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    Please use this identifier to cite or link to this item: http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/102067

    Title: 總經理更迭與公司治理機制對臺灣壽險業經營績效之研究
    Other Titles: Impact of chief executive officer turnover and corporate governance on the operation performance of Taiwan's life insurance industry
    Authors: 董晨郁;Dong, Chen-Yu
    Contributors: 淡江大學保險學系保險經營碩士班
    Keywords: 總經理更迭;自願性更迭;強迫性更迭;公司治理;經營績效;Chief Executive Officer (CEO) turnover;routine turnover;non-routine turnover;corporate governance;Performance
    Date: 2014
    Issue Date: 2015-05-04 09:46:31 (UTC+8)
    Abstract: 本研究探討台灣壽險業總經理(Chief Executive Officer,CEO)更迭,在公司治理機制下對經營績效的影響。本研究樣本為1998至2012年14家台灣公開發行壽險公司,資料來源為台灣證券交易所公佈總經理異動宣告事件及各家公司股東會財務年報,共145筆樣本資料,利用以不平衡追蹤資料(Unbalanced Panel Data)模型進行迴歸實證分析。
    This study discusses the impact of the chief executive officer (CEO) turnover under the corporate governance on the operation performance of Taiwan’s life insurance industry. Fourteen Taiwan companies offering life insurance publicly were sampled. Rolling data from CEO turnover announcements published by the Taiwan Stock Exchange and annual financial reports released by the board of each company were also considered. This study collected a total of 145 samples, on which the empirical regression analysis was conducted based on unbalanced panel data.
    Empirical regression analysis results show that CEO turnover and operation performance have no significant correlation, a finding that adheres to the ritual-scapegoating theory. Among the subdivided types of turnover, routine CEO turnover shows a significant negative correlation with operation performance, which coincides with the vicious-circle theory. The non-routine CEO turnover shows a significantly positive correlation, which agrees with the common-sense theory.
    The board size, CEO duality, and percentage of independent directors on the board show a significantly negative correlation with operation performance. The ownership structure analysis, shows that the proportion of block shareholding has a significantly positive correlation with operation performance, which adds evidence to the convergence of interest hypothesis. This study further explores the impact of financial crises and law amendments on operation performance. The findings show that financial crises have no significant influence on operation performance, whereas law amendments have a significantly negative correlation with the board size, CEO duality and operation performance.
    This study also discusses whether the educational background of a CEO influences corporate operation performance, particularly the observation that CEOs who have majored in marketing management and law perform better in finance.
    Appears in Collections:[保險學系暨研究所] 學位論文

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