CEO文化認同與債務期限選擇;CEO Cultural Identity and Debt Maturity

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Please use this identifier to cite or link to this item: http://ir.lib.ncu.edu.tw/handle/987654321/74332

Title:	CEO文化認同與債務期限選擇;CEO Cultural Identity and Debt Maturity
Authors:	張賽;Zhang, Sai
Contributors:	財務金融學系
Keywords:	文化認同;債務期限;不確定性規避;長期導向;Cultural identity;Debt maturity;Uncertainty avoidance;Long-term orientation
Date:	2017-06-22
Issue Date:	2017-10-27 13:48:56 (UTC+8)
Publisher:	國立中央大學
Abstract:	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.
Appears in Collections:	[Graduate Institute of Finance] Electronic Thesis & Dissertation

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