| 摘要: | 本研究主要探討企業所有權型態、經理人行為與公司治理機制間之關係，並以總經理異動為公司治理機制之代理變數進行驗證。研究樣本為2001年到2007年，台灣1,214家上市（櫃）公司共5,498筆資料。研究結果發現，家族企業總經理，過度自信程度高於非家族企業總經理。另當企業所有權型態為家族企業時，其總經理異動較非家族企業為低；這表示家族企業經營之目的在於家族及其成員之生命延續，使得總經理就算績效不好，也不會被究責並解職。再進一步研究發現，總經理的過度自信傾向是造成總經理異動的重要因子。此意涵為高估未來發展的總經理較受董事會青睞，但低估風險將使企業未來之經營風險變大，一旦失敗就容易產生離職。最後，在經理人態度作為調節變項方面，本研究發現，過度自信的非家族總經理加入家族企業後，因其大多為董事會指派信任的人才擔任，在家族強大的監督力量下，限制了經理人過度自信的本質，表現在總經理流動率上，即為不顯著的影響。
This paper examines the relationship of ownership structure, manager behavior and CEO turnover. Our sample includes 1,214 firms listed on Taiwan's stock market during the period of 2001 to 2007. The results show that CEO of family business is more overconfidence than CEO of nonfamily business. Also, family business is negatively related to CEO turnover; this indicates the goal of family business is to extend the control right in family members. However, a manager with overconfidence has a positive effect on CEO turnover; this implies that a manager with overconfidence is easily hired by board members, but creates a high risk to companies. When the investment is fail or gets more losses, CEO with overconfidence will easily be layoff. Finally, non-family member with overconfidence to be CEO in the family business is an insignificant relation to his (her) turnover. This is because that strong monitoring system from family members controls the overconfidence from non-family CEO to limit the risk. |
