公司與經理人特質對作業風險發生頻率之影響

The Determinants of Operational Risk on the Firm and CEO Characteristics in Industrial Firms

本研究以美國一般產業為對象，從公司與經理人特質探討作業風險發生的原因，研究期間為 1980 年至 2012年。實證結果發現，當公司的會計風險程度較高、業務複雜程度較高以及內部公司治理較差時，發生作業風險的機率較高；然而，外部公司治理因子之於作業風險並沒有顯著影響。此外，公司經理人的薪酬中股權激勵誘因較多、年紀較輕與任期較短，亦較容易發生作業風險。比較上述所有影響因子發現，會計風險程度高與內部公司治理機制不足是造成發生作業風險最重要之原因。整體而言，本文提供一般產業有意義的作業風險管理意涵。

This study investigates the incidence of operational risk events in the U.S. industrial firms during the period 1980 to 2012. We discuss them from the two aspects of firm and chief executive officer (CEO) characteristics. We find that firms that are complex, with high accounting risk, and with weak internal corporate governance tend to suffer operational losses; yet the influence on external corporate governance is not significant. We also find that firms experiencing operational losses tend to be firms have CEOs with high equity incentives, young age, and short tenure. Overall, we show that the two most crucial determinants for the occurrence of operational losses are high accounting risk and poor internal corporate governance mechanism. These results provide new insight about operational risk management for industrial firms.