代理問題、決策效率或情境因素-CEO雙重性與公司績效關係再檢測

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Title:	代理問題、決策效率或情境因素-CEO雙重性與公司績效關係再檢測
Other Titles:	Agency Problem, Decision-Making Efficiency, or Contingency? Re-Examining the Relation between CEO Duality and Firm Performance
Authors:	湯惠雯
Contributors:	淡江大學保險學系
Keywords:	CEO 雙重性;公司績效;環境變動性;環境豐裕性;市場競爭性;CEO Duality;Firm Performance;Environmental Dynamism;Environmental Munificence;Market Competition
Date:	2010
Issue Date:	2011-07-05 23:24:56 (UTC+8)
Abstract:	代理問題、決策效率、或情境因素- CEO 雙重性與公司績效關係再檢測有關董事長兼任總經理的領導結構是否較有利於企業的經營績效，一直是理論與實證研究上熱烈探討的議題，但始終未能獲得一致性的結論。由於企業選擇領導結構有其考量因素，並非隨機的決策，故在評估領導結構與公司績效的關係時應考量領導結構的內生性，才不會導致研究結果產生偏誤。值得注意的是，企業所面臨的外在環境很可能會影響領導結構的選擇，同時，在不同的環境下，董事長是否兼任總經理對公司績效的影響可能會有所差異。然而，過去研究鮮少考量外在環境對兩者關係的影響，而且多未考慮領導結構的內生性，以致於產生不一致的研究結果。因此，本研究擬採用Heckman (1979)的兩階段方法(two-step procedure)及固定效果模型(fixed-effects model)控制CEO 雙重性的內生性，探討環境變動性、環境豐裕性、市場競爭性及公司特性等因素，是否會影響企業對領導結構的選擇，更重要的是，檢測這些情境因素是否會影響CEO 雙重性與公司績效的關係。此外，本研究亦擬檢視外部監督機制與家族控制等因素，對CEO 雙重性與公司績效關係的調和效果。綜言之，本研究結果應可解釋過去研究結論不一致的原因，並可作為企業在面臨不同外在環境、公司治理結構及公司特性下，如何選擇領導結構的重要參考。 Whether dual CEO leadership structure provides better performance for businesses has been one of the most hotly debated issues in theoretical and empirical research. Still, prior studies do not provide consistent evidence. As firms’choices of leadership structure are not random, appraising the effect of CEO duality on firm performance should also deliberate the endogeneity of the choice of leadership structure. Moreover, it is noteworthy that organizational environment is very likely to affect the choice of leadership structure and could be applied as a moderator to integrate the divergent perspectives. Nonetheless, prior studies either hardly account for the moderating effect of environmental conditions on the relation between leadership structure and firm performance or seldom consider the endogeneity of the choice of leadership structure which leads to incoherent results. Therefore, this study begins with exploring whether environmental dynamism, environmental munificence, market competition, and firm characteristics will affect the choice of leadership structure and, above all, investigates whether environmental conditions could moderate the relation between leadership structure and firm performance. This study introduces Heckman’s (1979) two-step procedure and fixed-effects model to control for the endogeneity of the choice of dual leadership structure. This study also attempts to examine whether firms with strong outside supervision and under family-controlled will have an effect on the relations mentioned above. In sum, the empirical findings of the study should be able to account for prior controversial results and contribute to firms’decision on leadership structure under diverse contingency.
Appears in Collections:	[Graduate Institute & Department of Insurance Insurance] Research Paper

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