策略領導更替對公司治理效能之影響︰產業干擾效果之研究

The Impact of Strategic Leadership Turnover on Governance Effectiveness: The Moderating Perspective of Industry Effect

本研究主題主要是在探討企業策略領導者之更替對公司治理效能之影響及不同產業別所造成干擾效果之研究。在一企業中，策略領導者在公司治理成效上扮演著一個極為重要且關鍵之角色，也因此企業治理成效不彰，企業領導者便可能面臨更換，但更換地太頻繁是否對企業之表現反而會有負面之影響？不同之產業特性是否亦會造成任何干擾效果？過去諸多研究主要是針對企業領導者繼承與公司績效間之關係作探討，鮮少針對領導者更替頻繁與否與公司治理間之關係作探討，本研究因此針對此議題作進一步的探究，並以美國S&P 500 中之268 家公司為樣本，所作之研究結果得知：企業中策略領導者之更替次數對公司治理效能會產生正向之影響，此外服務業相較於製造業所產生之干擾效果會更大。此研究結果將有助於企業董事會對企業領導者或執行長之繼承或更替所可能造成的影響有更深層之認識與瞭解。

This study researches issues relating to corporate governance to determine the relationship between strategic leadership turnover and governance effectiveness and to further test any moderating influences from the industry factor. To improve governance effectiveness, the boards may change a CEO for poor performance; however, firms should discourage frequent CEO changes for loyalty and commitment. Hence, a CEO change may create uncertainty, which implies that strategic leadership change can be a double-edged sword to a firm. This study offers models based on the logic of transaction cost theory and organizational learning to test the hypotheses using data from 268 firms on the S&P 500 in the United States. Results indicate that strategic leadership turnover is positively related to governance effectiveness and that firms in the service sector can improve governance effectiveness more than firms in the manufacturing sector. The findings provide boards of directors with evidence as to how CEO succession influences corporate governance and how the industry effect changes such influence.