The Relationship between the Quality of Top Management Team and Investment Efficiency

• Main Authors: Chen,Ya-Chen, 陳雅甄
• Other Authors: 彭智偉
• Format: Others
• Language: zh-TW
• Published: 2017
• Online Access: http://ndltd.ncl.edu.tw/handle/v37pda

碩士 === 國立彰化師範大學 === 會計學系 === 105 === With the rapid development of globalization, competition among business firms has become more intense; therefore, it’s essential to increase innovation and R&D investment if firms want to gain sustainable competitive advantages. However, whether or not the investment is efficiently made should concern most firms. How to improve the efficiency of the company's investment is the purpose of this study . We investigate how TMTs management quality prevent inefficiency investment decision by examining a hand-collected data set from Taiwanese listed firms during 2009 to 2015. The results of the study shows that firms with larger management team、lesser percentages of MBAs、more number of officers 、 longer average tenure 、 more heterogeneous 、 less CEO dominance will prevent inefficiency investment decision. In addition, we divided sample into over investment and under investment firms. The results of the study shows that (1)firms with higher percentages of MBAs 、 lesser number of officers 、 more heterogeneous will decrease investment to prevent over-investment persistence. (2)firms with higher number of officers 、 longer average tenure 、 more heterogeneous will increase investment to prevent under-investment persistence. In Taiwan, most firms are family-controlled firms, so we also divided sample into family and non-family firms to examine whether the results will be different. The results of the study shows that (1)family firms with larger management team、lesser percentages of MBAs、more number of officers、longer average tenure、lesser CEO dominance will prevent inefficiency investment decision. TMT heterogeneity need to decrease if they want to prevent the inefficiency of capital expenditure. TMT heterogeneity need to increase if they want to prevent the inefficiency of R&D expenditure (2) non-family firms with larger management team 、more number of officers、longer average tenure 、less CEO dominance will prevent inefficiency investment decision. Because obtaining TMTs data is difficulty, this study hand-collected relevant information. We expect that the results of this study will clarify the correlation between the TMT characteristics and investment efficiency. Keywords：Top management team、Investment efficiency、Over investment、Under investment、Family corporation。