產業競爭特性下，執行長權力、組織資本與公司價值之關聯性

Abstract

執行長權力大是否能帶領公司更有效地應對競爭激烈的環境？執行長權力對於企業價值的影響在過去文獻中沒有獲得一致的結果，而產業競爭度亦為探討企業價值時常被納入討論之重要因素。有鑑於此，本研究的主要議題為—在不同產業競爭特性下，執行長權力與企業價值的關聯性。而組織資本為企業維持其競爭優勢之特殊結構、組織設計或經營流程，為無形資產的一種，其經常可以使公司生產效率提升並增加產出，亦有文獻證實組織資本會帶來企業價值之正面影響，因此，本研究亦將組織資本視為影響企業價值之關鍵因子，欲探討在產業競爭特性下，執行長權力、組織資本與企業價值之關聯性。 本研究結果顯示當產業競爭度高時，執行長權力對企業價值有更顯著之影響力。當產業競爭度高時，執行長權力大將為企業價值帶來正向影響，然而在市場競爭激烈的情況下，執行長權力大易造成極端的結果，本研究結果顯示當公司處於產業競爭度高的產業時，執行長權力大將造成公司價值變動更加劇烈。當加入組織資本這項關鍵因子後，本研究發現產業競爭度高時，執行長權力大，如為公司投入更多組織資本，雖能夠提升企業價值，但也會造成公司價值波動幅度更大，而以上論述之結果在產業屬於集中市場之情況，則呈現不顯著之結果。

Are powerful chief executive officers(CEOs) more effective in responding to the environment which is more competitive? Previous studies on the relationship between CEO power and firm value have yet to attain a consistent conclusion. Besides, product market competition is an another important factor when discussing the issue of firm value. Thus, the main issue of this paper is the relationship between CEO power and firm value under the degree of product market competition. Moreover, organization capital is an intangible asset that could help firms to generate sustainable competitive advantages, and there are some studies have proved that organization capital has positive impact on firm value. Therefore, in this studies, we regard organization capital as an important factor of impact on firm value and would like to investigate the relationship between CEO power, organization capital and firm value under the degree of product market competition. Our empirical results show that the positive relationship between CEO power and firm value is relatively significant in the competitive industry, and the firm value is also more variable when CEO is powerful in competitive industries. Moreover, we also find that in competitive industries, organizational capital will pose a risk for firms when CEO is powerful though it may increase the firm value. The findings mentioned above are not significant when industries are concentrated.