The Age of the Board Chairman: Determinants and its Impact on Corporate Policies

• Main Authors: Chu-Yuan Chen, 陳主原
• Other Authors: 陳業寧
• Format: Others
• Language: zh-TW
• Published: 2015
• Online Access: http://ndltd.ncl.edu.tw/handle/52472020763751720094

碩士 === 國立臺灣大學 === 財務金融學研究所 === 103 === Using the data of the listed firms in Taiwan, this thesis studies which firm characteristics affect the age of the board chairman. It also investigates how the board chairman’s age affects corporate policies, including investment, leverage, R&D, and dividend. The empirical results in the thesis show that the age of the board chairman is increasing in firm age, total assets, return on assets, and stock return, and is decreasing in R&D expenditures and Tobin’s Q. In addition, firms in the traditional industry and firms with more than one controlling parties have older board chairmen. It is also found that firms with older board chairmen have lower asset growth. The age of the board chairman has no significant impact on other corporate policies.