本研究旨在探討 CEO 的文化認同對企業債務期限選擇的影響。對於 CEO 文化認同採用三階段的研究方法,手動蒐集美國 S&P500 企業 CEO 的 童年階段、後青春期階段和工作階段所處文化環境,再根據 Hofstede 和 Schwartz 的文化維度指標分數,得到基於 CEO 生涯發展的三個階段的文化認 同代理指標,再據此分別探討各階段文化認同對於企業債務期限選擇的實際 影響。實證結果發現,在 CEO 後青春期階段形成之文化認同與債務期限選 擇顯著相關。其中不確定性規避(UA)和長期導向(LONG)兩個文化維度 對債務期限選擇的影響力最為持續穩健。;I investigate the influence of CEO′s cultural identity on corporate debt maturity. I measure CEO cultural identity base on three different stages of CEO life time. I hand collect culture environment of CEOs’ early life, late-adolescent, and last work for S&P 500 companies. I create CEO cultural identity proxies in the three stages of his/her life time based on the cultural dimensions indexes of Hofstede and Schwartz. Accordingly, the actual effects of cultural identification at different stages on corporate debt maturity are explored respectively. I find that CEOs’ cultural identity formed in the late-adolescent stage is significantly related to corporate debt maturity. Among different cultural dimensions, uncertainty avoidance (UA) and long-term orientation (LONG) dimensions have the most robust effect on debt maturity.
