高階經理人的組成與新創事業投資組合多樣性
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2012
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本研究在探討高階管理團隊(Top management team, TMT)的組成對新創事業投資組合多樣性的影響。研究主要探討高階管理團隊的兩個組成特色：(1)高階管理團隊的性別異質性(2)高階管理團隊的外部連結。並依其兩個組成特色去探討與新創事業投資組合多樣性之間的關係。在本研究，我們樣本選擇由臺灣經濟新報(TEJ)資料庫中所提供之2004年以前之上市上櫃的臺灣電子IC設計產業為主，觀察期間為2005年以及2006年。
由於我們研究的樣本是在台灣，而對於台灣的產業環境而言，在高階管理團隊中，高階經理人其持股率會影響公司決策。因此，本研究加入高階管理團隊成員持股率當作調節變數(moderator)，探討高階管理團隊成員持股率是否會正向調節高階管理團隊的組成與新創事業投資組合的多樣性。
本研究之研究方法採用Panel Data迴歸分析方法，自變項為高階管理團隊男女性別組成、高階管理團隊外部兼任公司家數；依變項為新創事業投資組合多樣性。分析各自變項對新創事業投資組合多樣性是否造成影響。主要研究結果為，若研究將高階管理團隊分成董監事以及高階管理者時，在高階管理者的部分其外部連結愈多與新創事業投資組合的多樣性會呈現正相關。
This study investigates how a firm’s configuration of top management team (TMT) influences diversity of corporate venturing portfolio. The study focuses on two characteristics of TMT configuration: heterogeneity and density of external ties. The researchers explore whether and how these two factors associate with the diversity of corporate venturing portfolio. In this study, we choose firms listed in Taiwan Stock Exchange before the 2004 and operating in the IC design electronics industry. The observation window is from 2005 to 2006. We also add the TMT ownership as a moderator. This study adopts the method of the Panel Data. We scrutinize two groups of top management team: one is the board of directors and the other is upper-echelon executives. The empirical results show that external ties is positive associated with the diversity of the corporate venturing portfolio for the group of upper-echelon executives.
This study investigates how a firm’s configuration of top management team (TMT) influences diversity of corporate venturing portfolio. The study focuses on two characteristics of TMT configuration: heterogeneity and density of external ties. The researchers explore whether and how these two factors associate with the diversity of corporate venturing portfolio. In this study, we choose firms listed in Taiwan Stock Exchange before the 2004 and operating in the IC design electronics industry. The observation window is from 2005 to 2006. We also add the TMT ownership as a moderator. This study adopts the method of the Panel Data. We scrutinize two groups of top management team: one is the board of directors and the other is upper-echelon executives. The empirical results show that external ties is positive associated with the diversity of the corporate venturing portfolio for the group of upper-echelon executives.
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高階管理團隊, 風險投資, 異質性, 外部連結, top management team, corporate venturing, heterogeneity, external ties