陳聖賢臺灣大學:財務金融學研究所周靖怡Chou, Ching-YiChing-YiChou2010-05-112018-07-092010-05-112018-07-092008U0001-0608200817100400http://ntur.lib.ntu.edu.tw//handle/246246/182554過去文獻探討高階經理人撤換對宣告公司財富效果的影響並無一致結論。此外，學者們對於高階經理人撤換後是否會使組織營運改善、或使營運下滑，或對營運表現無影響同樣也仍沒有定論。因此，本研究將再次檢視高階經理人撤換對宣告公司的股價影響，同時進一步探討高階經理人撤換對同產業其它競爭對手公司與其上下游產業的影響。 本研究自美國五大新聞雜誌中，篩選從1987年至2004年共1546個事件樣本， 並依據Shahrur (2005)的方法，利用美國經濟分析局所編制的「Use table」來辨別宣告公司的上下游。實證結果顯示，高階經理人員撤換不只對宣告公司有正面的股價影響，也同時對其上下游股價產生正的異常報酬。Prior studies examining the wealth effects of a change in CEO or top management team have produced mixed results. In addition, researchers also have reported inconsistent findings with regard to whether CEO turnover improves or hurts or is irrelevant to organizational performance. In this study, we reexamine the stock price reactions of the announcing firms in the CEO turnover announcement period and further examine the impacts on the industry competitors, suppliers and corporate customers. Our sample consists of 1546 CEO turnover announcements during the period of 1987 to 2004. Following Shahrur (2005), we use the benchmark input-output accounts for the U.S. economy to identify the competitors, suppliers and corporate customers of the announcers. The result reveals that there is not only a positive effect on the share value of the announcers but also on their suppliers and customers in the announcement period.1.Introduction 1. Hypotheses development and related literature 4.1. Rational-adaptive Perspective 7.2. Disruptive Perspective 11.3. Scapegoat Perspective 13. Data Sources, CEO turnover samples and Classification 15.1 CEO turnover sample 15.2 Benchmark input–output accounts 16.3 Rivals, suppliers, and corporate customers 16.4 Classifying forced and voluntary CEO turnover 20.5 Classifying CEO successors type 21. Methodology and results 22.1. Measuring abnormal returns 22.2. Abnormal returns to the announcing firms 23.3. Abnormal returns to the rivals, customers, and suppliers 24. Cross-sectional analysis 26.1. Cross-sectional hypotheses 26.2. Measurement of independent variables 31.3. Cross-sectional results 32. Conclusion 36. Suggestions for future researches 39eferences: 52application/pdf752203 bytesapplication/pdfen-US高階經理人撤換上下游產業競爭對手公司CEO turnoverSupply chainCompetitorsScapegoatDisruptiveRational-adaptivethesishttp://ntur.lib.ntu.edu.tw/bitstream/246246/182554/1/ntu-97-R95723004-1.pdf