CEO性別差異與投資債券之相關性研究

The Impact of CEO Gender on Corporate Investment Decision: Evidence from the Bond Market

林姝君(Shu-Jyun Lin)

指導教授 ： 鄭佳綺

元智大學/管理學院/商學碩士班(會計學程)/碩士(2013年)

https://doi.org/10.6838/YZU.2013.00096

摘要

本研究以2007年至2011年臺灣上市公司排除金融業及證券業為研究對象，討論女性CEO與債券投資之相關性。依過去文獻發現，女性於投資決策時，性別傾向為謹慎保守及風險規避，故討論女性CEO投資目標是否較喜歡投資債券，及女性CEO是否持有債券期間至到期日，以賺取每期固定利息收入為投資策略，故女性CEO持有債券期間應會較長。研究結果發現，女性CEO因性別傾向為謹慎、保守及風險規避，使女性CEO傾向投資風險性較低且較穩定之投資標的，故較喜歡以債券為投資目標，且女性CEO較傾向長期持有債券，於投資期間內賺取定期固定報酬為投資策略。

關鍵字

執行長 ； 性別 ； 風險規避 ； 公司投資決策

並列摘要

This paper investigates the relation between CEO gender and corporate bond investments using the sample of Taiwan public companies from 2007 to 2011, excluding financial and securities industries. According to prior studies, the females are cautious, conservative and risk-avoiding on investment decisions. I examine whether female CEOs prefer bonds for their investment targets and whether female CEOs are more possibly to hold bonds to maturity and to earn fixed interest income. In other words, this paper investigates whether female CEOs are more likely to invest in long-term holding bonds. The empirical results show that female CEOs tend to invest in bonds and prefer long-term holding bonds. My findings suggest that female CEOs are more cautious, conservative, and risk-aversion on investment decisions.

並列關鍵字

CEOs ； Gender ； Risk-Averse ； Corporate Investment

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