管理特質與財務危機關係之研究

The Relationship between Management Characteristics and Financial Crisis

本研究認為管理者特質與公司運作息息相關，亦即若企業所擁有的管理特質越佳時，對於資訊處理能力越好，也越能針對公司所發生的問題提出較好的計劃，因此可降低企業發生財務危機的可能性。依據管理理論，本文將管理特質區分為人力質量、團隊結構、層級結構、領導者權力結構、外部聲望與經濟誘因等六大構面，探討各項管理特質與財務危機之間的關聯性。研究對象包括2005年至2013年間台灣上市櫃公司發生財務危機者，並與正常公司進行1：2樣本配對，共計蒐集240筆資料。採用Logit迴歸分析方法檢定研究假說，實證結果指出高階管理團隊平均年資越長、年資越多元，企業發生財務危機的可能性越高。 This study proposes that management characteristics are closely related to company operation. The better the features the management presents, the better the ability of information handling. Accordingly, the management could make better decisions to bring up a suitable plan to solve any difficulties, and to prevent financial crisis. This study classifies management characteristics in six aspects, including human quality, team structure, hierarchy structure, leader power structure, managers' reputation and financial incentives, based on well-known managerial theories, to explore the relationship between management characteristics and financial crisis. Our sample consists of 240 observations in Taiwan listed companies encountering financial crisis from 2005 to 2013. Matching with the normal company of 1:2 samples, this study uses logistic regression model to test research hypotheses. The results demonstrate that companies whose managerial teams are with long and diverse terms are more likely to occur financial crisis.

This study proposes that management characteristics are closely related to company operation. The better the features the management presents, the better the ability of information handling. Accordingly, the management could make better decisions to bring up a suitable plan to solve any difficulties, and to prevent financial crisis. This study classifies management characteristics in six aspects, including human quality, team structure, hierarchy structure, leader power structure, managers' reputation and financial incentives, based on well-known managerial theories, to explore the relationship between management characteristics and financial crisis. Our sample consists of 240 observations in Taiwan listed companies encountering financial crisis from 2005 to 2013. Matching with the normal company of 1:2 samples, this study uses logistic regression model to test research hypotheses. The results demonstrate that companies whose managerial teams are with long and diverse terms are more likely to occur financial crisis.