CEO雙重性與企業經營危機關聯性之研究

A Study of Relevance on CEO Duality and Corporate Crisis

余惠芳(Hui-Fun Yu) ； 梁榮輝(Jung-Hui Liang) ； 薛宗盛(Tsung-Sheng Hsueh)

《全球管理與經濟》 13卷1期 (2017/06) Pp. 1-16

https://doi.org/10.6565/JGME.2017.06(1).1

摘要

本文以37項財務變數與非財務變數並應用羅吉斯迴歸模型進行分析，探討當企業CEO具有雙重性(CEO兼任董事長)時，這些變數能否反映其與企業經營危機發生之間具有關聯性。基本上，由於代表企業管理權的經理人與代表企業所有權的股東是分離的，兩者之間的利益關係有時甚至是相互衝突。也就是當經理人在追求自身效益極大化過程中，經常會與追求自身利潤極大化股東之理念產生磨擦並造成額外損失，從而發生代理成本。代理理論認為，CEO職務應與董事長職務分離而由不同人員來擔任，以保持董事會的獨立性，並強化對CEO的制衡。然而，以管理效率及經營績效優先的管家理論卻認為應該賦予CEO充分授權與信任，使其能在自律基礎上得到激勵並能發揮積極作用，以提高企業獲利能力，因此，較為偏向CEO雙重性對企業具有貢獻的關係。本研究發現，以財務報表及公司治理之變數，透過羅吉斯模型分析，可用來解釋及預測其與企業經營危機發生之間具有關聯性，惟並無證據顯示CEO雙重性的存在，對於企業經營危機會造成影響。

關鍵字

CEO雙重性 ； 企業危機 ； 公司治理

並列摘要

This paper, 37 financial and non-financial variables were used in the logistic regression analysis to discuss whether said variables could reflect causal correlations with the crisis of corporate going concern when a CEO duality (CEO assuming the role of the chairman of the board of directors). In principle, the ownership represented by the shareholders is detached from one another, the stakes and interests between the two can be conflicting in occasions. When managers attempt to maximize profits, agency costs often occur due to the additional losses arising from the frictions against the shareholders, who attempt to maximize their principal profits as well. The job description of a CEO shall be separated from that of the chairman of the board of directors – the posts shall be assumed by two different individuals to maintain the impartiality of the board of directors and strengthen the balance of power with the CEO. However, the stewardship theory, that advocates management efficiency and operational performance as the priorities, takes the view that a CEO should be vested with sufficient authority and trust so that the CEO can be encouraged, on a self-driven basis, to perform proactively and increase the corporate profitability; therefore, it is prone to recognize that CEO duality could contribute to corporate operations. The research, it was found that by using the significant variables of financial statements and corporate governance in logistic regression analysis, the correlations between the crises of corporate going concern are effectively reflected and can be likewise explained and predicted. However, there is virtually no evidence related to the CEO duality with regard to that crisis of firms' governance structures.

並列關鍵字

CEO Duality ； Corporate Crisis ； Corporate Governance