avoidant, while the risk attitudes of those under the reference point tend to be risk-seeking. These findings are both consistent with the prospect theory. Additionally, business groups’ structural features have influences upon the risk attitudes of decision makers.

關鍵字

Prospect theory ； financial constraints ； ownership structure ； international diversification

並列摘要

本研究以展望理論為基礎，探討集團企業決策者之風險態度，並應用展望理論分析集團企業之結構特徵對風險態度的影響。實證結果顯示，參考點以上臺灣集團企業決策者之風險態度傾向趨避，參考點之下者風險態度則傾向風險愛好，符合展望理論之論述；集團企業結構特徵對決策者的風險態度會產生影響。

並列關鍵字

展望理論 ； 財務限制 ； 股權結構 ； 國際多角化

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