The Impact Analysis of Manager Characteristics on The Firm Value

• Main Authors: LAI, BING-HONG, 賴炳宏
• Other Authors: HSU, AI-CHI
• Format: Others
• Language: zh-TW
• Published: 2018
• Online Access: http://ndltd.ncl.edu.tw/handle/xrutyw

碩士 === 國立雲林科技大學 === 財務金融系 === 106 === This paper mainly examines whether the characteristic of managers influence the value of corporations, and we analyze whether it has a positive relationship between managers’ overconfidence and firm value. Furthermore, in order to distinguish what influence between managers’ overconfidence and firm value when the moderator variables add in, we use the duality of general managers, the spouse & minor shareholding ratio and the debt ratio as the moderator variables in this paper. The sample is composed of TWSE listed companies from 2011 to 2015 and we use ordinary least squares (OLS) method to do the multiple regression analysis and hypothesis testing. The results indicate that they have a positive relationship with the firm value when managers are overconfident. Additionally, when we add the duality of general managers, the spouse & minor shareholding ratio and the debt ratio to examine the moderator effect, we find the duality of general managers and the debt ratio have a negative relationship with the firm value, and the spouse & minor shareholding ratio have a positive relationship with the firm value. However, the duality of general managers and the spouse & minor shareholding ratio have no significant moderator effect with the positive relationship between managers’ overconfidence and firm value, but the debt ratio has significant moderator effect. This result shows that managers will increase the debt ratio when managers are overconfident and that it can decrease the firm value.