The Relation of Manager Education Background and Financial Flexibility

• Main Authors: Shu-han Li, 李抒涵
• Other Authors: 王韻怡
• Format: Others
• Language: zh-TW
• Published: 2016
• Online Access: http://ndltd.ncl.edu.tw/handle/56702929487595780259

碩士 === 逢甲大學 === 財務金融學系碩士班 === 104 === This paper explores the relationships among manager education background, financial flexibility and investment by focusing on Taiwanese Listed Companies. The researches regarding the financial flexibility discussed about the financial decisions in the past were related to the characteristics of the company or the characteristics of the industry. In addition to considering the CEO, we also included CFO to be explored. We used pool data of Taiwan listed firms on the Taiwan Stock Exchange (TSE) for the period of 2003-2014. The empirical research draws a conclusion that (1) the professional financial accounting education background of CEO is insignificantly negative associated with financial flexibility of firms and the professional financial accounting education background of CFO is significantly positive associated with financial flexibility of firms. This results show that CFO of unprofessional education background may overuse funds comparatively. (2) CFO who has professional financial accounting education background has significantly positive effect on retaining the financial flexibility to put in investment activities next year.