高階經營團隊特性與企業國際化決策之關聯性

The Effects of Top Management Team Characteristics on Internationalization

10.6697/TBPJ.201106_4(2).0001

陳香蘭(Hsiang-Lan Chen)；黃惠娟(Hui-Chuan Huang)

TMT特性 ； 國際化決策 ； 代理理論 ； 高層理論 ； TMT Characteristics ； Internationalization ； Upper-Echelons Perspective

臺灣企業績效學刊

4卷2期（2011 / 06 / 01）

149 - 167

繁體中文

本研究根據高層理論（upper-echelons perspective），探討高階經營團隊特性（top management team，簡稱TMT）對國際化之影響。多元迴歸結果顯示任期愈長、教育程度愈高、國際化經驗愈豐富與持股率愈高的TMTs愈可能進行國際化。本研究採取逐筆收集TMT特性之方式取得上市櫃所有產業5年的資料。逐筆收集資料方式可避免過去相關研究採取問卷方式可能產生資料不一致的問題；而以五年所有產業為研究樣本，除可降低單一年度的變動，亦可提供較具完整性的情境，進而使TMT特性與國際化關聯性的研究更臻完善。本研究重要的管理意涵之一是：不同的TMT特性有不同的認知能力、背景與風險偏好，進而對企業國際化決策有不同的影響。因此對企業而言，聘任與培養能為股東與公司做出最佳投資決策的高階經理人是非常重要的。

This paper examines the effects of top management team (TMT) characteristics on internationalization from the upper-echelons perspective. The results indicate that top managers with longer tenure, higher educational level, greater international experience or greater stock ownership are more likely to internationalize. TMT data are manually collected that may avoid the data inconsistency problem resulting from the survey method. Additionally, unlike much prior research studying one year or one industry, the dataset of this study covering five-year listed firms can reduce the one-year variation problem and provide a more full understanding of the TMT characteristics－internationalization relationship. One important managerial implication is that different TMT characteristics have diverse cognitions, backgrounds and risk propensities and consequently may exert different influences on internationalization decisions. Therefore, it is important for firms to select and develop appropriate people for top executive positions who will make corporate decisions in the best interests of shareholders.

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