公司門神能有效提升公司績效嗎?與競爭對手的比較

「旋轉門現象」在各國都是重要的一個議題，每當有政治大選時，媒體就會關切當選人及其相關人士的是否會遵守「旋轉門條款」，關於旋轉門對公司企業所產生的影響在以往文獻中大多探討旋轉門官員進入公司任職前後股票報酬的變化，還沒有相關文獻研究旋轉門對公司企業的績效表現的影響，也沒有相關文獻與公司的競爭者做探討，故本文以此為方向進行研究分析。本研究以美國的上市公司為對象，以CRP旋轉門資料庫為基礎，手動收集在公開上市公司有任職紀錄的旋轉門官員，並且與Hoberg-Phillips TNIC-3資料庫進行手動配對，找出聘用旋轉門官員公司的競爭者來進行分析。研究結果發現，就整體公開上市公司來看，聘用旋轉門官員與否並不會影響公司的營運績效，但就聘用旋轉門官員的公司之個別效果來看，證明了旋轉門官員與其公司之間存在了對價關係，意即此兩者間存在著利益交換的可能，最後與競爭對手相比較下發現，的確聘用了旋轉門官員的公司會使得公司與其競爭對手間有顯著的差異，尤其是獲利能力與股利發放程度都顯著高於競爭對手。

關鍵字

旋轉門官員；監理學派假說；對價關係假說；競爭者

並列摘要

The “revolving door phenomenon” is an important issue in all countries. Whenever there is a political election, the media will be concerned about whether the electors will comply with the “revolving door regulations”. For those past literature about the impacts of the revolving door on firms, most of them only discuss the reaction of stock price, but there are still no literature studying the impacts of those revolving door on firms’ performance and their competitors. Based on the CRP revolving door database of US, we manually collect revolving door officers who have ever worked in the listed firm and manually matching with the Hoberg-Phillips TNIC-3 database to find out their firm's competitors. Overall, our empirical results showed public listed firms employ revolving door officers would not affect the firm's performance; however, the effects of the revolving door officers only appears when they hire him/her. This study proves that there is a quid pro quo relationship between some public firms and their future employers. Finally, compared with competitors, we find there is a significant difference between the firms that hire revolving door officers and its competitors, especially the profitability and dividend policy.

並列關鍵字

Revolving door officers ； regulatory schooling hypothesis ； quid pro quo hypothesis ； competitors

參考文獻

A.Strebulaev, I., & BaozhongYang. (2013). The mystery of zero-leveragefirms. Journal of Financial Economics , 109(1), 1-23.

Bond, P., & Glode, V. (2014). The Labor Market for Bankers and Regulators. The Review of Financial Studies , 27(9), 2539-2579.

Cornaggia, J., Cornaggia, K. J., & Xia, H. (2014). Revolving Doors on Wall Street. Journal of Financial Economics , 120(2), 400-419.

Canayaz, M. I., Martinez, J. V., & Ozsoylev, H. N. (2015). Is the revolving door of Washington a back door to excess corporate returns? Social Science Research Network, 2596520

deHaan, E., Koh, K., Kedia, S., & Rajgopal, S. (2015). The Revolving Door and the SEC's Enforcement Outcomes:Initial Evidence from Civil Litigation. Journal of Accounting & Economics , 60(2), 65-96.

國際替代計量

公司門神能有效提升公司績效嗎?與競爭對手的比較

全文下載

主題瀏覽