To Explore the Impact of Manager Traits on Corporate Performance from the Perspective of Cash Holdings- Take Taiwan's Semiconductor Industry as an example

• Main Authors: WANG, YU-CHI, 王渝琪
• Other Authors: CHANG CHIEN, CHANG-CHENG
• Format: Others
• Language: zh-TW
• Published: 2017
• Online Access: http://ndltd.ncl.edu.tw/handle/y6ujhm

碩士 === 長榮大學 === 經營管理研究所 === 105 === This paper mainly studies the correlation between cash holding and manager's performance and financial performance of the company, and takes the semiconductor industry as the research object. The sample will be the difference between the domestic semiconductor industry and non-semiconductor companies, the data period from 2008 to 2015, according to the standard and exclude the information is not complete the company, the final sample contains 6239 listed companies, 11,398 information; this article using the relevant analysis and The regression model explores the relevance of cash holdings and managerial traits to corporate performance, and whether there is a difference in cash performance between managers and non-semiconductor companies. The results of the final analysis of this paper show that: (1) The cash holding ratio of semiconductor companies is positively correlated with ROE and EPS, especially in non-family enterprises under the semiconductor industry, the cash holding ratio is more significant than the firm's performance. (2) The relationship between manager's pay and firm performance is not significant. (3) The proportion of managers holdings of non-family enterprises in the semiconductor industry is positively correlated with the excess return rate. (4) In the non-semiconductor industry under the family business, manager shareholding ratio and the company performance was significantly positive correlation.