本研究旨在探討財務報表重編後總經理與董事會連結程度或家族連結程度對總經理異動之影響。本研究以國內2005年至2015年間宣告財務報表不實表達而重編之134家公司為研究對象,並使用Logistic模型進行研究。實證結果發現,公司宣告重編財報後,當董事兼任總經理時,總經理異動的可能性較低,另外,當董事長兼任總經理時,總經理異動的可能性也較低。至於,由最終控指者擔任總經理與總經理異動呈顯著負相關,當董事長兼任總經理且同時為最終控制者時,總經理異動的可能性也較低。另外,將總經理異動期間界定為公司重編宣告當年以及次年,實證結果發現由最終控指者擔任總經理時,與總經理異動呈顯著負相關。
This study investigates the effect of the relationship between CEO turnover and CEO’s board or family connection after financial restatements. This study uses a sample of 134 financial restatement firms from year 2005 to 2015, and examines the relation between CEO turnover and CEO’s board or family connection by logistic regression model. Our findings show that when director is also CEO, the probability of CEO turnover is lower. Furthermore, our findings show that when chairman is also CEO, the probability of CEO turnover is also lower. However, when CEO is taken by the final controller, there is a significant negative correlation with the CEO turnover. Finally, when CEO is both chairman and the final controller, the probability of CEO turnover is lower. Furthermore, we define the period of CEO turnover as the year and the following year of financial restatement announcement. Our findings show that when CEO is taken by the final controller, there is a significant negative correlation with the CEO turnover.