先前研究表明，CEO的在職時間與公司的價值相關，也會影響企業與員工關係的強度，這顯示企業領導者的穩定性對於企業價值以及建立穩健的員工關係至關重要。因此，本研究以2005年至2022年的台灣上市櫃公司為研究樣本，希望探討企業的CEO年資對員工流動率的實質影響。實證結果顯示，CEO年資與員工流動率之間存在顯著的負向關係，表示CEO任職時間愈長，有助於降低企業內部員工的離職意願。進一步探討造成此現象的可能原因，我們發現，CEO任期的延長與企業社會責任的表現存在正向關聯，進而增加員工對公司的信任感並促進留才。而在異質性分析中我們也發現，當CEO的年資超過14年以及在住宿餐飲業時，CEO年資與員工流動率的負相關關係會消失。最後，本文亦使用了各產業CEO的平均年資作為工具變數進行兩階段迴歸，結果顯示在考慮了潛在的內生性問題後，CEO年資對於員工流動率的負向影響依然存在。;Previous studies have indicated that the tenure of CEOs is correlated with firm value and also affects the strength of the relationship between the corporation and its employees, underscoring the crucial role of stability in corporate leadership for both firm value and the establishment of robust employee relations. Therefore, this study examines the substantial impact of CEO tenure on employee turnover rates using a sample of Taiwanese listed and OTC companies from 2005 to 2022. Empirical results reveal a significant negative relationship between CEO tenure and employee turnover rates, suggesting that longer CEO tenures contribute to reducing employee turnover within organizations. Further exploration into the underlying reasons for this phenomenon reveals a positive association between extended CEO tenures and corporate social responsibility performance, thereby increasing employee trust in the company and promoting talent retention. Additionally, heterogeneity analysis reveals that the negative correlation between CEO tenure and employee turnover rates disappears when CEO tenures exceed 14 years or when in the accommodation and food services industry. Finally, this paper utilizes the average CEO tenure across industries as an instrumental variable in a two-stage regression analysis. The results indicate that even after accounting for potential endogeneity issues, the negative impact of CEO tenure on employee turnover rates persists.
