透過您的圖書館登入
IP:3.15.193.254
  • 學位論文

聲譽、研發支出與未來績效

The Relationship between CEO Reputation and Firm’s R&D Investments and its Subsequent Performance

指導教授 : 周庭楷
若您是本文的作者,可授權文章由華藝線上圖書館中協助推廣。

摘要


本文主要探討當企業執行長本身具有高聲譽時,是否因此企業會有相對應較佳的經營績效故先透過文獻討探得知執行長聲譽如何衡量及企業研發支出市場評價及未來營運績效關聯。透過檢驗兩個議題「執行長聲譽愈高的公司是否會投入愈多的研發支出?」以及「研發支出與未來績效的關聯性,是否受執行長聲譽影響?」,進一步探討執行長聲譽、研發支出與未來績效之間的關係。本研究西元2001年到2010年間美國上市公司作為本次研究對象,觀察值共計1,598個,並利用「執行長的重要商業媒體引用數」、「執行長的經營效率值」及「計算執行長前三年任期期間產業調整後總資產報酬率的平均數」三個代理變數來捕捉驗證。經實證結果,當執行長聲譽愈高時,公司研發支出投入密集度將會愈高;但是當若公司執行長非高聲譽者,則公司投入研發支出之多寡對公司未來績效不一定會有正面影響。

關鍵字

績效 研發支出 聲譽

並列摘要


This paper investigates the relationship between CEO reputation and firm’s R&D investments and its subsequent performance. CEOs with high reputations have incentives to protect their reputations by enhancing their firms’ investment efficiency, thereby increasing performance. However, highly reputed CEOs can become distracted as a result of their notoriety and resort to rent-seeking behavior (e.g., earnings management), thereby using R&D as reputation-building tool. Using multiple proxies for CEO reputation, we find that firms with highly reputed CEOs are associated with higher R&D intensity, suggesting that CEOs act to protect their reputations by increasing the investment in intangible assets. We also show that CEO reputation enhances the association between R&D and future operating performance. Overall, our paper provides empirical evidence on the economic consequences associated with CEO characteristics.

並列關鍵字

無資料

參考文獻


林美倫,2007,研發支出對經營績效及股權評價影響之研究,台南科大學報,第 26 期,人文管理,頁115-134。
Sougiannis, T. 1994. The accounting based valuation of corporate R&D. The Accounting Review, 69, 44-69.
許懷仁,2012,執行長聲譽、未來盈餘與市場評價,國立中正大學會計與資訊科技研究所碩士論文。
陳明聰,2010,台灣上市櫃製造業研發支出與公司績效之關係--股權結構為干擾變數,國立臺北大學企業管理學系碩士論文。
劉榮芳、林益倍及葉怡伶,2013,研究發展支出增加、股票報酬與經營績效以及資訊內涵,商管科技季刊,第14卷第1期,頁86-88。

延伸閱讀